Mass Financial increases its stake in the 40 year old brand and world’s longest-running and largest financial spread betting firm. The additional purchase brings their total shares invested in the British spread betting, CFD and spot FX provider IG Group PLC (LON:IGG) up to 36,500,601. The stock has been pretty much unchanged YTD but is providing a fantastic 4.7% recently boosted dividend yield. UK based, Numis Securities in a research report issued on Tuesday currently has a GBX 665 ($11.36) price target on the stock, suggesting a potential upside of 7.69%.
JULY FLASHBACK: IG Group sees US mutual fund manager Mass Financial pick up 10% stake
IG Group has stated it is looking to Switzerland and Dubai as its next two markets for growth, but seems particularly excited by the upcoming launch of its UK stockbroking service. IG says it “will offer clients the ability to use their share portfolio as collateral to support their trading with CFDs or spread betting,” before then moving on to target the wider share dealing market.
IG Group 2 year stock chart, with growth down, IG has become somewhat of an income stock, but is seeking growth actively in other arenas
To see the notification of interest in shares report from the London Stock Exchange, click here.