AGI (NYSE:AGBK) Authorizes Stock Buyback Program

AGI (NYSE:AGBK) declared that its board has authorized a stock repurchase program on Tuesday, October 27th, RTT News reports. The company plans to buy back 3,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Share repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

AGBK has been the topic of a number of recent analyst reports. Oppenheimer lowered their price objective on AGI from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. The Goldman Sachs Group set a $13.00 price objective on AGI in a research note on Thursday, August 6th. Weiss Ratings restated a “sell (d)” rating on shares of AGI in a research report on Friday, August 7th. Finally, Zacks Research cut AGI from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.14.

AGI Stock Up 3.3%

Shares of AGBK stock traded up $0.15 during trading on Tuesday, hitting $4.88. The company had a trading volume of 669,711 shares. The stock’s 50-day moving average is $6.41 and its two-hundred day moving average is $7.40. AGI has a 52 week low of $4.43 and a 52 week high of $12.21.

Insider Transactions at AGI

In other AGI news, CTO Vinicius Birkeland Aloe sold 256,386 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $11.99, for a total value of $3,074,068.14. Following the completion of the transaction, the chief technology officer owned 176,423 shares of the company’s stock, valued at $2,115,311.77. The trade was a 59.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

AGI Company Profile

Our mission is to revolutionize financial services for the largest and fastest growing segment of Brazil’s population: individuals who have been underserved by incumbent banks and have not been effectively reached by digital-only banks. We seek to make credit and banking solutions more accessible and affordable for the Brazilian consumers who we believe need it the most, including social security beneficiaries and private and public sector workers. We have designed a unique value proposition for this population, who may be older, have a lower income, be less tech-savvy or have less access to education.