TP ICAP Group (LON:TCAP) to Repurchase 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) announced 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 permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Shore Capital restated a "buy" rating on shares of TP ICAP Group in a research report on Wednesday. Canaccord Genuity Group upped their price objective on TP ICAP Group from GBX 326 ($4.35) to GBX 374 ($5.00) and gave the company a "buy" rating in a report on Thursday, July 31st.

TP ICAP Group Stock Down 8.1%

TCAP stock traded down GBX 25 ($0.33) during mid-day trading on Wednesday, reaching GBX 282 ($3.77). 6,247,770 shares of the company traded hands, compared to its average volume of 3,067,761. TP ICAP Group has a fifty-two week low of GBX 217 ($2.90) and a fifty-two week high of GBX 315 ($4.21). The firm's 50 day moving average price is GBX 282.42 and its 200 day moving average price is GBX 267.78. The stock has a market cap of £2.12 billion, a price-to-earnings ratio of 21.90, a P/E/G ratio of 0.49 and a beta of 0.65.

TP ICAP Group (LON:TCAP - Get Free Report) last posted 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, analysts anticipate that TP ICAP Group will post 31.0273973 EPS for the current fiscal year.

Insiders Place Their Bets

In other TP ICAP Group news, insider Philip Price sold 218,818 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of GBX 261 ($3.49), for a total value of £571,114.98 ($762,910.74). Also, insider Nicolas Breteau sold 362,282 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of GBX 261 ($3.49), for a total transaction of £945,556.02 ($1,263,099.15). Insiders have sold a total of 795,571 shares of company stock worth $207,644,031 in the last 90 days. 0.57% of the stock is currently owned by corporate insiders.

TP ICAP Group Company Profile

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