AGI (NYSE:AGBK) Board Initiates Share Repurchase Program

AGI (NYSE:AGBK) announced that its board has approved a stock repurchase plan on Tuesday, October 27th, RTT News reports. The company plans to repurchase 3,000,000 shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Share repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Zacks Research downgraded AGI from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 16th. Oppenheimer cut their price objective on AGI from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. The Goldman Sachs Group set a $13.00 price objective on AGI in a research report on Thursday, August 6th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of AGI in a report on Friday, August 7th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $14.14.

AGI Price Performance

Shares of AGBK opened at $5.12 on Friday. AGI has a twelve month low of $4.43 and a twelve month high of $12.21. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 1.51. The firm’s 50-day moving average is $6.37 and its two-hundred day moving average is $7.37.

Insider Activity at AGI

In related news, CTO Vinicius Birkeland Aloe sold 256,386 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $11.99, for a total value of $3,074,068.14. Following the sale, the chief technology officer owned 176,423 shares in the company, valued at $2,115,311.77. This represents a 59.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

AGI Company Profile

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.