Bank of America Trims MarketAxess (NASDAQ:MKTX) Target Price to $185.00

MarketAxess (NASDAQ:MKTX) had its price target reduced by Bank of America from $193.00 to $185.00 in a report published on Thursday, Benzinga reports. They currently have an underperform rating on the financial services provider’s stock.

A number of other equities analysts also recently weighed in on MKTX. Barclays lowered their target price on shares of MarketAxess from $225.00 to $215.00 and set an equal weight rating for the company in a research note on Wednesday, July 10th. Piper Sandler reissued a neutral rating and set a $225.00 target price on shares of MarketAxess in a research note on Tuesday, August 6th. StockNews.com raised shares of MarketAxess from a sell rating to a hold rating in a research note on Wednesday, August 7th. The Goldman Sachs Group lifted their price target on shares of MarketAxess from $204.00 to $233.00 and gave the company a neutral rating in a research note on Monday, September 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of MarketAxess from $218.00 to $223.00 and gave the company a hold rating in a research note on Thursday, August 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $240.50.

MarketAxess Price Performance

Shares of NASDAQ:MKTX opened at $273.65 on Thursday. The firm has a market cap of $10.37 billion, a PE ratio of 40.18, a price-to-earnings-growth ratio of 6.04 and a beta of 1.08. The firm’s fifty day moving average is $245.00 and its 200-day moving average is $221.41. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.91 and a current ratio of 2.91. MarketAxess has a 52 week low of $192.42 and a 52 week high of $297.97.

MarketAxess (NASDAQ:MKTX) last announced its earnings results on Tuesday, August 6th. The financial services provider reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.04. MarketAxess had a net margin of 33.71% and a return on equity of 20.43%. The business had revenue of $197.70 million during the quarter, compared to the consensus estimate of $198.07 million. During the same quarter last year, the firm earned $1.63 earnings per share. MarketAxess’s quarterly revenue was up 9.9% on a year-over-year basis. Sell-side analysts predict that MarketAxess will post 7.06 earnings per share for the current year.

MarketAxess Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Wednesday, August 21st were given a dividend of $0.74 per share. The ex-dividend date was Wednesday, August 21st. This represents a $2.96 annualized dividend and a dividend yield of 1.08%. This is a boost from MarketAxess’s previous quarterly dividend of $0.20. MarketAxess’s dividend payout ratio (DPR) is 43.47%.

MarketAxess announced that its board has authorized a stock buyback plan on Tuesday, August 6th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 2.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, insider Christophe Pierre Danie Roupie sold 617 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $231.63, for a total transaction of $142,915.71. Following the sale, the insider now owns 7,409 shares in the company, valued at approximately $1,716,146.67. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.66% of the company’s stock.

Hedge Funds Weigh In On MarketAxess

Large investors have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB boosted its stake in shares of MarketAxess by 16.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 9,044 shares of the financial services provider’s stock valued at $2,317,000 after purchasing an additional 1,300 shares in the last quarter. Park Avenue Securities LLC purchased a new position in MarketAxess during the 3rd quarter valued at about $261,000. SG Americas Securities LLC lifted its position in MarketAxess by 613.7% during the 3rd quarter. SG Americas Securities LLC now owns 21,588 shares of the financial services provider’s stock valued at $5,531,000 after acquiring an additional 18,563 shares during the period. Czech National Bank lifted its position in MarketAxess by 6.5% during the 3rd quarter. Czech National Bank now owns 7,690 shares of the financial services provider’s stock valued at $1,970,000 after acquiring an additional 469 shares during the period. Finally, Sanctuary Advisors LLC purchased a new position in MarketAxess during the 2nd quarter valued at about $6,204,000. Hedge funds and other institutional investors own 99.01% of the company’s stock.

MarketAxess Company Profile

MarketAxess Holdings Inc, together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. The company offers trading technology that provides liquidity access in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S.