Assetmark Inc. Buys Shares of 327,436 XP Inc. $XP

Assetmark Inc. bought a new position in XP Inc. (NASDAQ:XP) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 327,436 shares of the company’s stock, valued at approximately $6,234,000. Assetmark Inc. owned approximately 0.06% of XP as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

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

XP Stock Up 0.3%

NASDAQ XP opened at $16.85 on Wednesday. The company has a current ratio of 6.66, a quick ratio of 6.66 and a debt-to-equity ratio of 0.02. The stock’s 50 day moving average is $16.33 and its two-hundred day moving average is $18.29. The company has a market capitalization of $9.06 billion, a price-to-earnings ratio of 9.31, a PEG ratio of 0.60 and a beta of 1.10. XP Inc. has a 1-year low of $14.80 and a 1-year high of $23.13.

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 given a $0.20 dividend. The ex-dividend date was Wednesday, June 10th. This is a positive change from XP’s previous annual dividend of $0.18. This represents a yield of 268.0%. XP’s dividend payout ratio is 22.10%.

XP declared that its board has initiated a stock buyback program 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 programs are generally a sign that the company’s leadership believes its shares are undervalued.

About XP

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.