Bank of America Corp DE Buys 98,334 Shares of Marex Group plc Ordinary Shares $MRX

Key Points

• Bank of America increased its Marex Group stake by 34.3% in the first quarter, acquiring 98,334 shares for a total holding of 385,026 shares valued at approximately $17.2 million. Several other institutional investors also initiated or expanded positions.
• Analyst sentiment remains positive: Marex has an average “Buy” rating and an $82 consensus price target, with Barclays and UBS recently raising their targets to $86 and $90, respectively.
• Marex reported quarterly EPS of $1.64, beating estimates of $1.36, while revenue rose 39.1% year over year to $695.8 million. The company also declared a quarterly dividend of $0.16 per share, representing a 0.9% annualized yield.

Bank of America Corp DE increased its stake in shares of Marex Group plc Ordinary Shares (NASDAQ:MRX - Free Report) by 34.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 385,026 shares of the company's stock after acquiring an additional 98,334 shares during the quarter. Bank of America Corp DE owned approximately 0.53% of Marex Group plc Ordinary Shares worth $17,164,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Fifth Third Bancorp increased its holdings in shares of Marex Group plc Ordinary Shares by 89.5% during the first quarter. Fifth Third Bancorp now owns 1,209 shares of the company's stock valued at $54,000 after acquiring an additional 571 shares in the last quarter. Abel Hall LLC bought a new position in shares of Marex Group plc Ordinary Shares in the 1st quarter worth $214,000. Pale Fire Capital SE acquired a new stake in Marex Group plc Ordinary Shares in the 1st quarter valued at $239,000. Regal Partners Ltd acquired a new stake in Marex Group plc Ordinary Shares in the 1st quarter valued at $342,000. Finally, Entropy Technologies LP bought a new stake in Marex Group plc Ordinary Shares during the 1st quarter valued at $379,000.

Insider Buying and Selling

In other news, insider Thomas Texier sold 1,572 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $53.35, for a total transaction of $83,866.20. Following the completion of the sale, the insider owned 207,019 shares in the company, valued at $11,044,463.65. This trade represents a 0.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 3.79% of the company's stock.

Analyst Ratings Changes

MRX has been the topic of several research reports. Barclays upped their price objective on shares of Marex Group plc Ordinary Shares from $76.00 to $86.00 and gave the stock an "overweight" rating in a report on Thursday, August 13th. The Goldman Sachs Group restated a "buy" rating and issued a $80.00 target price on shares of Marex Group plc Ordinary Shares in a report on Friday, August 14th. UBS Group raised their price target on shares of Marex Group plc Ordinary Shares from $82.00 to $90.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. Weiss Ratings upgraded Marex Group plc Ordinary Shares from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, May 27th. Finally, Zacks Research raised Marex Group plc Ordinary Shares from a "hold" rating to a "strong-buy" rating in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Marex Group plc Ordinary Shares presently has an average rating of "Buy" and a consensus price target of $82.00.

Marex Group plc Ordinary Shares Stock Down 0.9%

MRX stock opened at $69.59 on Friday. The company has a market capitalization of $5.08 billion, a price-to-earnings ratio of 12.49 and a beta of -0.10. The company has a current ratio of 1.09, a quick ratio of 1.07 and a debt-to-equity ratio of 1.53. The firm has a 50 day simple moving average of $64.95. Marex Group plc Ordinary Shares has a 12-month low of $27.91 and a 12-month high of $75.40.

Marex Group plc Ordinary Shares (NASDAQ:MRX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported $1.64 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.28. The business had revenue of $695.80 million for the quarter. Marex Group plc Ordinary Shares had a return on equity of 27.94% and a net margin of 17.43%.The business's revenue was up 39.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.98 earnings per share. On average, research analysts expect that Marex Group plc Ordinary Shares will post 5.84 earnings per share for the current year.

Marex Group plc Ordinary Shares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 24th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Monday, August 24th. Marex Group plc Ordinary Shares's dividend payout ratio (DPR) is 11.49%.

Marex Group plc Ordinary Shares Company Profile

Marex Group PLC is a financial services platform, providing liquidity, market access, and infrastructure services to clients in the energy, commodities, and financial markets. The Group's operating segments are: Clearing, Agency and Execution, Market Making, Hedging and Investment Solutions, and Corporate. Maximum revenue is generated from the Agency and Execution segment, which offers liquidity and execution services to clients mainly in the energy and financial securities markets by connecting buyers and sellers in the energy markets, offering liquidity and risk management solutions for financial markets, and providing clearing, custody, capital introduction, portfolio financing, and outsourced trading services.

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