Bank of Nova Scotia Raises Position in Interpublic Group of Companies, Inc. (The) (NYSE:IPG)

Key Points

• Bank of Nova Scotia increased its stake in Interpublic Group of Companies by 652.4% in the first quarter, now holding approximately 0.10% of the company worth $10.18 million.
• Interpublic Group declared a quarterly dividend of $0.33, with an annualized dividend yield of 5.4% and a payout ratio of 111.86%.
• Analysts have mixed ratings on Interpublic Group, with a consensus price target of $32.39, and reports highlighting earnings per share of $0.75 for the last quarter, exceeding expectations.

Bank of Nova Scotia grew its position in Interpublic Group of Companies, Inc. (The) (NYSE:IPG - Free Report) by 652.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 374,889 shares of the business services provider's stock after buying an additional 325,066 shares during the period. Bank of Nova Scotia owned approximately 0.10% of Interpublic Group of Companies worth $10,182,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Jefferies Financial Group Inc. raised its holdings in Interpublic Group of Companies by 76.9% in the first quarter. Jefferies Financial Group Inc. now owns 47,500 shares of the business services provider's stock worth $1,290,000 after buying an additional 20,654 shares during the last quarter. Alberta Investment Management Corp purchased a new position in shares of Interpublic Group of Companies during the first quarter valued at approximately $6,790,000. Alpine Associates Management Inc. raised its holdings in shares of Interpublic Group of Companies by 340.9% during the first quarter. Alpine Associates Management Inc. now owns 1,551,100 shares of the business services provider's stock valued at $42,128,000 after purchasing an additional 1,199,300 shares during the last quarter. Howard Capital Management Inc. raised its holdings in shares of Interpublic Group of Companies by 21.2% during the first quarter. Howard Capital Management Inc. now owns 11,809 shares of the business services provider's stock valued at $321,000 after purchasing an additional 2,063 shares during the last quarter. Finally, Banque Cantonale Vaudoise purchased a new position in shares of Interpublic Group of Companies during the first quarter valued at approximately $539,000. 98.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on IPG shares. Citigroup reissued a "buy" rating and set a $35.00 price objective on shares of Interpublic Group of Companies in a report on Tuesday, April 15th. UBS Group decreased their price objective on shares of Interpublic Group of Companies from $27.00 to $25.60 and set a "neutral" rating for the company in a report on Wednesday, July 23rd. Barclays cut shares of Interpublic Group of Companies from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $34.00 to $27.50 in a report on Wednesday, June 25th. Wall Street Zen started coverage on shares of Interpublic Group of Companies in a report on Tuesday, May 20th. They set a "hold" rating for the company. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Interpublic Group of Companies from $35.00 to $33.00 and set an "overweight" rating for the company in a report on Thursday, July 10th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, Interpublic Group of Companies presently has an average rating of "Hold" and a consensus price target of $32.39.

Interpublic Group of Companies Stock Performance

Shares of NYSE IPG opened at $24.55 on Tuesday. The firm has a market capitalization of $8.99 billion, a price-to-earnings ratio of 20.81 and a beta of 1.05. Interpublic Group of Companies, Inc. has a 12-month low of $22.51 and a 12-month high of $33.05. The firm has a 50 day moving average of $24.36 and a 200 day moving average of $25.53. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.78.

Interpublic Group of Companies (NYSE:IPG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The business services provider reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.55 by $0.20. The business had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.15 billion. Interpublic Group of Companies had a net margin of 4.27% and a return on equity of 28.72%. The company's revenue was down 6.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.61 earnings per share. On average, research analysts anticipate that Interpublic Group of Companies, Inc. will post 2.66 earnings per share for the current year.

Interpublic Group of Companies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date is Tuesday, September 2nd. Interpublic Group of Companies's dividend payout ratio is presently 111.86%.

About Interpublic Group of Companies

The Interpublic Group of Companies, Inc provides advertising and marketing services worldwide. It operates in three segments: Media, Data & Engagement Solutions, Integrated Advertising & Creativity Led Solutions, and Specialized Communications & Experiential Solutions. The Media, Data & Engagement Solutions segment provides media and communications services, digital services and products, advertising and marketing technology, e-commerce services, data management and analytics, strategic consulting, and digital brand experience under the IPG Mediabrands, UM, Initiative, Kinesso, Acxiom, Huge, MRM, and R/GA brand names.

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