Wellington Management Group LLP Sells 2,392,651 Shares of Interactive Brokers Group, Inc. $IBKR

Key Points

• Wellington Management reduced its IBKR stake by 24.5%, selling 2.39 million shares in the second quarter and retaining 7.38 million shares valued at approximately $642.5 million.
• Institutional ownership activity was mixed: Orbis Allan Gray, Bank of America, State Street and Invesco increased their positions, while institutional investors collectively owned 23.8% of IBKR. Analysts maintained a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $96.89.
• Interactive Brokers exceeded quarterly expectations with adjusted earnings of $0.69 per share versus a $0.64 consensus and revenue of $1.88 billion, up 28.1% year over year. The company also announced a quarterly dividend of $0.0875 per share, representing a 0.4% annualized yield.

Wellington Management Group LLP lowered its holdings in shares of Interactive Brokers Group, Inc. (NASDAQ:IBKR - Free Report) by 24.5% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,382,141 shares of the financial services provider's stock after selling 2,392,651 shares during the period. Wellington Management Group LLP owned about 0.43% of Interactive Brokers Group worth $642,542,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of IBKR. Norges Bank bought a new position in Interactive Brokers Group in the fourth quarter valued at about $453,146,000. Orbis Allan Gray Ltd lifted 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 acquiring an additional 6,246,715 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of 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 in the last quarter. State Street Corp grew its holdings in shares of Interactive Brokers Group by 23.2% during 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 last quarter. Finally, Invesco Ltd. grew its holdings in shares of Interactive Brokers Group by 44.1% during the 4th quarter. Invesco Ltd. now owns 8,288,379 shares of the financial services provider's stock valued at $533,026,000 after purchasing an additional 2,534,772 shares during the last quarter. 23.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on IBKR. China Renaissance assumed coverage on shares of Interactive Brokers Group in a research note on Tuesday, July 7th. They issued a "hold" rating for the company. Barclays set a $114.00 target price on shares of Interactive Brokers Group and gave the stock an "overweight" rating in a research note on Wednesday, July 22nd. BMO Capital Markets reiterated an "outperform" rating and issued a $110.00 price target (up from $105.00) on shares of Interactive Brokers Group in a research note on Wednesday, July 22nd. Bank of America raised their price objective on Interactive Brokers Group from $83.00 to $106.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. Finally, Piper Sandler set a $109.00 price objective on Interactive Brokers Group in a research report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $96.89.

Interactive Brokers Group Stock Performance

IBKR stock opened at $95.84 on Friday. The company has a market capitalization of $163.06 billion, a P/E ratio of 38.34, a PEG ratio of 1.77 and a beta of 1.34. The company has a fifty day moving average price of $92.11 and a 200-day moving average price of $82.56. Interactive Brokers Group, Inc. has a 52-week low of $58.95 and a 52-week high of $98.75.

Interactive Brokers Group (NASDAQ:IBKR - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.05. The company had revenue of $1.88 billion for the quarter, compared to analysts' expectations of $1.80 billion. Interactive Brokers Group had a net margin of 9.94% and a return on equity of 5.37%. Interactive Brokers Group's revenue for the quarter was up 28.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.51 earnings per share. As a group, sell-side analysts forecast that Interactive Brokers Group, Inc. will post 2.68 earnings per share for the current fiscal year.

Interactive Brokers Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.0875 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.35 annualized dividend and a yield of 0.4%. Interactive Brokers Group's payout ratio is presently 14.00%.

Interactive Brokers Group Company Profile

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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