State of Michigan Retirement System Raises Holdings in Interactive Brokers Group, Inc. $IBKR

State of Michigan Retirement System lifted its position in shares of Interactive Brokers Group, Inc. (NASDAQ:IBKR) by 15.0% during the third quarter, Holdings Channel reports. The firm owned 120,400 shares of the financial services provider’s stock after acquiring an additional 15,684 shares during the quarter. State of Michigan Retirement System’s holdings in Interactive Brokers Group were worth $8,285,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in IBKR. Huntington National Bank increased its position in Interactive Brokers Group by 51.8% during the second quarter. Huntington National Bank now owns 516 shares of the financial services provider’s stock worth $29,000 after buying an additional 176 shares during the period. LFA Lugano Financial Advisors SA purchased a new position in shares of Interactive Brokers Group during the second quarter worth approximately $32,000. Private Wealth Asset Management LLC increased its holdings in shares of Interactive Brokers Group by 300.0% in the 2nd quarter. Private Wealth Asset Management LLC now owns 580 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 435 shares during the period. N.E.W. Advisory Services LLC increased its holdings in shares of Interactive Brokers Group by 300.0% in the 2nd quarter. N.E.W. Advisory Services LLC now owns 632 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 474 shares during the period. Finally, First Horizon Advisors Inc. raised its position in Interactive Brokers Group by 1,051.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 760 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 694 shares during the last quarter. 23.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on IBKR. Barclays set a $83.00 price objective on shares of Interactive Brokers Group and gave the stock an “overweight” rating in a research report on Wednesday, January 21st. Piper Sandler set a $80.00 price target on Interactive Brokers Group and gave the company an “overweight” rating in a research report on Tuesday, October 14th. BMO Capital Markets upped their price objective on Interactive Brokers Group from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $91.00 price objective on shares of Interactive Brokers Group in a research report on Friday, October 17th. Finally, 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 on the stock. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Interactive Brokers Group presently has a consensus rating of “Buy” and a consensus target price of $76.39.

Insider Activity at Interactive Brokers Group

In other news, Vice Chairman Earl H. Nemser sold 60,200 shares of the company’s stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $75.30, for a total transaction of $4,533,060.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 400,000 shares of company stock worth $30,725,122. 2.97% of the stock is currently owned by insiders.

Interactive Brokers Group Stock Up 7.3%

Shares of NASDAQ:IBKR opened at $74.59 on Monday. Interactive Brokers Group, Inc. has a 52 week low of $32.82 and a 52 week high of $78.80. The company has a 50-day moving average price of $69.16 and a 200 day moving average price of $67.03. The company has a market cap of $126.52 billion, a P/E ratio of 33.67, a PEG ratio of 2.09 and a beta of 1.24.

Interactive Brokers Group (NASDAQ:IBKR) last issued its earnings results on Tuesday, January 20th. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.15. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. Interactive Brokers Group had a return on equity of 5.12% and a net margin of 9.44%.The company’s revenue for the quarter was up 18.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.51 EPS. Analysts expect that Interactive Brokers Group, Inc. will post 7.46 EPS for the current year.

Interactive Brokers Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Interactive Brokers Group’s dividend payout ratio (DPR) is 14.48%.

Interactive Brokers Group Company Profile

Interactive Brokers Group, Inc (NASDAQ: IBKR) is a global electronic brokerage holding company that provides trading, clearing and custody services to retail traders, institutional investors, proprietary trading groups and financial advisors. The firm offers direct access to a wide range of asset classes, including equities, options, futures, foreign exchange, bonds and exchange-traded funds across many international markets. Interactive Brokers emphasizes electronic order execution, automated trading and low transaction costs as core differentiators for its clients.

Its product suite centers on advanced trading platforms and infrastructure.