State of Michigan Retirement System Grows Stake in Interactive Brokers Group, Inc. $IBKR

State of Michigan Retirement System increased its stake in Interactive Brokers Group, Inc. (NASDAQ:IBKR) by 301.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 104,716 shares of the financial services provider’s stock after acquiring an additional 78,637 shares during the period. State of Michigan Retirement System’s holdings in Interactive Brokers Group were worth $5,802,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. N.E.W. Advisory Services LLC purchased a new position in shares of Interactive Brokers Group in the 1st quarter worth approximately $26,000. Nvwm LLC purchased a new position in shares of Interactive Brokers Group in the 1st quarter worth approximately $33,000. ASR Vermogensbeheer N.V. purchased a new position in shares of Interactive Brokers Group in the 1st quarter worth approximately $33,000. Quarry LP boosted its holdings in shares of Interactive Brokers Group by 486.3% in the 1st quarter. Quarry LP now owns 299 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 248 shares during the period. Finally, Smithfield Trust Co boosted its holdings in shares of Interactive Brokers Group by 78.5% in the 1st quarter. Smithfield Trust Co now owns 341 shares of the financial services provider’s stock worth $57,000 after purchasing an additional 150 shares during the period. Hedge funds and other institutional investors own 23.80% of the company’s stock.

Insiders Place Their Bets

In other Interactive Brokers Group news, CFO Paul Jonathan Brody sold 17,058 shares of the company’s stock in a transaction on Friday, September 26th. The stock was sold at an average price of $65.78, for a total value of $1,122,075.24. Following the completion of the sale, the chief financial officer directly owned 28,289 shares in the company, valued at approximately $1,860,850.42. This represents a 37.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lawrence E. Harris sold 10,645 shares of the company’s stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $69.00, for a total value of $734,505.00. Following the completion of the sale, the director owned 198,704 shares of the company’s stock, valued at $13,710,576. This represents a 5.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,220,797 shares of company stock worth $78,337,744. 2.97% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

IBKR has been the subject of a number of recent research reports. CICC Research initiated coverage on Interactive Brokers Group in a report on Monday, October 27th. They issued an “outperform” rating and a $78.00 target price for the company. Barclays set a $80.00 target price on Interactive Brokers Group and gave the stock an “overweight” rating in a report on Friday, October 17th. Zacks Research upgraded Interactive Brokers Group from a “hold” rating to a “strong-buy” rating in a report on Friday, October 31st. The Goldman Sachs Group reiterated a “buy” rating and issued a $91.00 target price on shares of Interactive Brokers Group in a report on Friday, October 17th. Finally, Piper Sandler set a $80.00 price objective on Interactive Brokers Group and gave the company an “overweight” rating in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $72.08.

Interactive Brokers Group Stock Performance

Interactive Brokers Group stock opened at $70.69 on Wednesday. The company has a 50 day moving average price of $66.50 and a 200-day moving average price of $59.12. Interactive Brokers Group, Inc. has a fifty-two week low of $32.82 and a fifty-two week high of $73.35. The company has a market capitalization of $119.90 billion, a PE ratio of 33.94, a P/E/G ratio of 2.16 and a beta of 1.22.

Interactive Brokers Group (NASDAQ:IBKR) last posted its quarterly earnings results on Thursday, October 16th. The financial services provider reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.08. Interactive Brokers Group had a net margin of 10.12% and a return on equity of 5.03%. The firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the previous year, the firm posted $1.61 earnings per share. The company’s revenue was up 21.2% on a year-over-year basis. On average, analysts forecast that Interactive Brokers Group, Inc. will post 7.46 earnings per share for the current year.

Interactive Brokers Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Monday, December 1st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, December 1st. Interactive Brokers Group’s dividend payout ratio is currently 15.38%.

Interactive Brokers Group Profile

Interactive Brokers Group, Inc operates as an automated electronic broker worldwide. The company engages in the execution, clearance, and settlement of trades in stocks, options, futures, foreign exchange instruments, bonds, mutual funds, exchange traded funds (ETFs), precious metals, and cryptocurrencies.