Investment Technology Group (ITG) Upgraded to Buy by Citigroup
Investment Technology Group (NYSE:ITG) was upgraded by analysts at Citigroup to a “buy” rating in a research note issued on Friday.
Several other brokerages have also recently weighed in on ITG. Zacks Investment Research cut Investment Technology Group from a “hold” rating to a “sell” rating in a report on Tuesday, January 23rd. ValuEngine cut Investment Technology Group from a “hold” rating to a “sell” rating in a report on Tuesday, November 7th. Three equities research analysts have rated the stock with a sell rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $22.50.
Shares of Investment Technology Group (NYSE ITG) opened at $20.07 on Friday. The firm has a market capitalization of $663.94, a PE ratio of -16.87 and a beta of 1.37. Investment Technology Group has a fifty-two week low of $17.63 and a fifty-two week high of $23.96. The company has a current ratio of 1.51, a quick ratio of 1.50 and a debt-to-equity ratio of 0.01.
Investment Technology Group announced that its Board of Directors has authorized a stock repurchase plan on Thursday, February 15th that authorizes the company to buyback 4,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC boosted its holdings in Investment Technology Group by 1.9% during the 4th quarter. Sterling Capital Management LLC now owns 136,515 shares of the financial services provider’s stock valued at $2,628,000 after acquiring an additional 2,600 shares during the period. MetLife Investment Advisors LLC bought a new position in Investment Technology Group during the 4th quarter valued at approximately $346,000. Philadelphia Financial Management of San Francisco LLC raised its position in Investment Technology Group by 93.6% during the 4th quarter. Philadelphia Financial Management of San Francisco LLC now owns 1,374,777 shares of the financial services provider’s stock valued at $26,464,000 after purchasing an additional 664,668 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in Investment Technology Group by 12.3% during the 4th quarter. TIAA CREF Investment Management LLC now owns 142,087 shares of the financial services provider’s stock valued at $2,735,000 after purchasing an additional 15,567 shares during the last quarter. Finally, HBK Investments L P raised its position in Investment Technology Group by 64.6% during the 4th quarter. HBK Investments L P now owns 30,278 shares of the financial services provider’s stock valued at $583,000 after purchasing an additional 11,878 shares during the last quarter. Institutional investors own 84.28% of the company’s stock.
About Investment Technology Group
Investment Technology Group, Inc (ITG) is a financial technology company that helps brokers and asset managers improve returns for investors around the world. The Company operates through four segments: U.S. Operations, Canadian Operations, European Operations and Asia Pacific Operations. These four segments provide categories of products and services, such as Execution Services, Workflow Technology and Analytics.
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