Schwab Charles Investment Management Inc. raised its position in shares of MarketAxess Holdings Inc. (NASDAQ:MKTX) by 4.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 133,816 shares of the financial services provider’s stock after purchasing an additional 6,240 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in MarketAxess were worth $26,998,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the business. Bank of Montreal Can grew its stake in shares of MarketAxess by 5.0% during the 4th quarter. Bank of Montreal Can now owns 20,182 shares of the financial services provider’s stock valued at $4,072,000 after purchasing an additional 962 shares during the period. KAMES CAPITAL plc grew its stake in shares of MarketAxess by 3.8% during the 4th quarter. KAMES CAPITAL plc now owns 435,478 shares of the financial services provider’s stock valued at $87,845,000 after acquiring an additional 16,044 shares during the period. Atlantic Trust Group LLC bought a new position in shares of MarketAxess during the 3rd quarter valued at approximately $75,376,000. Burgundy Asset Management Ltd. grew its stake in shares of MarketAxess by 4.2% during the 3rd quarter. Burgundy Asset Management Ltd. now owns 463,012 shares of the financial services provider’s stock valued at $85,430,000 after acquiring an additional 18,757 shares during the period. Finally, Public Employees Retirement System of Ohio grew its stake in shares of MarketAxess by 66.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 27,962 shares of the financial services provider’s stock valued at $5,159,000 after acquiring an additional 11,199 shares during the period. Institutional investors and hedge funds own 91.41% of the company’s stock.
In other MarketAxess news, CEO Richard M. Mcvey sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $190.61, for a total value of $6,671,350.00. Following the completion of the transaction, the chief executive officer now directly owns 1,115,767 shares in the company, valued at approximately $212,676,347.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David G. Gomach sold 4,225 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $197.98, for a total value of $836,465.50. Following the completion of the transaction, the director now owns 259 shares of the company’s stock, valued at $51,276.82. The disclosure for this sale can be found here. Insiders sold a total of 41,225 shares of company stock valued at $7,899,496 over the last 90 days. 4.02% of the stock is currently owned by corporate insiders.
MarketAxess declared that its board has authorized a stock buyback program on Wednesday, October 25th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Wednesday, February 14th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 0.85%. This is an increase from MarketAxess’s previous quarterly dividend of $0.20. The ex-dividend date is Tuesday, February 13th. MarketAxess’s dividend payout ratio is presently 33.93%.
A number of research analysts recently issued reports on MKTX shares. Zacks Investment Research upgraded MarketAxess from a “sell” rating to a “hold” rating in a research note on Friday, December 1st. Rosenblatt Securities started coverage on MarketAxess in a research note on Thursday, December 14th. They set a “neutral” rating and a $190.00 price objective for the company. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $215.00 price objective on shares of MarketAxess in a research note on Friday, December 22nd. Goldman Sachs Group downgraded MarketAxess from a “buy” rating to a “neutral” rating and set a $210.00 price objective for the company. in a research note on Monday, January 8th. Finally, UBS Group downgraded MarketAxess from an “outperform” rating to a “market perform” rating in a research note on Monday, January 22nd. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. MarketAxess has a consensus rating of “Hold” and an average target price of $214.40.
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MarketAxess Holdings Inc operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments using its trading technology. Institutional investor and broker-dealer firms are users of trading platform, accessing global liquidity in the United States corporate bonds, emerging markets and high-yield bonds, European bonds, the United States agency bonds, municipal bonds, credit default swaps and other fixed-income securities.
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