Bank of America Corp DE Sells 438,536 Shares of Interactive Brokers Group, Inc. $IBKR

Key Points

• Bank of America reduced its Interactive Brokers stake by 6.6%, selling 438,536 shares and retaining 6.23 million shares worth approximately $417.9 million.
• Interactive Brokers reported quarterly EPS of $0.69, beating estimates of $0.64, while revenue rose 28.1% year over year to $1.88 billion.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $96.89 price target; the company also declared a quarterly dividend of $0.0875 per share.

Bank of America Corp DE reduced its stake in Interactive Brokers Group, Inc. (NASDAQ:IBKR - Free Report) by 6.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 6,230,136 shares of the financial services provider's stock after selling 438,536 shares during the quarter. Bank of America Corp DE owned approximately 0.37% of Interactive Brokers Group worth $417,855,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of IBKR. AQR Capital Management LLC grew its stake in shares of Interactive Brokers Group by 24.7% in the first quarter. AQR Capital Management LLC now owns 13,704 shares of the financial services provider's stock worth $2,269,000 after acquiring an additional 2,713 shares during the last quarter. Brown Advisory Inc. increased its stake in Interactive Brokers Group by 307.9% in the second quarter. Brown Advisory Inc. now owns 14,497 shares of the financial services provider's stock valued at $803,000 after acquiring an additional 10,943 shares during the period. Cerity Partners LLC acquired a new position in shares of Interactive Brokers Group in the 2nd quarter worth approximately $318,000. Daiwa Securities Group Inc. lifted its holdings in shares of Interactive Brokers Group by 291.2% during the second quarter. Daiwa Securities Group Inc. now owns 35,600 shares of the financial services provider's stock valued at $1,973,000 after acquiring an additional 26,500 shares during the period. Finally, AXA S.A. lifted its holdings in Interactive Brokers Group by 128.1% during the 2nd quarter. AXA S.A. now owns 12,816 shares of the financial services provider's stock valued at $710,000 after purchasing an additional 7,197 shares during the last quarter. 23.80% of the stock is currently owned by institutional investors.

Interactive Brokers Group Trading Down 2.8%

NASDAQ:IBKR opened at $87.99 on Friday. The stock has a market capitalization of $149.26 billion, a PE ratio of 35.20, a P/E/G ratio of 1.62 and a beta of 1.33. The firm has a fifty day simple moving average of $90.68 and a 200 day simple moving average of $80.08. Interactive Brokers Group, Inc. has a 1-year low of $58.95 and a 1-year high of $97.84.

Interactive Brokers Group (NASDAQ:IBKR - Get Free Report) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.05. Interactive Brokers Group had a net margin of 9.94% and a return on equity of 5.37%. The company had revenue of $1.88 billion for the quarter, compared to analysts' expectations of $1.80 billion. During the same period in the prior year, the firm earned $0.51 EPS. Interactive Brokers Group's quarterly revenue was up 28.1% compared to the same quarter last year. On average, equities analysts predict that Interactive Brokers Group, Inc. will post 2.69 earnings per share for the current fiscal year.

Interactive Brokers Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Tuesday, September 1st will be issued a $0.0875 dividend. This represents a $0.35 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Tuesday, September 1st. Interactive Brokers Group's dividend payout ratio is currently 14.00%.

Wall Street Analysts Forecast Growth

IBKR has been the topic of several research analyst reports. Jefferies Financial Group decreased their target price on Interactive Brokers Group from $91.00 to $81.00 and set a "buy" rating on the stock in a report on Monday, April 6th. Piper Sandler set a $109.00 price target on Interactive Brokers Group in a research note on Wednesday, July 22nd. Barclays set a $114.00 price objective on shares of Interactive Brokers Group and gave the stock an "overweight" rating in a research note on Wednesday, July 22nd. Bank of America boosted their target price on Interactive Brokers Group from $83.00 to $106.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Finally, 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 report on Wednesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $96.89.

Interactive Brokers Group Company Profile

Interactive Brokers Group, Inc NASDAQ: IBKR is a global electronic brokerage holding company that provides trading, clearing and custody services to retail traders, institutional investors, proprietary trading groups and financial advisors. The firm offers direct access to a wide range of asset classes, including equities, options, futures, foreign exchange, bonds and exchange-traded funds across many international markets. Interactive Brokers emphasizes electronic order execution, automated trading and low transaction costs as core differentiators for its clients.

Its product suite centers on advanced trading platforms and infrastructure.

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