TP ICAP Group (LON:TCAP) Stock Price Down 0.8% - Here's Why

Key Points

• TP ICAP Group shares experienced a 0.8% decline in mid-day trading, closing at GBX 263.50 ($3.52) after trading as low as GBX 263.
• Analysts from Canaccord Genuity Group raised their price target for TP ICAP Group from GBX 326 to GBX 374, maintaining a "buy" rating, while overall, the stock has an average rating of "Buy" with a target of GBX 374.
• The company's board has approved a stock repurchase plan, indicating confidence in the undervaluation of its shares, despite a reported earnings per share of GBX 17.60 for the quarter.

TP ICAP Group PLC (LON:TCAP - Get Free Report) shares were down 0.8% during mid-day trading on Friday . The company traded as low as GBX 263 ($3.51) and last traded at GBX 263.50 ($3.52). Approximately 927,802 shares changed hands during trading, a decline of 69% from the average daily volume of 3,040,222 shares. The stock had previously closed at GBX 265.50 ($3.55).

Analysts Set New Price Targets

A number of analysts have recently issued reports on TCAP shares. Shore Capital reiterated a "buy" rating on shares of TP ICAP Group in a research note on Wednesday, August 6th. Canaccord Genuity Group raised their price target on shares of TP ICAP Group from GBX 326 to GBX 374 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of GBX 374.

TP ICAP Group Stock Down 0.8%

The firm's 50 day simple moving average is GBX 277.84 and its two-hundred day simple moving average is GBX 271.17. The stock has a market cap of £1.96 billion, a P/E ratio of 1,171.11, a price-to-earnings-growth ratio of 0.49 and a beta of 0.65.

TP ICAP Group (LON:TCAP - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported GBX 17.60 earnings per share for the quarter. TP ICAP Group had a net margin of 4.54% and a return on equity of 4.82%. As a group, equities analysts predict that TP ICAP Group PLC will post 31.0273973 EPS for the current year.

TP ICAP Group announced that its board has authorized a stock repurchase plan on Wednesday, August 6th that allows the company to buyback 0 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

About TP ICAP Group

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