Zacks Investment Research downgraded shares of Investment Technology Group (NYSE:ITG) from a hold rating to a sell rating in a research report released on Wednesday morning.
According to Zacks, “Investment Technology Group is one of the leading providers of technology-based equity trading services and transaction research to institutional investors and brokers. ITG’s services help clients to access liquidity, execute trades more efficiently, and make better trading decisions. They offer a fully-integrated family of advanced trading services encompassing three business lines: POSIT, Client-Site Trading Products, and Electronic Trading Desk. “
ITG has been the topic of a number of other research reports. ValuEngine upgraded Investment Technology Group from a hold rating to a buy rating in a research note on Thursday, October 4th. JPMorgan Chase & Co. upgraded Investment Technology Group from a neutral rating to an overweight rating and increased their target price for the stock from $24.00 to $25.00 in a research note on Thursday, August 9th. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $25.00.
Shares of ITG traded down $0.27 during mid-day trading on Wednesday, reaching $27.35. The company’s stock had a trading volume of 4,038 shares, compared to its average volume of 213,420. Investment Technology Group has a 1-year low of $17.63 and a 1-year high of $28.18. The stock has a market cap of $714.54 million, a price-to-earnings ratio of 90.43 and a beta of 1.70. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.01.
Investment Technology Group (NYSE:ITG) last released its quarterly earnings data on Wednesday, August 8th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.01. Investment Technology Group had a positive return on equity of 5.29% and a negative net margin of 9.58%. The company had revenue of $128.50 million during the quarter, compared to analysts’ expectations of $126.40 million. During the same period last year, the firm posted $0.14 earnings per share. The business’s revenue was up 5.7% on a year-over-year basis. As a group, analysts expect that Investment Technology Group will post 1.02 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 17th. Stockholders of record on Tuesday, August 21st were paid a dividend of $0.07 per share. The ex-dividend date of this dividend was Monday, August 20th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.02%. Investment Technology Group’s dividend payout ratio (DPR) is currently 93.33%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in Investment Technology Group during the 1st quarter worth $111,000. First Quadrant L P CA bought a new position in Investment Technology Group during the 2nd quarter worth $118,000. Piedmont Investment Advisors LLC bought a new position in Investment Technology Group during the 2nd quarter worth $161,000. Raymond James & Associates bought a new position in Investment Technology Group during the 2nd quarter worth $228,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in Investment Technology Group during the 2nd quarter worth $297,000. Institutional investors own 87.16% of the company’s stock.
About Investment Technology Group
Investment Technology Group, Inc operates as a financial technology company in the United States, Canada, Europe, and the Asia Pacific. The company offers various solutions for asset managers and broker-dealers in the areas of execution services, workflow technology, and analytics that provide trade execution services and solutions for portfolio management, as well as pre-trade analytics, and post-trade analytics and processing.
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