AGI (NYSE:AGBK) Shares Gap Down on Disappointing Earnings

Shares of AGI Inc (NYSE:AGBK) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $9.18, but opened at $8.50. AGI shares last traded at $8.8550, with a volume of 270,968 shares trading hands.

The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.22). The firm had revenue of $547.80 million during the quarter, compared to analyst estimates of $541.66 million.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AGBK. Susquehanna began coverage on AGI in a research note on Monday, March 9th. They set a “positive” rating and a $17.00 price target on the stock. Oppenheimer assumed coverage on AGI in a report on Monday, March 9th. They set an “outperform” rating and a $15.00 price objective for the company. Morgan Stanley started coverage on AGI in a research report on Monday, March 9th. They set an “overweight” rating and a $21.00 target price on the stock. Wall Street Zen upgraded AGI to a “hold” rating in a research report on Saturday, February 21st. Finally, Itau BBA Securities started coverage on AGI in a research note on Monday, March 9th. They set an “outperform” rating and a $15.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, AGI presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.14.

AGI Price Performance

AGI Company Profile

Our mission is to revolutionize financial services for the largest and fastest growing segment of Brazil’s population: individuals who have been underserved by incumbent banks and have not been effectively reached by digital-only banks. We seek to make credit and banking solutions more accessible and affordable for the Brazilian consumers who we believe need it the most, including social security beneficiaries and private and public sector workers. We have designed a unique value proposition for this population, who may be older, have a lower income, be less tech-savvy or have less access to education.