Wells Fargo & Company Initiates Coverage on Interactive Brokers Group (NASDAQ:IBKR)

Key Points

• Wells Fargo initiated coverage of Interactive Brokers Group with an “overweight” rating and a $102 price target, implying 15.52% upside from the reported $88.30 share price.
• Analyst sentiment is broadly positive: IBKR has an average “Moderate Buy” rating and a consensus price target of $99, with recent targets ranging from $101 to $114.
• Interactive Brokers exceeded quarterly expectations, reporting $0.69 in earnings per share versus $0.64 forecast and $1.88 billion in revenue versus $1.80 billion expected; revenue rose 28.1% year over year.

Stock analysts at Wells Fargo & Company assumed coverage on shares of Interactive Brokers Group (NASDAQ:IBKR - Get Free Report) in a note issued to investors on Friday, Marketbeat Ratings reports. The firm set an "overweight" rating and a $102.00 price target on the financial services provider's stock. Wells Fargo & Company's target price would suggest a potential upside of 15.52% from the company's current price.

IBKR has been the topic of a number of other research reports. Wolfe Research started coverage on Interactive Brokers Group in a report on Monday, June 8th. They set an "outperform" rating and a $101.00 target price on the stock. Barclays set a $114.00 price target on Interactive Brokers Group and gave the company an "overweight" rating in a research report on Wednesday, July 22nd. BMO Capital Markets restated an "outperform" rating and set a $110.00 price objective (up from $105.00) on shares of Interactive Brokers Group in a research note on Wednesday, July 22nd. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $111.00 price objective on shares of Interactive Brokers Group in a report on Thursday. Finally, Bank of America increased their target price on shares of Interactive Brokers Group from $83.00 to $106.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $99.00.

Interactive Brokers Group Stock Performance

NASDAQ:IBKR opened at $88.30 on Friday. The business's 50-day simple moving average is $90.66 and its 200 day simple moving average is $85.74. Interactive Brokers Group has a one year low of $58.95 and a one year high of $98.75. The stock has a market cap of $150.23 billion, a price-to-earnings ratio of 35.32, a price-to-earnings-growth ratio of 1.59 and a beta of 1.37.

Interactive Brokers Group (NASDAQ:IBKR - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.64 by $0.05. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.80 billion. Interactive Brokers Group had a net margin of 9.94% and a return on equity of 5.37%. The business's quarterly revenue was up 28.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.51 earnings per share. On average, equities research analysts predict that Interactive Brokers Group will post 2.68 EPS for the current year.

Hedge Funds Weigh In On Interactive Brokers Group

Several hedge funds and other institutional investors have recently modified their holdings of IBKR. QRG Capital Management Inc. raised its holdings in shares of Interactive Brokers Group by 13.4% during the second quarter. QRG Capital Management Inc. now owns 100,705 shares of the financial services provider's stock valued at $8,765,000 after buying an additional 11,906 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in Interactive Brokers Group by 35.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 31,052 shares of the financial services provider's stock worth $2,703,000 after acquiring an additional 8,123 shares during the period. Security National Bank of SO Dak bought a new position in shares of Interactive Brokers Group in the second quarter worth $94,000. Sequoia Financial Advisors LLC increased its holdings in shares of Interactive Brokers Group by 38.4% during the second quarter. Sequoia Financial Advisors LLC now owns 14,304 shares of the financial services provider's stock valued at $1,245,000 after purchasing an additional 3,966 shares during the period. Finally, Tidal Investments LLC increased its holdings in shares of Interactive Brokers Group by 2.9% during the second quarter. Tidal Investments LLC now owns 71,292 shares of the financial services provider's stock valued at $6,205,000 after purchasing an additional 1,977 shares during the period. Institutional investors and hedge funds own 23.80% of the company's stock.

Interactive Brokers Group Company Profile

Interactive Brokers Group, Inc is a global electronic brokerage company that provides trading, investment and custody services to individual investors, financial advisors, hedge funds, proprietary trading firms, family offices and other institutional clients. The company offers access to a broad range of markets and financial instruments, including stocks, options, futures, currencies, bonds, exchange-traded funds and mutual funds.

Interactive Brokers provides its services through digital platforms such as Trader Workstation, IBKR Mobile and Client Portal, along with application programming interfaces for clients seeking automated or integrated trading capabilities.