First Trust Advisors LP Trims Holdings in XP Inc. $XP

First Trust Advisors LP lowered its holdings in shares of XP Inc. (NASDAQ:XP) by 17.5% in the first quarter, Holdings Channel reports. The firm owned 441,514 shares of the company’s stock after selling 93,425 shares during the quarter. First Trust Advisors LP’s holdings in XP were worth $8,406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. ABN Amro Investment Solutions acquired a new position in XP in the first quarter valued at $596,000. PNC Financial Services Group Inc. raised its holdings in shares of XP by 25.7% in the first quarter. PNC Financial Services Group Inc. now owns 17,419 shares of the company’s stock valued at $332,000 after buying an additional 3,564 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of XP by 117.3% during the first quarter. Parallel Advisors LLC now owns 3,288 shares of the company’s stock worth $63,000 after buying an additional 1,775 shares during the period. KBC Group NV boosted its stake in shares of XP by 77.1% during the first quarter. KBC Group NV now owns 303,661 shares of the company’s stock worth $5,782,000 after buying an additional 132,225 shares during the period. Finally, SEB Asset Management AB purchased a new position in shares of XP during the first quarter worth about $2,133,000. 59.15% of the stock is owned by hedge funds and other institutional investors.

XP Stock Down 0.8%

Shares of XP stock opened at $17.06 on Friday. The company has a market cap of $9.17 billion, a P/E ratio of 9.43, a PEG ratio of 0.61 and a beta of 1.10. 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 Inc. has a one year low of $14.80 and a one year high of $23.13. The firm has a fifty day moving average of $16.25 and a two-hundred day moving average of $18.29.

XP declared that its board has initiated a stock buyback program on Tuesday, May 19th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

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 an increase from XP’s previous annual dividend of $0.18. This represents a yield of 268.0%. XP’s payout ratio is 22.10%.

Analyst Upgrades and Downgrades

XP has been the topic of several recent research reports. Weiss Ratings upgraded XP from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. UBS Group decreased their price objective on XP from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, June 3rd. Finally, Zacks Research downgraded XP from a “strong-buy” rating to a “hold” rating in a research note 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.33.

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.