Investment Technology Group (ITG) Issues Earnings Results, Beats Estimates By $0.13 EPS

Investment Technology Group (NYSE:ITG) released its quarterly earnings data on Wednesday, May 2nd. The financial services provider reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.13, Bloomberg Earnings reports. Investment Technology Group had a positive return on equity of 3.88% and a negative net margin of 8.17%. The business had revenue of $131.48 million during the quarter, compared to analysts’ expectations of $130.17 million. During the same quarter last year, the business posted $0.16 EPS. The business’s revenue was up 8.8% on a year-over-year basis.

Investment Technology Group opened at $22.43 on Thursday, according to MarketBeat.com. Investment Technology Group has a 52 week low of $22.19 and a 52 week high of $22.35. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.46 and a quick ratio of 1.45. The company has a market capitalization of $731.66 million, a PE ratio of 51.53 and a beta of 1.43.

Several equities research analysts have weighed in on the company. Zacks Investment Research upgraded Investment Technology Group from a “sell” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Thursday, January 25th. Citigroup upgraded Investment Technology Group to a “buy” rating in a research note on Friday, March 2nd. Rosenblatt Securities upgraded Investment Technology Group from a “neutral” rating to a “buy” rating in a research note on Friday, March 2nd. Finally, ValuEngine upgraded Investment Technology Group from a “sell” rating to a “hold” rating in a research note on Wednesday, May 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Investment Technology Group presently has a consensus rating of “Hold” and a consensus price target of $22.50.

Hedge funds have recently bought and sold shares of the stock. AXA bought a new position in Investment Technology Group during the 4th quarter valued at approximately $323,000. Pinebridge Investments L.P. increased its position in Investment Technology Group by 70.3% during the 4th quarter. Pinebridge Investments L.P. now owns 79,256 shares of the financial services provider’s stock valued at $1,526,000 after buying an additional 32,711 shares in the last quarter. Penn Capital Management Co. Inc. increased its position in Investment Technology Group by 23.8% during the 4th quarter. Penn Capital Management Co. Inc. now owns 161,987 shares of the financial services provider’s stock valued at $3,118,000 after buying an additional 31,182 shares in the last quarter. Bogle Investment Management L P DE increased its position in Investment Technology Group by 16.0% during the 4th quarter. Bogle Investment Management L P DE now owns 73,260 shares of the financial services provider’s stock valued at $1,410,000 after buying an additional 10,094 shares in the last quarter. Finally, Citadel Advisors LLC increased its position in Investment Technology Group by 55.1% during the 4th quarter. Citadel Advisors LLC now owns 127,304 shares of the financial services provider’s stock valued at $2,451,000 after buying an additional 45,220 shares in the last quarter. 88.17% of the stock is owned by institutional investors.

Investment Technology Group declared that its board has approved a share buyback plan on Thursday, February 15th that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

About Investment Technology Group

Investment Technology Group, Inc operates as a financial technology company in the United States, Canada, Europe, and the Asia Pacific. The company offers various solutions for asset managers and broker-dealers in the areas of execution services, workflow technology, and analytics that provide trade execution services and solutions for portfolio management, as well as pre-trade analytics, and post-trade analytics and processing.

Earnings History for Investment Technology Group (NYSE:ITG)

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