Arrowstreet Capital Limited Partnership Sells 4,139,948 Shares of XP Inc. $XP

Key Points

• Arrowstreet Capital cut its XP Inc. stake by 35.1% in the first quarter, selling 4,139,948 shares and leaving it with 7,659,227 shares valued at about $145.8 million.
• Other institutional investors also adjusted positions in XP, with some sharply increasing holdings; overall, institutional ownership stands at 59.15%.
• XP recently approved a share repurchase plan and raised its annual dividend to $0.20 from $0.18, while analysts currently rate the stock a Moderate Buy with an average price target of $23.33.

Arrowstreet Capital Limited Partnership lessened its position in shares of XP Inc. (NASDAQ:XP - Free Report) by 35.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,659,227 shares of the company's stock after selling 4,139,948 shares during the period. Arrowstreet Capital Limited Partnership owned 1.43% of XP worth $145,832,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in XP. AQR Capital Management LLC increased its holdings in XP by 692.8% in the first quarter. AQR Capital Management LLC now owns 217,557 shares of the company's stock worth $2,991,000 after purchasing an additional 190,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of XP by 174.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,923 shares of the company's stock worth $100,000 after buying an additional 4,400 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of XP by 65.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,634 shares of the company's stock worth $33,000 after buying an additional 646 shares during the period. Jump Financial LLC acquired a new stake in shares of XP during the 2nd quarter worth approximately $857,000. Finally, California Public Employees Retirement System grew its position in shares of XP by 7.2% during the 2nd quarter. California Public Employees Retirement System now owns 723,423 shares of the company's stock worth $14,613,000 after buying an additional 48,765 shares during the period. 59.15% of the stock is owned by institutional investors.

XP Price Performance

Shares of NASDAQ:XP opened at $16.69 on Friday. The company's 50-day moving average is $16.30 and its 200 day moving average is $18.29. The company has a debt-to-equity ratio of 0.02, a quick ratio of 6.66 and a current ratio of 6.66. The company has a market capitalization of $8.97 billion, a P/E ratio of 9.22, a price-to-earnings-growth ratio of 0.59 and a beta of 1.10. XP Inc. has a fifty-two week low of $14.80 and a fifty-two week high of $23.13.

XP declared that its Board of Directors has approved a share repurchase plan on Tuesday, May 19th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its shares are undervalued.

XP Increases Dividend

The business also recently declared an annual dividend, which was paid on Thursday, June 18th. Investors of record on Wednesday, June 10th were issued a $0.20 dividend. This is a boost from XP's previous annual dividend of $0.18. The ex-dividend date of this dividend was Wednesday, June 10th. This represents a dividend yield of 268.0%. XP's payout ratio is presently 22.10%.

Analyst Ratings Changes

XP has been the topic of a number of research reports. Zacks Research downgraded shares of XP from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 1st. Weiss Ratings upgraded shares of XP from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Finally, UBS Group reduced their price target on shares of XP from $28.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, June 3rd. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.33.

XP 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.