Interactive Brokers Group (IBKR) Fell Despite Earnings Beat
TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was - 14.55%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Mid Cap Growth Strategy featured stocks like Interactive Brokers Group, Inc. (NASDAQ:IBKR) in the fourth quarter 2023 investor letter. Headquartered in Greenwich, Connecticut, Interactive Brokers Group, Inc. (NASDAQ:IBKR) provides an automated electronic broker platform. On March 27, 2024, Interactive Brokers Group, Inc. (NASDAQ:IBKR) stock closed at $111.43 per share. One-month return of Interactive Brokers Group, Inc. (NASDAQ:IBKR) was 2.62%, and its shares gained 37.36% of their value over the last 52 weeks. Interactive Brokers Group, Inc. (NASDAQ:IBKR) has a market capitalization of $46.444 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Interactive Brokers Group, Inc. (NASDAQ:IBKR) in its fourth quarter 2023 investor letter:
"In Financials, we prefer well-placed insurance companies and niche businesses while tending to avoid banks which face credit deterioration and rising deposit costs. Interactive Brokers Group, Inc. (NASDAQ:IBKR) operates as an automated electronic broker worldwide. Third quarter’s earnings were above consensus estimates, aided by the combination of higher revenues and lower expenses. Despite the beat, its shares lost -4% due to reduced expectations around inorganic account growth as two new Asian broker relationships have been pushed out."
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Interactive Brokers Group, Inc. (NASDAQ:IBKR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Interactive Brokers Group, Inc. (NASDAQ:IBKR) was held by 45 hedge fund portfolios, compared to 46 in the previous quarter, according to our database.
We discussed Interactive Brokers Group, Inc. (NASDAQ:IBKR) in another article and shared the list of high growth non-tech stocks that are profitable. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
