Prestige Wealth Management Group LLC Increases Holdings in The Interpublic Group of Companies, Inc. (NYSE:IPG)

Prestige Wealth Management Group LLC grew its holdings in The Interpublic Group of Companies, Inc. (NYSE:IPG) by 10.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 6,015 shares of the business services provider’s stock after acquiring an additional 561 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Interpublic Group of Companies were worth $175,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC acquired a new stake in shares of Interpublic Group of Companies in the 4th quarter valued at about $1,525,000. National Bank of Canada FI increased its holdings in shares of Interpublic Group of Companies by 8.4% in the 4th quarter. National Bank of Canada FI now owns 93,283 shares of the business services provider’s stock valued at $3,088,000 after acquiring an additional 7,258 shares during the period. Private Advisor Group LLC purchased a new stake in Interpublic Group of Companies in the 4th quarter valued at $236,000. Wealthspire Advisors LLC boosted its stake in Interpublic Group of Companies by 13.4% during the 4th quarter. Wealthspire Advisors LLC now owns 9,379 shares of the business services provider’s stock worth $306,000 after purchasing an additional 1,111 shares during the period. Finally, Principal Securities Inc. purchased a new position in Interpublic Group of Companies during the 4th quarter worth $242,000. Institutional investors and hedge funds own 98.43% of the company’s stock.

Interpublic Group of Companies Price Performance

IPG stock traded down $0.37 during midday trading on Friday, hitting $31.09. 3,114,293 shares of the stock were exchanged, compared to its average volume of 3,897,896. The stock’s 50-day moving average price is $30.53 and its 200-day moving average price is $31.01. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.06 and a current ratio of 1.07. The stock has a market cap of $11.73 billion, a price-to-earnings ratio of 11.06, a PEG ratio of 3.44 and a beta of 1.10. The Interpublic Group of Companies, Inc. has a fifty-two week low of $27.20 and a fifty-two week high of $35.17.

Interpublic Group of Companies (NYSE:IPG) last announced its earnings results on Wednesday, July 24th. The business services provider reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.02. Interpublic Group of Companies had a net margin of 9.46% and a return on equity of 27.98%. The company had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.33 billion. During the same quarter in the previous year, the business posted $0.74 earnings per share. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. Research analysts predict that The Interpublic Group of Companies, Inc. will post 2.82 earnings per share for the current year.

Interpublic Group of Companies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 4.25%. The ex-dividend date of this dividend is Tuesday, September 3rd. Interpublic Group of Companies’s payout ratio is 46.98%.

Analyst Ratings Changes

IPG has been the subject of several recent research reports. Macquarie decreased their target price on shares of Interpublic Group of Companies from $33.00 to $31.00 and set a “neutral” rating for the company in a research note on Thursday, July 25th. Bank of America cut their price objective on shares of Interpublic Group of Companies from $36.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday. Barclays cut their price target on shares of Interpublic Group of Companies from $35.00 to $34.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. JPMorgan Chase & Co. lowered their price objective on Interpublic Group of Companies from $37.00 to $36.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Finally, Morgan Stanley downgraded Interpublic Group of Companies from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $34.00 to $28.00 in a research note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $33.88.

Interpublic Group of Companies Profile

The Interpublic Group of Companies, Inc provides advertising and marketing services worldwide. It operates in three segments: Media, Data & Engagement Solutions, Integrated Advertising & Creativity Led Solutions, and Specialized Communications & Experiential Solutions. The Media, Data & Engagement Solutions segment provides media and communications services, digital services and products, advertising and marketing technology, e-commerce services, data management and analytics, strategic consulting, and digital brand experience under the IPG Mediabrands, UM, Initiative, Kinesso, Acxiom, Huge, MRM, and R/GA brand names.