GTCO Tops N2.3trn in Market Value on Huge Trading Volume
Guaranty Trust Holding Company (Ticker: GTCO) Plc topped N2.3 trillion in market value in the equities market, driving near its all-time high record again as investors continue to increase position in the banking group.
Details from the Nigerian Exchange showed that the financial services company share price rose to N67.5 in the market as 98.641 million units valued at N6.568 billion exchanged hands on Thursday.
Foreign investors have continued to hunt the brand as the group ensures it adds value to shareholders with highest dividend payment among banking giants in the history.
GTCO paid shareholders N8.30 in 2024 in a surprise adjustment to its dividend policy reset to match its widespread investors’ profile. The latest buying momentum has reduced the gap between GTCO’s ex-dividend share price and its 52-week high reached in the domestic bourse.
In Q1, GTCO reported the highest earnings per share (EPS) of N7.84 in the financial services. However, analysts at Cordros Capital Limited noted that this print was a sharp decline from the N16.23 earnings per share reported in the corresponding period.
“We cite that the group recorded strong core growth of 41.1% year on year, however, the lower non-core income weighed on profitability”, the investment firm said in a note.
Looking ahead, analysts at Cordros Capital Limited are expecting GTCO core earnings to remain resilient due to improved credit creation and allocation to investment securities.
However, for non-core earnings, analysts anticipate a decline as the stability of the naira will limit fair value gains. In its estimate, the investment reduced its earnings per share projection for GTCO to N31.68 from N32.26.
Analysts also reduce target price by 6.1% to N87.14/s from N92.77/s and maintain “BUY” rating. The firm projected a final dividend per share of N9.20 for 2025. #GTCO Tops N2.3trn in Market Value on Huge Trading Volume FG Reforms to Drive Long-Term Economic Resilience – Edun
