Absolute Gestao de Investimentos Ltda. Has $11.13 Million Position in XP Inc. $XP

Absolute Gestao de Investimentos Ltda. reduced its stake in shares of XP Inc. (NASDAQ:XP) by 74.2% during the 1st quarter, HoldingsChannel reports. The fund owned 584,578 shares of the company’s stock after selling 1,678,279 shares during the period. XP accounts for 1.3% of Absolute Gestao de Investimentos Ltda.’s holdings, making the stock its 22nd biggest position. Absolute Gestao de Investimentos Ltda.’s holdings in XP were worth $11,130,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of XP. AQR Capital Management LLC raised its stake in shares of XP by 692.8% during the 1st quarter. AQR Capital Management LLC now owns 217,557 shares of the company’s stock worth $2,991,000 after purchasing an additional 190,115 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in XP by 174.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,923 shares of the company’s stock worth $100,000 after buying an additional 4,400 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in XP by 65.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,634 shares of the company’s stock valued at $33,000 after acquiring an additional 646 shares in the last quarter. Jump Financial LLC bought a new position in XP during the second quarter valued at approximately $857,000. Finally, California Public Employees Retirement System lifted its stake in XP by 7.2% in the second quarter. California Public Employees Retirement System now owns 723,423 shares of the company’s stock valued at $14,613,000 after acquiring an additional 48,765 shares during the last quarter. 59.15% of the stock is owned by institutional investors and hedge funds.

XP Price Performance

Shares of XP stock opened at $16.69 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.66 and a quick ratio of 6.66. The company has a market cap of $8.97 billion, a PE ratio of 9.22, a price-to-earnings-growth ratio of 0.59 and a beta of 1.10. The firm has a fifty day moving average price of $16.30 and a two-hundred day moving average price of $18.29. XP Inc. has a fifty-two week low of $14.80 and a fifty-two week high of $23.13.

XP declared that its Board of Directors has approved a stock repurchase program on Tuesday, May 19th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

XP Increases Dividend

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

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Zacks Research lowered XP from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Weiss Ratings raised XP from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Finally, UBS Group reduced their target price on XP from $28.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, June 3rd. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.33.

XP Company 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.