Shares of XP Inc. (NASDAQ:XP – Get Free Report) dropped 4.9% during trading on Friday . The stock traded as low as $17.04 and last traded at $17.0450. Approximately 2,627,393 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 6,241,395 shares. The stock had previously closed at $17.92.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the stock. Weiss Ratings lowered shares of XP from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, May 12th. UBS Group raised their price objective on shares of XP from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Finally, Zacks Research downgraded shares of XP from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, XP has an average rating of “Moderate Buy” and an average price target of $23.40.
Read Our Latest Research Report on XP
XP Trading Down 4.0%
XP Increases Dividend
The company also recently announced an annual dividend, which will be paid on Thursday, June 18th. Stockholders of record on Wednesday, June 10th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This is a positive change from XP’s previous annual dividend of $0.18. This represents a dividend yield of 115.0%. XP’s payout ratio is presently 9.94%.
XP announced that its Board of Directors has authorized a stock buyback plan on Tuesday, May 19th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Institutional Trading of XP
Several hedge funds and other institutional investors have recently made changes to their positions in XP. EverSource Wealth Advisors LLC boosted its holdings in shares of XP by 65.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,634 shares of the company’s stock valued at $33,000 after acquiring an additional 646 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of XP in the fourth quarter valued at about $34,000. Caitong International Asset Management Co. Ltd boosted its holdings in XP by 1,783.3% during the third quarter. Caitong International Asset Management Co. Ltd now owns 2,825 shares of the company’s stock worth $53,000 after buying an additional 2,675 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in XP during the fourth quarter worth about $55,000. Finally, Parallel Advisors LLC boosted its holdings in XP by 117.3% during the first quarter. Parallel Advisors LLC now owns 3,288 shares of the company’s stock worth $63,000 after buying an additional 1,775 shares in the last quarter. Hedge funds and other institutional investors own 59.15% of the company’s stock.
XP Company Profile
XP Inc provides financial products and services in Brazil. It offers securities brokerage, private pension plans, commercial, and investment banking products, such as loan operations and transactions in the foreign exchange markets and deposits; product structuring and capital markets services for corporate clients and issuers of fixed income products; advisory services for mass-affluent and institutional clients; and wealth management services for high-net-worth customers and institutional clients.
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