Norges Bank Purchases Shares of 7,046,279 Interactive Brokers Group, Inc. $IBKR

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Interactive Brokers Group, buying 7,046,279 shares valued at about $453.1 million, or roughly 0.42% of the company.
• Interactive Brokers reported better-than-expected quarterly earnings of $0.60 per share, while revenue rose 17% year over year to $1.68 billion, supporting expectations for full-year EPS of 2.46.
• The company raised its quarterly dividend to $0.0875 per share from $0.08, and analysts remain constructive with a consensus rating of Moderate Buy and an average price target of $83.25.

Norges Bank purchased a new stake in Interactive Brokers Group, Inc. (NASDAQ:IBKR - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 7,046,279 shares of the financial services provider's stock, valued at approximately $453,146,000. Norges Bank owned about 0.42% of Interactive Brokers Group as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. National Pension Service raised its stake in Interactive Brokers Group by 2.2% in the third quarter. National Pension Service now owns 707,634 shares of the financial services provider's stock valued at $48,692,000 after buying an additional 15,339 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Interactive Brokers Group by 36.8% in the third quarter. Jones Financial Companies Lllp now owns 26,875 shares of the financial services provider's stock worth $1,777,000 after purchasing an additional 7,234 shares during the last quarter. State of Michigan Retirement System raised its stake in shares of Interactive Brokers Group by 15.0% in the third quarter. State of Michigan Retirement System now owns 120,400 shares of the financial services provider's stock worth $8,285,000 after purchasing an additional 15,684 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Interactive Brokers Group by 1,221.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 73,728 shares of the financial services provider's stock worth $5,073,000 after purchasing an additional 68,148 shares during the last quarter. Finally, Hartford Investment Management Co. purchased a new position in shares of Interactive Brokers Group in the third quarter worth about $1,798,000. 23.80% of the stock is currently owned by hedge funds and other institutional investors.

Interactive Brokers Group Stock Up 2.0%

Interactive Brokers Group stock opened at $88.69 on Tuesday. The firm has a market cap of $150.45 billion, a price-to-earnings ratio of 38.23, a price-to-earnings-growth ratio of 2.40 and a beta of 1.32. Interactive Brokers Group, Inc. has a 52 week low of $49.15 and a 52 week high of $91.02. The business's 50-day moving average price is $77.44 and its 200 day moving average price is $72.10.

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

Interactive Brokers Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Monday, June 1st will be issued a dividend of $0.0875 per share. This represents a $0.35 annualized dividend and a yield of 0.4%. This is a positive change from Interactive Brokers Group's previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Monday, June 1st. Interactive Brokers Group's dividend payout ratio is 13.79%.

Insider Buying and Selling

In other Interactive Brokers Group news, Director Lawrence E. Harris sold 26,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $76.93, for a total value of $2,000,180.00. Following the sale, the director directly owned 173,482 shares of the company's stock, valued at approximately $13,345,970.26. This trade represents a 13.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

IBKR has been the subject of several research analyst reports. The Goldman Sachs Group set a $98.00 price objective on Interactive Brokers Group in a research note on Friday, May 1st. Piper Sandler raised their price objective on Interactive Brokers Group from $80.00 to $88.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 22nd. Jefferies Financial Group reduced their price objective on 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. BMO Capital Markets raised their price objective on Interactive Brokers Group from $80.00 to $93.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods initiated coverage on Interactive Brokers Group in a research note on Wednesday, April 8th. They issued a "market perform" rating and a $75.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $83.25.

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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