Investment Technology Group (ITG) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Investment Technology Group (NYSE:ITG) from a sell rating to a hold rating in a research report sent to investors 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 subject of a number of other research reports. ValuEngine raised shares of Investment Technology Group from a hold rating to a buy rating in a research report on Thursday, October 4th. JPMorgan Chase & Co. raised shares of Investment Technology Group from a neutral rating to an overweight rating and increased their target price for the company from $24.00 to $25.00 in a research report on Thursday, August 9th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $25.00.

NYSE:ITG opened at $30.09 on Wednesday. The company has a market cap of $994.87 million, a price-to-earnings ratio of 100.30 and a beta of 1.06. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.38 and a quick ratio of 1.37. Investment Technology Group has a fifty-two week low of $18.14 and a fifty-two week high of $30.25.

Investment Technology Group (NYSE:ITG) last released its earnings results on Wednesday, November 7th. The financial services provider reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.02. The business had revenue of $120.77 million during the quarter, compared to the consensus estimate of $119.97 million. Investment Technology Group had a negative net margin of 0.17% and a positive return on equity of 7.85%. On average, sell-side analysts expect that Investment Technology Group will post 1.01 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Tuesday, November 27th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend is Monday, November 26th. Investment Technology Group’s dividend payout ratio is presently 93.33%.

Hedge funds have recently made changes to their positions in the company. Piedmont Investment Advisors LLC acquired a new stake in shares of Investment Technology Group during the 2nd quarter worth approximately $161,000. Zeke Capital Advisors LLC acquired a new stake in shares of Investment Technology Group during the 3rd quarter worth approximately $221,000. Raymond James & Associates acquired a new stake in shares of Investment Technology Group during the 2nd quarter worth approximately $228,000. SG Americas Securities LLC grew its position in shares of Investment Technology Group by 144.3% during the 2nd quarter. SG Americas Securities LLC now owns 13,686 shares of the financial services provider’s stock worth $286,000 after buying an additional 8,083 shares during the period. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in shares of Investment Technology Group during the 2nd quarter worth approximately $297,000. 87.25% of the stock is owned by institutional investors.

Investment Technology Group Company Profile

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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