Bank of Nova Scotia Acquires 994,144 Shares of Interactive Brokers Group, Inc. $IBKR

Bank of Nova Scotia lifted its stake in Interactive Brokers Group, Inc. (NASDAQ:IBKR) by 6,541.3% in the second quarter, Holdings Channel.com reports. The fund owned 1,009,342 shares of the financial services provider’s stock after purchasing an additional 994,144 shares during the period. Bank of Nova Scotia’s holdings in Interactive Brokers Group were worth $55,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Interactive Brokers Group by 303.9% in the 2nd quarter. Vanguard Group Inc. now owns 41,810,406 shares of the financial services provider’s stock worth $2,316,715,000 after purchasing an additional 31,458,885 shares in the last quarter. Cantillon Capital Management LLC increased its holdings in shares of Interactive Brokers Group by 288.7% in the second quarter. Cantillon Capital Management LLC now owns 12,803,631 shares of the financial services provider’s stock worth $709,449,000 after purchasing an additional 9,509,805 shares during the period. Greenwich Wealth Management LLC raised its position in shares of Interactive Brokers Group by 301.6% in the second quarter. Greenwich Wealth Management LLC now owns 10,864,532 shares of the financial services provider’s stock worth $602,004,000 after buying an additional 8,159,175 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Interactive Brokers Group by 227.7% in the second quarter. JPMorgan Chase & Co. now owns 10,148,398 shares of the financial services provider’s stock worth $562,328,000 after buying an additional 7,051,682 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Interactive Brokers Group by 190.9% during the second quarter. Geode Capital Management LLC now owns 6,682,629 shares of the financial services provider’s stock valued at $371,363,000 after buying an additional 4,385,602 shares during the period. 23.80% of the stock is currently owned by institutional investors.

Interactive Brokers Group Stock Up 2.0%

Shares of NASDAQ:IBKR opened at $65.81 on Tuesday. The stock has a market capitalization of $111.62 billion, a PE ratio of 31.60, a price-to-earnings-growth ratio of 1.97 and a beta of 1.26. The firm’s 50 day moving average price is $67.62 and its 200-day moving average price is $62.44. Interactive Brokers Group, Inc. has a twelve month low of $32.82 and a twelve month high of $73.35.

Interactive Brokers Group (NASDAQ:IBKR) last announced its earnings results on Thursday, October 16th. The financial services provider reported $0.57 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.47 billion. During the same period in the prior year, the company earned $1.61 earnings per share. The firm’s revenue was up 21.2% on a year-over-year basis. Analysts expect that Interactive Brokers Group, Inc. will post 7.46 earnings per share for the current fiscal year.

Interactive Brokers Group Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on IBKR. Barclays set a $80.00 price target on Interactive Brokers Group and gave the company an “overweight” rating in a report on Friday, October 17th. CICC Research began coverage on shares of Interactive Brokers Group in a research note on Monday, October 27th. They issued an “outperform” rating and a $78.00 target price on the stock. Piper Sandler set a $80.00 target price on shares of Interactive Brokers Group and gave the stock an “overweight” rating in a research report on Tuesday, October 14th. Weiss Ratings reissued a “hold (c+)” rating on shares of Interactive Brokers Group in a research note on Tuesday, November 25th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $91.00 price target on shares of Interactive Brokers Group in a research report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Interactive Brokers Group currently has an average rating of “Moderate Buy” and an average price target of $72.08.

Insider Buying and Selling at Interactive Brokers Group

In related news, CFO Paul Jonathan Brody sold 116,861 shares of the business’s stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $64.73, for a total transaction of $7,564,412.53. Following the completion of the transaction, the chief financial officer directly owned 158,954 shares in the company, valued at approximately $10,289,092.42. The trade was a 42.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lawrence E. Harris sold 22,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $67.63, for a total transaction of $1,487,860.00. Following the sale, the director owned 231,704 shares in the company, valued at approximately $15,670,141.52. The trade was a 8.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 919,218 shares of company stock worth $58,588,288 over the last quarter. 2.97% of the stock is owned by company insiders.

About Interactive Brokers Group

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.