DAVENPORT & Co LLC Has $1.74 Million Position in Interactive Brokers Group, Inc. $IBKR

Key Points

• DAVENPORT & Co LLC significantly increased its position in Interactive Brokers Group by 316.7% in Q2, acquiring 31,410 shares valued at approximately $1.74 million.
• Interactive Brokers reported Q2 earnings of $0.51 per share, surpassing analysts' estimates and achieving a revenue increase of 14.7% year-over-year.
• The company declared a quarterly dividend of $0.08 per share, reflecting an annualized rate of $0.32 with a dividend yield of 0.4%.

DAVENPORT & Co LLC increased its position in Interactive Brokers Group, Inc. (NASDAQ:IBKR - Free Report) by 316.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,410 shares of the financial services provider's stock after buying an additional 23,873 shares during the quarter. DAVENPORT & Co LLC's holdings in Interactive Brokers Group were worth $1,740,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Simplicity Wealth LLC acquired a new position in shares of Interactive Brokers Group in the second quarter valued at approximately $214,000. Bay Harbor Wealth Management LLC increased its stake in shares of Interactive Brokers Group by 313.9% in the second quarter. Bay Harbor Wealth Management LLC now owns 2,450 shares of the financial services provider's stock valued at $136,000 after buying an additional 1,858 shares during the period. QRG Capital Management Inc. increased its stake in shares of Interactive Brokers Group by 332.1% in the second quarter. QRG Capital Management Inc. now owns 25,311 shares of the financial services provider's stock valued at $1,402,000 after buying an additional 19,454 shares during the period. Boyar Asset Management Inc. acquired a new position in shares of Interactive Brokers Group in the second quarter valued at approximately $271,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Interactive Brokers Group in the second quarter valued at approximately $312,000. Institutional investors and hedge funds own 23.80% of the company's stock.

Interactive Brokers Group Stock Up 0.8%

Interactive Brokers Group stock opened at $72.62 on Friday. Interactive Brokers Group, Inc. has a 12-month low of $32.82 and a 12-month high of $72.71. The firm's fifty day moving average is $64.76 and its 200 day moving average is $55.30. The company has a market capitalization of $123.17 billion, a PE ratio of 37.34, a PEG ratio of 2.96 and a beta of 1.22.

Interactive Brokers Group (NASDAQ:IBKR - Get Free Report) last released its earnings results on Thursday, July 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.05. Interactive Brokers Group had a net margin of 9.78% and a return on equity of 4.92%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the company earned $1.76 EPS. Interactive Brokers Group's quarterly revenue was up 14.7% compared to the same quarter last year. Sell-side analysts expect that Interactive Brokers Group, Inc. will post 7.46 EPS for the current fiscal year.

Interactive Brokers Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, September 1st were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Friday, August 29th. Interactive Brokers Group's payout ratio is presently 16.49%.

Insiders Place Their Bets

In related news, Vice Chairman Earl H. Nemser sold 194,086 shares of Interactive Brokers Group stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $67.49, for a total value of $13,098,864.14. Following the completion of the sale, the insider owned 461,500 shares of the company's stock, valued at approximately $31,146,635. This trade represents a 29.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Paul Jonathan Brody sold 116,861 shares of the business's stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $64.73, for a total transaction of $7,564,412.53. Following the sale, the chief financial officer owned 158,954 shares of the company's stock, valued at $10,289,092.42. This trade represents a 42.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,205,683 shares of company stock worth $77,217,965 in the last quarter. 2.97% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

IBKR has been the subject of a number of recent analyst reports. Barclays reissued an "overweight" rating and set a $81.00 target price (up previously from $73.00) on shares of Interactive Brokers Group in a research report on Wednesday. Weiss Ratings reissued a "hold (c+)" rating on shares of Interactive Brokers Group in a research report on Saturday, September 27th. Wall Street Zen raised shares of Interactive Brokers Group from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Zacks Research downgraded shares of Interactive Brokers Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, October 2nd. Finally, BMO Capital Markets initiated coverage on shares of Interactive Brokers Group in a research report on Friday, October 3rd. They set an "outperform" rating and a $82.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Interactive Brokers Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $65.47.

About Interactive Brokers Group

Interactive Brokers Group, Inc operates as an automated electronic broker worldwide. The company engages in the execution, clearance, and settlement of trades in stocks, options, futures, foreign exchange instruments, bonds, mutual funds, exchange traded funds (ETFs), precious metals, and cryptocurrencies.

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