Philadelphia Financial Management of San Francisco LLC boosted its holdings in Investment Technology Group (NYSE:ITG) by 93.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,374,777 shares of the financial services provider’s stock after buying an additional 664,668 shares during the period. Investment Technology Group makes up about 3.9% of Philadelphia Financial Management of San Francisco LLC’s investment portfolio, making the stock its 7th largest position. Philadelphia Financial Management of San Francisco LLC owned about 4.16% of Investment Technology Group worth $26,464,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. TIAA CREF Investment Management LLC increased its position in Investment Technology Group by 12.3% in the 4th quarter. TIAA CREF Investment Management LLC now owns 142,087 shares of the financial services provider’s stock worth $2,735,000 after buying an additional 15,567 shares during the period. HBK Investments L P grew its holdings in shares of Investment Technology Group by 64.6% during the 4th quarter. HBK Investments L P now owns 30,278 shares of the financial services provider’s stock worth $583,000 after purchasing an additional 11,878 shares in the last quarter. Two Sigma Investments LP acquired a new stake in shares of Investment Technology Group during the 4th quarter worth approximately $695,000. Two Sigma Advisers LP grew its holdings in shares of Investment Technology Group by 111.2% during the 4th quarter. Two Sigma Advisers LP now owns 56,778 shares of the financial services provider’s stock worth $1,093,000 after purchasing an additional 29,900 shares in the last quarter. Finally, Cramer Rosenthal Mcglynn LLC grew its holdings in shares of Investment Technology Group by 27.5% during the 4th quarter. Cramer Rosenthal Mcglynn LLC now owns 1,011,834 shares of the financial services provider’s stock worth $19,478,000 after purchasing an additional 218,194 shares in the last quarter. 88.10% of the stock is currently owned by institutional investors.
Shares of Investment Technology Group (NYSE:ITG) traded down $0.19 during mid-day trading on Wednesday, reaching $20.20. The company had a trading volume of 21,408 shares, compared to its average volume of 262,023. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 0.01. The firm has a market cap of $682.45, a price-to-earnings ratio of -17.13 and a beta of 1.37. Investment Technology Group has a twelve month low of $17.63 and a twelve month high of $23.96.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Tuesday, February 27th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Monday, February 26th. Investment Technology Group’s dividend payout ratio is -23.53%.
Investment Technology Group declared that its board has approved a share repurchase program on Thursday, February 15th that allows the company to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
Several analysts have recently weighed in on ITG shares. Zacks Investment Research raised Investment Technology Group from a “sell” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Thursday, January 25th. Rosenblatt Securities raised Investment Technology Group from a “neutral” rating to a “buy” rating in a report on Friday, March 2nd. Finally, Citigroup raised Investment Technology Group to a “buy” rating in a report on Friday, March 2nd. Three research analysts have rated the stock with a sell rating and two have assigned a buy rating to the company. Investment Technology Group has a consensus rating of “Hold” and an average price target of $22.50.
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Investment Technology Group 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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