AGI (NYSE:AGBK) Releases Quarterly Earnings Results

Key Points

• AGI reported quarterly EPS of $0.34, beating the analyst consensus estimate of $0.29 by $0.05.
• The board authorized a buyback of up to 3 million shares, which the company may repurchase through open-market purchases.
• Analyst views were mixed, with a consensus rating of “Hold” and a $14.14 target price; CTO Vinicius Birkeland Aloe also sold 256,386 shares, reducing his stake by 59.24%.

AGI (NYSE:AGBK - Get Free Report) announced its quarterly earnings data on Wednesday. The company reported $0.34 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.05, Zacks reports.

AGI Price Performance

Shares of NYSE AGBK traded up $0.21 during midday trading on Wednesday, reaching $5.31. The company's stock had a trading volume of 336,526 shares, compared to its average volume of 449,746. The company has a market cap of $848.59 million and a price-to-earnings ratio of 8.99. AGI has a one year low of $4.43 and a one year high of $12.21. The company has a 50 day moving average price of $6.19 and a 200 day moving average price of $7.27. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31.

Insider Transactions at AGI

In other news, CTO Vinicius Birkeland Aloe sold 256,386 shares of the business's stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $11.99, for a total transaction of $3,074,068.14. Following the sale, the chief technology officer owned 176,423 shares in the company, valued at $2,115,311.77. The trade was a 59.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on AGBK shares. Zacks Research downgraded AGI from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 16th. The Goldman Sachs Group set a $13.00 price target on shares of AGI in a research report on Thursday, August 6th. Weiss Ratings restated a "sell (d)" rating on shares of AGI in a research report on Friday, August 7th. Finally, Oppenheimer lowered their price objective on shares of AGI from $10.00 to $9.00 and set an "outperform" rating on the stock in a research note on Friday, August 7th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $14.14.

AGI declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 27th that allows the company to buy back 3,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Share repurchase programs are usually an indication that the company's board believes its stock is undervalued.

About AGI

Agibank S.A. is a Brazilian financial services company that combines digital banking with a network of physical service locations. Its offerings include digital accounts, payment services, cards, personal credit and insurance, with a focus on serving individuals across Brazil. The company is particularly known for payroll-deductible loans, including credit products for retirees and public-sector employees. Agibank traces its origins to Agiplan, established in 1999, and adopted the Agibank name as it expanded its digital banking operations.

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