TP ICAP Group (LON:TCAP) to Repurchase 0 Outstanding Shares
TP ICAP Group (LON:TCAP) announced a share buyback program on August 6, intending to repurchase 0 outstanding shares. This move suggests the board believes the shares are undervalued. Analysts have given the company a "buy" rating, with Canaccord Genuity raising its price target from GBX 326 to GBX 374. However, TCAP stock fell 8.1% to GBX 282 during trading. The company reported earnings of GBX 17.60 per share for the quarter, with a net margin of 4.54%.
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