Assetmark Inc. Acquires New Stake in XP Inc. $XP

Assetmark Inc. bought a new stake in XP Inc. (NASDAQ:XP) during the first quarter, HoldingsChannel.com reports. The fund bought 327,436 shares of the company’s stock, valued at approximately $6,234,000.

Several other institutional investors have also recently bought and sold shares of the company. ARGA Investment Management LP boosted its holdings in XP by 4.0% during the first quarter. ARGA Investment Management LP now owns 20,699,135 shares of the company’s stock worth $394,112,000 after purchasing an additional 799,048 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in XP by 11.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 12,263,021 shares of the company’s stock valued at $200,746,000 after buying an additional 1,300,982 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in XP by 10.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 11,799,175 shares of the company’s stock valued at $193,152,000 after buying an additional 1,160,977 shares during the last quarter. State Street Corp lifted its position in XP by 1.3% during the 2nd quarter. State Street Corp now owns 9,696,864 shares of the company’s stock worth $195,877,000 after buying an additional 125,818 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of XP by 13.2% during the 4th quarter. Morgan Stanley now owns 9,524,277 shares of the company’s stock worth $155,912,000 after buying an additional 1,113,641 shares during the last quarter. Institutional investors own 59.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Zacks Research cut XP from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. UBS Group dropped their price target on shares of XP from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, June 3rd. Finally, Weiss Ratings upgraded shares of XP from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.33.

XP Price Performance

NASDAQ:XP opened at $16.85 on Wednesday. XP Inc. has a 52 week low of $14.80 and a 52 week high of $23.13. The firm has a market cap of $9.06 billion, a price-to-earnings ratio of 9.31, a P/E/G ratio of 0.60 and a beta of 1.10. The firm’s 50-day simple moving average is $16.33 and its 200 day simple moving average is $18.29. The company has a debt-to-equity ratio of 0.02, a quick ratio of 6.66 and a current ratio of 6.66.

XP Increases Dividend

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

XP announced that its board has authorized a share repurchase plan on Tuesday, May 19th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

XP Profile

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.