Brokerages Set XP Inc. (NASDAQ:XP) PT at $23.33

XP Inc. (NASDAQ:XP) has been assigned an average recommendation of “Moderate Buy” from the five research firms that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $23.3333.

XP has been the subject of a number of analyst reports. Zacks Research downgraded shares of XP from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Weiss Ratings upgraded XP from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Finally, UBS Group decreased their price target on XP from $28.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, June 3rd.

Institutional Trading of XP

Several institutional investors have recently modified their holdings of XP. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in XP by 29.6% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,119 shares of the company’s stock valued at $7,396,000 after acquiring an additional 104,395 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in XP by 11.9% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 12,263,021 shares of the company’s stock valued at $200,746,000 after acquiring an additional 1,300,982 shares in the last quarter. Hussman Strategic Advisors Inc. purchased a new position in shares of XP during the fourth quarter worth about $1,375,000. Pictet Asset Management Holding SA grew its holdings in shares of XP by 11.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 539,486 shares of the company’s stock worth $8,831,000 after purchasing an additional 56,090 shares during the last quarter. Finally, Wealth High Governance Capital Ltda acquired a new stake in shares of XP during the fourth quarter worth about $9,990,000. Hedge funds and other institutional investors own 59.15% of the company’s stock.

XP Trading Down 2.7%

NASDAQ XP opened at $16.83 on Friday. XP has a 52 week low of $14.80 and a 52 week high of $23.13. The firm has a 50 day moving average of $16.32 and a two-hundred day moving average of $18.31. The company has a quick ratio of 6.66, a current ratio of 6.66 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $9.04 billion, a PE ratio of 9.30, a price-to-earnings-growth ratio of 0.61 and a beta of 1.10.

XP announced that its board has authorized a share repurchase program on Tuesday, May 19th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

XP Increases Dividend

The firm also recently announced an annual dividend, which was paid on Thursday, June 18th. Investors of record on Wednesday, June 10th were paid a dividend of $0.20 per share. The ex-dividend date was Wednesday, June 10th. This is a positive change from XP’s previous annual dividend of $0.18. This represents a yield of 268.0%. XP’s dividend payout ratio (DPR) is presently 22.10%.

About XP

XP Inc provides financial products and services in Brazil. It offers securities brokerage, private pension plans, commercial, and investment banking products, such as loan operations and transactions in the foreign exchange markets and deposits; product structuring and capital markets services for corporate clients and issuers of fixed income products; advisory services for mass-affluent and institutional clients; and wealth management services for high-net-worth customers and institutional clients.