Philadelphia Financial Management of San Francisco LLC Has $26.46 Million Holdings in Investment Technology Group (ITG)
Philadelphia Financial Management of San Francisco LLC grew its holdings in Investment Technology Group (NYSE:ITG) by 93.6% during the fourth quarter, HoldingsChannel reports. The firm owned 1,374,777 shares of the financial services provider’s stock after acquiring an additional 664,668 shares during the period. Investment Technology Group accounts for about 3.9% of Philadelphia Financial Management of San Francisco LLC’s portfolio, making the stock its 7th largest position. Philadelphia Financial Management of San Francisco LLC’s holdings in Investment Technology Group were worth $26,464,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC bought a new stake in shares of Investment Technology Group during the third quarter worth $179,000. Crossmark Global Holdings Inc. bought a new stake in shares of Investment Technology Group during the third quarter worth $228,000. Teacher Retirement System of Texas bought a new stake in shares of Investment Technology Group during the fourth quarter worth $207,000. UBS Asset Management Americas Inc. bought a new stake in shares of Investment Technology Group during the fourth quarter worth $227,000. Finally, Trexquant Investment LP bought a new stake in shares of Investment Technology Group during the third quarter worth $275,000. 88.10% of the stock is currently owned by institutional investors.
ITG has been the subject of a number of recent research reports. Zacks Investment Research upgraded Investment Technology Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 4th. Citigroup upgraded Investment Technology Group to a “buy” rating in a research report on Friday, March 2nd. Finally, Rosenblatt Securities upgraded Investment Technology Group from a “neutral” rating to a “buy” rating in a research report on Friday, March 2nd. Three equities research analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $22.50.
Investment Technology Group (NYSE:ITG) last released its quarterly earnings data on Tuesday, January 30th. The financial services provider reported $0.12 EPS for the quarter, meeting analysts’ consensus estimates of $0.12. The business had revenue of $126.70 million during the quarter, compared to the consensus estimate of $125.70 million. Investment Technology Group had a positive return on equity of 2.66% and a negative net margin of 8.15%. The firm’s revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.16 earnings per share. analysts predict that Investment Technology Group will post 1.01 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Tuesday, February 27th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Monday, February 26th. This represents a $0.28 dividend on an annualized basis and a yield of 1.39%. Investment Technology Group’s dividend payout ratio is presently -23.53%.
Investment Technology Group announced that its board has approved a share repurchase plan on Thursday, February 15th that authorizes the company to repurchase 4,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
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Investment Technology Group Company Profile
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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