Assenagon Asset Management S.A. Trims Position in XP Inc. $XP

Key Points

• Assenagon Asset Management cut its XP Inc. position by 50.9% in the second quarter, selling 982,997 shares and retaining 947,448 shares worth approximately $15.4 million. Institutional investors collectively own 59.15% of XP.
• Analyst sentiment remains moderately positive, with three Buy ratings and two Hold ratings. XP has an average price target of $23.33, although UBS recently lowered its target to $25 from $28.
• XP shares opened at $16.20, near their 50-day moving average and below the 200-day average of $18.26. The company also raised its annual dividend to $0.20 per share, with a reported 22.1% payout ratio.

Assenagon Asset Management S.A. trimmed its position in shares of XP Inc. (NASDAQ:XP - Free Report) by 50.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 947,448 shares of the company's stock after selling 982,997 shares during the period. Assenagon Asset Management S.A. owned 0.18% of XP worth $15,406,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Parallel Advisors LLC raised its holdings in XP by 117.3% during the first quarter. Parallel Advisors LLC now owns 3,288 shares of the company's stock valued at $63,000 after acquiring an additional 1,775 shares during the period. Oaktree Fund Advisors LLC lifted its holdings in XP by 6.7% in the 1st quarter. Oaktree Fund Advisors LLC now owns 199,519 shares of the company's stock worth $3,799,000 after purchasing an additional 12,445 shares in the last quarter. Bank of America Corp DE lifted its holdings in XP by 33.4% in the 1st quarter. Bank of America Corp DE now owns 5,147,245 shares of the company's stock worth $98,004,000 after purchasing an additional 1,289,393 shares in the last quarter. Janus Henderson Group PLC bought a new position in XP in the 1st quarter worth approximately $3,559,000. Finally, Strategic Investment Advisors MI bought a new position in XP in the 1st quarter worth approximately $126,000. 59.15% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

XP has been the subject of a number of research analyst reports. UBS Group cut their price objective 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. Weiss Ratings raised shares of XP from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Finally, Zacks Research lowered shares of XP from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, XP currently has an average rating of "Moderate Buy" and an average target price of $23.33.

XP Price Performance

NASDAQ:XP opened at $16.20 on Tuesday. The business's 50-day moving average is $16.23 and its 200 day moving average is $18.26. XP Inc. has a 12 month low of $14.80 and a 12 month high of $23.13. The company has a market capitalization of $8.71 billion, a P/E ratio of 8.95, a P/E/G ratio of 0.47 and a beta of 1.10. The company has a current ratio of 6.66, a quick ratio of 6.66 and a debt-to-equity ratio of 0.02.

XP announced that its Board of Directors has authorized a stock repurchase program on Tuesday, May 19th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

XP Increases Dividend

The company also recently announced an annual dividend, which was paid on Thursday, June 18th. Stockholders of record on Wednesday, June 10th were given a dividend of $0.20 per share. The ex-dividend date was Wednesday, June 10th. This represents a dividend yield of 268.0%. This is an increase from XP's previous annual dividend of $0.18. XP's dividend payout ratio is currently 22.10%.

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.

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