AGI Inc’s Quiet Period To End on March 23rd (NYSE:AGBK)

AGI’s (NYSE:AGBK) quiet period is set to end on Monday, March 23rd. AGI had issued 20,000,000 shares in its initial public offering on February 11th. The total size of the offering was $240,000,000 based on an initial share price of $12.00. During the company’s quiet period, insiders and any underwriters that worked on the IPO are prevented from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the end of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Citigroup initiated coverage on shares of AGI in a research note on Monday, March 9th. They set a “buy” rating and a $18.00 price target for the company. Itau BBA Securities assumed coverage on AGI in a research note on Monday, March 9th. They issued an “outperform” rating and a $15.00 price objective on the stock. Morgan Stanley began coverage on AGI in a research report on Monday, March 9th. They set an “overweight” rating and a $21.00 target price for the company. HSBC began coverage on AGI in a research note on Thursday, March 5th. They issued a “buy” rating and a $15.00 price target on the stock. Finally, Zacks Research upgraded AGI to a “hold” rating in a research report on Tuesday, March 10th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, AGI currently has a consensus rating of “Moderate Buy” and an average price target of $17.14.

AGI Trading Up 2.2%

Shares of AGBK opened at $9.96 on Wednesday. AGI has a 12 month low of $9.00 and a 12 month high of $12.21.

About AGI

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.