Coronation Fund Managers Ltd. Sells 352,645 Shares of Interactive Brokers Group, Inc. $IBKR

Key Points

• Coronation Fund Managers sold 352,645 shares of Interactive Brokers, cutting its stake by 92.9% to 26,862 shares valued at $1.727 million at quarter-end.
• Several large institutions boosted positions—most notably Vanguard (+26.4%) to 52.86 million shares and State Street to 18.65 million shares—while overall institutional ownership stands at about 23.8%.
• Analysts hold a consensus rating of "Moderate Buy" with a $83.25 price target, and the company recently raised its quarterly dividend to $0.0875 (annualized $0.35, ~0.5% yield).

Coronation Fund Managers Ltd. cut its stake in Interactive Brokers Group, Inc. (NASDAQ:IBKR - Free Report) by 92.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,862 shares of the financial services provider's stock after selling 352,645 shares during the period. Coronation Fund Managers Ltd.'s holdings in Interactive Brokers Group were worth $1,727,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Interactive Brokers Group by 26.4% in the 3rd quarter. Vanguard Group Inc. now owns 52,859,085 shares of the financial services provider's stock valued at $3,637,234,000 after purchasing an additional 11,048,679 shares during the period. State Street Corp boosted its holdings in Interactive Brokers Group by 23.2% in the 3rd quarter. State Street Corp now owns 18,648,758 shares of the financial services provider's stock valued at $1,283,221,000 after purchasing an additional 3,517,729 shares during the period. Wellington Management Group LLP boosted its holdings in Interactive Brokers Group by 17.6% in the 3rd quarter. Wellington Management Group LLP now owns 10,901,171 shares of the financial services provider's stock valued at $750,110,000 after purchasing an additional 1,630,620 shares during the period. Orbis Allan Gray Ltd boosted its holdings in Interactive Brokers Group by 178.8% in the 2nd quarter. Orbis Allan Gray Ltd now owns 9,740,072 shares of the financial services provider's stock valued at $539,697,000 after purchasing an additional 6,246,715 shares during the period. Finally, Bank of America Corp DE boosted its holdings in Interactive Brokers Group by 225.4% in the 2nd quarter. Bank of America Corp DE now owns 7,594,906 shares of the financial services provider's stock valued at $420,834,000 after purchasing an additional 5,260,923 shares during the period. 23.80% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on IBKR shares. BMO Capital Markets increased their price target on shares of Interactive Brokers Group from $80.00 to $93.00 and gave the company an "outperform" rating in a report on Wednesday. Keefe, Bruyette & Woods started coverage on shares of Interactive Brokers Group in a report on Wednesday, April 8th. They issued a "market perform" rating and a $75.00 price target for the company. Zacks Research downgraded shares of Interactive Brokers Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 24th. Barclays increased their price objective on shares of Interactive Brokers Group from $85.00 to $93.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Jefferies Financial Group dropped their price objective on shares of Interactive Brokers Group from $91.00 to $81.00 and set a "buy" rating for the company in a research note on Monday, April 6th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.25.

Interactive Brokers Group Stock Performance

Shares of IBKR stock opened at $76.62 on Friday. Interactive Brokers Group, Inc. has a 52-week low of $41.43 and a 52-week high of $82.88. The stock has a market cap of $129.97 billion, a price-to-earnings ratio of 33.03, a P/E/G ratio of 2.10 and a beta of 1.25. The firm has a fifty day moving average of $71.17 and a 200-day moving average of $69.72.

Interactive Brokers Group (NASDAQ:IBKR - Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. Interactive Brokers Group had a net margin of 9.65% and a return on equity of 5.19%. The company had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.69 billion. During the same quarter in the prior year, the company posted $1.94 EPS. The business's revenue was up 17.0% on a year-over-year basis. On average, sell-side analysts predict that Interactive Brokers Group, Inc. will post 2.46 earnings per share for the current year.

Interactive Brokers Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Monday, June 1st will be paid a $0.0875 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.5%. This is a positive change from Interactive Brokers Group's previous quarterly dividend of $0.08. Interactive Brokers Group's dividend payout ratio is currently 15.09%.

Insider Activity

In related news, Vice Chairman Earl H. Nemser sold 94,800 shares of the stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $76.19, for a total transaction of $7,222,812.00. Following the completion of the sale, the insider owned 60,200 shares in the company, valued at $4,586,638. This trade represents a 61.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.80% of the company's stock.

About Interactive Brokers Group

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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