MarketAxess Holdings Inc. (NASDAQ:MKTX) Shares Acquired by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia increased its stake in MarketAxess Holdings Inc. by 164.0%, acquiring an additional 10,599 shares during the first quarter, bringing its total holdings to 17,062 shares worth approximately $3.69 million.
• Despite strong institutional backing, the stock has seen mixed analyst ratings, with a consensus rating of "Hold" and an average target price of $240.67.
• MarketAxess reported $1.87 EPS for the latest quarter, exceeding estimates, while quarterly revenue fell by 0.8% compared to the previous year.

Bank of Nova Scotia increased its position in shares of MarketAxess Holdings Inc. (NASDAQ:MKTX - Free Report) by 164.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,062 shares of the financial services provider's stock after purchasing an additional 10,599 shares during the period. Bank of Nova Scotia's holdings in MarketAxess were worth $3,691,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. MassMutual Private Wealth & Trust FSB boosted its stake in MarketAxess by 49.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 164 shares of the financial services provider's stock valued at $35,000 after buying an additional 54 shares during the last quarter. Huntington National Bank lifted its stake in MarketAxess by 185.7% in the fourth quarter. Huntington National Bank now owns 160 shares of the financial services provider's stock worth $36,000 after purchasing an additional 104 shares during the last quarter. UMB Bank n.a. boosted its holdings in MarketAxess by 57.4% during the 1st quarter. UMB Bank n.a. now owns 222 shares of the financial services provider's stock valued at $48,000 after acquiring an additional 81 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in shares of MarketAxess during the first quarter valued at $56,000. Finally, Intact Investment Management Inc. bought a new position in MarketAxess in the 1st quarter worth about $65,000. 99.01% of the stock is owned by institutional investors.

MarketAxess Stock Down 1.3%

Shares of NASDAQ MKTX traded down $2.37 during trading on Thursday, hitting $184.43. The company had a trading volume of 1,348,686 shares, compared to its average volume of 425,650. MarketAxess Holdings Inc. has a fifty-two week low of $182.99 and a fifty-two week high of $296.68. The firm has a market capitalization of $6.92 billion, a price-to-earnings ratio of 31.05, a price-to-earnings-growth ratio of 2.46 and a beta of 0.84. The stock has a fifty day simple moving average of $216.17 and a two-hundred day simple moving average of $213.80.

MarketAxess (NASDAQ:MKTX - Get Free Report) last released its earnings results on Wednesday, August 6th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.06. The business had revenue of $219.46 million during the quarter, compared to analyst estimates of $218.05 million. MarketAxess had a net margin of 26.62% and a return on equity of 20.41%. The company's revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.72 earnings per share. On average, analysts anticipate that MarketAxess Holdings Inc. will post 7.79 earnings per share for the current year.

MarketAxess Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th will be issued a dividend of $0.76 per share. The ex-dividend date is Wednesday, August 20th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.6%. MarketAxess's dividend payout ratio is currently 51.18%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MKTX shares. Citigroup increased their price target on MarketAxess from $250.00 to $265.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Wall Street Zen cut MarketAxess from a "hold" rating to a "sell" rating in a research report on Sunday, July 20th. Keefe, Bruyette & Woods upped their price target on shares of MarketAxess from $223.00 to $226.00 and gave the company a "market perform" rating in a research note on Thursday, May 8th. Morgan Stanley decreased their target price on MarketAxess from $283.00 to $274.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Finally, Piper Sandler reiterated a "neutral" rating and set a $204.00 price objective (up previously from $202.00) on shares of MarketAxess in a research note on Tuesday, July 15th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $232.11.

About MarketAxess

MarketAxess Holdings Inc, together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. The company offers trading technology that provides liquidity access in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S.