Covenant Asset Management LLC Takes Position in Interactive Brokers Group, Inc. $IBKR

Key Points

• Covenant Asset Management LLC opened a new position in Interactive Brokers (NASDAQ:IBKR) in Q4, purchasing 47,079 shares worth about $3.03 million per its latest 13F filing.
• Analysts show a consensus rating of "Moderate Buy" with a consensus target price of $83.25, while notable moves include Goldman Sachs raising its target to $98 and mixed adjustments from Jefferies, Zacks and BMO.
• Interactive Brokers beat quarterly EPS estimates ($0.60 vs. $0.57) and reported revenue up 17% year-over-year though slightly below expectations, and it raised the quarterly dividend to $0.0875 (annualized $0.35, ~0.5% yield).

Covenant Asset Management LLC purchased a new position in Interactive Brokers Group, Inc. (NASDAQ:IBKR - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 47,079 shares of the financial services provider's stock, valued at approximately $3,028,000.

Other large investors also recently modified their holdings of the company. 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. Orbis Allan Gray Ltd increased its holdings in shares of Interactive Brokers Group by 178.8% in the second quarter. Orbis Allan Gray Ltd now owns 9,740,072 shares of the financial services provider's stock worth $539,697,000 after purchasing an additional 6,246,715 shares during the period. Bank of America Corp DE increased its holdings in shares of Interactive Brokers Group by 225.4% in the second quarter. Bank of America Corp DE now owns 7,594,906 shares of the financial services provider's stock worth $420,834,000 after purchasing an additional 5,260,923 shares during the period. State Street Corp raised its position in shares of Interactive Brokers Group by 23.2% in the third quarter. State Street Corp now owns 18,648,758 shares of the financial services provider's stock worth $1,283,221,000 after buying an additional 3,517,729 shares in the last quarter. Finally, TD Asset Management Inc raised its position in shares of Interactive Brokers Group by 2,098.6% in the third quarter. TD Asset Management Inc now owns 2,300,711 shares of the financial services provider's stock worth $158,312,000 after buying an additional 2,196,067 shares in the last quarter. 23.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IBKR has been the topic of a number of research analyst reports. Zacks Research lowered Interactive Brokers Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 24th. The Goldman Sachs Group lifted their price target on Interactive Brokers Group from $89.00 to $98.00 and gave the company a "buy" rating in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods initiated coverage on shares of Interactive Brokers Group in a research report on Wednesday, April 8th. They issued a "market perform" rating and a $75.00 price objective on the stock. Jefferies Financial Group lowered their target price on shares of Interactive Brokers Group from $91.00 to $81.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Finally, BMO Capital Markets lifted their target price on shares of Interactive Brokers Group from $80.00 to $93.00 and gave the company an "outperform" rating in a research report on Wednesday, April 22nd. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.25.

Interactive Brokers Group Stock Performance

Shares of IBKR stock opened at $77.49 on Wednesday. The company has a market capitalization of $131.45 billion, a P/E ratio of 33.40, a PEG ratio of 2.14 and a beta of 1.25. Interactive Brokers Group, Inc. has a fifty-two week low of $41.43 and a fifty-two week high of $82.88. The stock has a 50 day moving average price of $71.31 and a two-hundred day moving average price of $69.81.

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

Interactive Brokers Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.0875 per share. This is an increase from Interactive Brokers Group's previous quarterly dividend of $0.08. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Monday, June 1st. Interactive Brokers Group's dividend payout ratio (DPR) is currently 13.79%.

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.

Want to see what other hedge funds are holding IBKR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Interactive Brokers Group, Inc. (NASDAQ:IBKR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.