What's Going On With Interactive Brokers Shares Wednesday?

Interactive Brokers Group Inc. (NASDAQ:IBKR) shares are trading lower on Wednesday after the company reported worse-than-expected adjusted earnings per share in its report released Tuesday after the market closed.

What To Know: The company reported adjusted earnings per share of $1.88, missing analysts’ estimate of $1.92. In addition, the company reported sales of $1.43 billion, beating analysts’ estimate of $1.39 billion.

Furthermore, Interactive reported commission revenue increased 36% year-over-year to $514 million. Additionally, it announced that customer accounts increased 32% to 3.62 million and customer equity increased 23% to $573.5 billion, both compared to a year ago.

The company declared a four-for-one forward stock split and raised its quarterly dividend from 25 cents to 32 cents, effective June 16 after the market closes.

Following the earnings report, B of A Securities analyst Craig Siegenthaler maintained a Buy rating on Interactive and lowered the price target from $265 to $243. Meanwhile, Barclays analyst Benjamin Budish maintained an Overweight rating on the company and raised the price target from $188 to $193.

See Also: What’s Going On With IonQ Stock On Wednesday?

IBKR Price Action: At the time of writing, Interactive Brokers is trading 10.7% lower at $154.88, per data from Benzinga Pro.

Image: via Shutterstock