Corebridge Financial Inc. Has $2.47 Million Stake in The Interpublic Group of Companies, Inc. (NYSE:IPG)

Corebridge Financial Inc. trimmed its position in shares of The Interpublic Group of Companies, Inc. (NYSE:IPG) by 5.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,199 shares of the business services provider’s stock after selling 5,065 shares during the period. Corebridge Financial Inc.’s holdings in Interpublic Group of Companies were worth $2,471,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of IPG. State Street Corp raised its stake in Interpublic Group of Companies by 15.1% in the 3rd quarter. State Street Corp now owns 29,844,859 shares of the business services provider’s stock valued at $943,993,000 after acquiring an additional 3,920,975 shares during the period. Assetmark Inc. increased its stake in Interpublic Group of Companies by 3.0% during the 4th quarter. Assetmark Inc. now owns 42,496 shares of the business services provider’s stock worth $1,191,000 after acquiring an additional 1,238 shares during the period. Integrated Wealth Concepts LLC raised its stake in Interpublic Group of Companies by 240.9% in the third quarter. Integrated Wealth Concepts LLC now owns 28,862 shares of the business services provider’s stock valued at $913,000 after purchasing an additional 20,395 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Interpublic Group of Companies by 69.5% during the 4th quarter. Jones Financial Companies Lllp now owns 7,294 shares of the business services provider’s stock worth $204,000 after acquiring an additional 2,991 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Interpublic Group of Companies by 0.9% during the third quarter. Geode Capital Management LLC now owns 9,449,534 shares of the business services provider’s stock worth $298,107,000 after purchasing an additional 81,265 shares during the last quarter. 98.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IPG. StockNews.com started coverage on shares of Interpublic Group of Companies in a research report on Wednesday. They set a “hold” rating for the company. Wells Fargo & Company raised Interpublic Group of Companies from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $26.00 to $34.00 in a research note on Tuesday, December 10th. BNP Paribas raised shares of Interpublic Group of Companies from an “underperform” rating to an “outperform” rating and set a $38.00 price target on the stock in a research report on Friday, January 10th. UBS Group raised shares of Interpublic Group of Companies from a “sell” rating to a “neutral” rating and reduced their price objective for the stock from $29.00 to $27.00 in a research report on Thursday, February 13th. Finally, Argus lowered Interpublic Group of Companies from a “buy” rating to a “hold” rating in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $33.50.

Interpublic Group of Companies Price Performance

IPG opened at $26.11 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.09 and a quick ratio of 1.09. The firm’s fifty day moving average price is $27.35 and its two-hundred day moving average price is $28.85. The Interpublic Group of Companies, Inc. has a 1 year low of $25.85 and a 1 year high of $33.05. The company has a market capitalization of $9.73 billion, a price-to-earnings ratio of 14.27 and a beta of 1.14.

Interpublic Group of Companies (NYSE:IPG) last issued its quarterly earnings results on Wednesday, February 12th. The business services provider reported $1.11 EPS for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.04). Interpublic Group of Companies had a return on equity of 27.10% and a net margin of 6.45%. As a group, analysts anticipate that The Interpublic Group of Companies, Inc. will post 2.66 earnings per share for the current fiscal year.

Interpublic Group of Companies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a dividend of $0.33 per share. The ex-dividend date was Monday, March 3rd. This represents a $1.32 annualized dividend and a dividend yield of 5.05%. Interpublic Group of Companies’s payout ratio is currently 72.13%.

Interpublic Group of Companies announced that its board has initiated a stock repurchase plan on Wednesday, February 12th that allows the company to repurchase $155.00 million in outstanding shares. This repurchase authorization allows the business services provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, CFO Ellen Tobi Johnson sold 21,427 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $26.82, for a total value of $574,672.14. Following the sale, the chief financial officer now directly owns 143,373 shares in the company, valued at approximately $3,845,263.86. The trade was a 13.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.42% of the stock is currently owned by insiders.

Interpublic Group of Companies Company 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.