TP ICAP Group (LON:TCAP) to Buyback 0 Outstanding Shares

Key Points

• TP ICAP Group has authorized a stock buyback program but plans to repurchase 0 outstanding shares, indicating a potentially cautious approach by management.
• Despite a recent buy rating from Shore Capital and an increased price target from Canaccord Genuity, TP ICAP Group's stock price has dropped 8.1% recently, reaching GBX 282 ($3.77).
• Insider selling activity has been significant, with a total of 795,571 shares sold by insiders in the past 90 days, representing concerns about the stock's future performance.

TP ICAP Group (LON:TCAP - Get Free Report) declared that its Board of Directors has authorized a stock buyback program on Wednesday, August 6th, RTT News reports. The company plans to buyback 0 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

TCAP has been the topic of several analyst reports. Canaccord Genuity Group lifted their price target on shares of TP ICAP Group from GBX 326 ($4.38) to GBX 374 ($5.03) and gave the stock a "buy" rating in a research note on Thursday, July 31st. Shore Capital reiterated a "buy" rating on shares of TP ICAP Group in a research note on Wednesday.

TP ICAP Group Trading Down 1.2%

Shares of TCAP traded down GBX 3.50 ($0.05) during trading hours on Friday, reaching GBX 282.50 ($3.80). 2,502,420 shares of the stock traded hands, compared to its average volume of 3,060,495. TP ICAP Group has a 52-week low of GBX 217 ($2.92) and a 52-week high of GBX 315 ($4.24). The company's 50-day moving average price is GBX 283.34 and its two-hundred day moving average price is GBX 267.90. The company has a market cap of £2.13 billion, a P/E ratio of 21.94, 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 ($0.24) earnings per share for the quarter. TP ICAP Group had a net margin of 4.54% and a return on equity of 4.82%. On average, research analysts forecast that TP ICAP Group will post 31.0273973 EPS for the current year.

Insider Buying and Selling at TP ICAP Group

In other TP ICAP Group news, insider Philip Price sold 218,818 shares of TP ICAP Group stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of GBX 261 ($3.51), for a total value of £571,114.98 ($768,143.89). Also, insider Robin Stewart sold 214,471 shares of TP ICAP Group stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of GBX 261 ($3.51), for a total transaction of £559,769.31 ($752,884.08). In the last ninety days, insiders have sold 795,571 shares of company stock worth $207,644,031. Insiders own 0.57% of the company's stock.

About TP ICAP Group