MarketAxess (NASDAQ:MKTX) Trading 4% Higher

Shares of MarketAxess Holdings Inc. (NASDAQ:MKTX) were up 4% during trading on Thursday . The stock traded as high as $270.10 and last traded at $265.05. Approximately 75,724 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 413,324 shares. The stock had previously closed at $254.92.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Barclays dropped their target price on shares of MarketAxess from $225.00 to $215.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. StockNews.com upgraded MarketAxess from a “sell” rating to a “hold” rating in a report on Wednesday, August 7th. Piper Sandler restated a “neutral” rating and set a $225.00 target price on shares of MarketAxess in a report on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of MarketAxess from $218.00 to $223.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Finally, Bank of America lowered their price objective on shares of MarketAxess from $193.00 to $185.00 and set an “underperform” rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $238.00.

MarketAxess Stock Up 6.5 %

The firm’s fifty day simple moving average is $242.98 and its 200 day simple moving average is $220.61. The company has a current ratio of 2.91, a quick ratio of 2.91 and a debt-to-equity ratio of 0.01. The company has a market cap of $10.29 billion, a price-to-earnings ratio of 39.86, a PEG ratio of 6.04 and a beta of 1.08.

MarketAxess (NASDAQ:MKTX) last issued its earnings results on Tuesday, August 6th. The financial services provider reported $1.72 EPS 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 firm had revenue of $197.70 million during the quarter, compared to the consensus estimate of $198.07 million. During the same quarter in the previous year, the firm posted $1.63 earnings per share. The company’s revenue was up 9.9% compared to the same quarter last year. Sell-side analysts predict that MarketAxess Holdings Inc. will post 7.06 earnings per share for the current year.

MarketAxess Increases Dividend

The firm also recently announced 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. This represents a $2.96 annualized dividend and a dividend yield of 1.09%. The ex-dividend date was Wednesday, August 21st. This is a positive change from MarketAxess’s previous quarterly dividend of $0.20. MarketAxess’s dividend payout ratio (DPR) is 43.47%.

MarketAxess declared that its Board of Directors has approved a stock buyback plan on Tuesday, August 6th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 2.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Christophe Pierre Danie Roupie sold 617 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $231.63, for a total value of $142,915.71. Following the completion of the transaction, the insider now owns 7,409 shares in the company, valued at approximately $1,716,146.67. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.66% of the stock is owned by corporate insiders.

Institutional Trading of MarketAxess

Institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC boosted its stake in MarketAxess by 155.8% during the 4th quarter. Parallel Advisors LLC now owns 110 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 67 shares during the period. Goodman Advisory Group LLC purchased a new position in shares of MarketAxess in the 2nd quarter valued at approximately $27,000. Larson Financial Group LLC increased its holdings in shares of MarketAxess by 2,428.6% in the first quarter. Larson Financial Group LLC now owns 177 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 170 shares during the period. Blue Trust Inc. raised its stake in shares of MarketAxess by 405.1% during the second quarter. Blue Trust Inc. now owns 197 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 158 shares during the last quarter. Finally, CVA Family Office LLC lifted its holdings in shares of MarketAxess by 47.4% during the second quarter. CVA Family Office LLC now owns 252 shares of the financial services provider’s stock worth $51,000 after purchasing an additional 81 shares during the period. 99.01% of the stock is owned by hedge funds and other institutional investors.

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.