Bank of America Corp DE Takes $31.84 Million Position in Miami International Holdings, Inc. $MIAX

Key Points

• Bank of America acquired 856,980 shares of Miami International Holdings worth approximately $31.8 million, while BlackRock and other institutional investors also established or increased positions.
• MIAX shares fell 2.8% to $36.77, near their 12-month low, despite the company exceeding quarterly earnings expectations and reporting 34.8% year-over-year revenue growth.
• Analyst sentiment is mixed but leans toward “Hold,” with a $51.40 consensus price target; meanwhile, company insiders sold more than $31.9 million of stock over the past 90 days, including sales by the CEO and an executive vice president.

Bank of America Corp DE acquired a new stake in shares of Miami International Holdings, Inc. (NYSE:MIAX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 856,980 shares of the company's stock, valued at approximately $31,845,000. Bank of America Corp DE owned approximately 0.86% of Miami International at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Miami International in the 2nd quarter worth approximately $188,466,000. Horizon Kinetics Asset Management LLC boosted its stake in shares of Miami International by 31.6% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 1,819,798 shares of the company's stock valued at $80,763,000 after purchasing an additional 437,395 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Miami International by 19.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,112,261 shares of the company's stock valued at $43,790,000 after purchasing an additional 180,208 shares during the last quarter. Caldwell Investment Management Ltd. grew its holdings in shares of Miami International by 11.3% during the 4th quarter. Caldwell Investment Management Ltd. now owns 738,810 shares of the company's stock valued at $33,726,000 after purchasing an additional 75,000 shares during the last quarter. Finally, Sei Investments Co. raised its position in Miami International by 54.7% in the 1st quarter. Sei Investments Co. now owns 526,363 shares of the company's stock worth $20,486,000 after purchasing an additional 186,108 shares during the period.

Miami International Stock Down 2.8%

Shares of MIAX stock opened at $36.77 on Wednesday. The business's fifty day moving average is $42.65 and its 200 day moving average is $42.98. The stock has a market cap of $3.65 billion and a price-to-earnings ratio of 47.76. Miami International Holdings, Inc. has a twelve month low of $35.43 and a twelve month high of $57.14.

Miami International (NYSE:MIAX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.41 by $0.07. The business had revenue of $387.63 million during the quarter. Miami International had a return on equity of 16.95% and a net margin of 9.70%.The business's quarterly revenue was up 34.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.48 EPS. Equities research analysts expect that Miami International Holdings, Inc. will post 1.7 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MIAX shares. Morgan Stanley lowered Miami International from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $53.00 to $50.00 in a research report on Tuesday, September 1st. Zacks Research lowered Miami International from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Rosenblatt Securities increased their price objective on Miami International from $61.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Wall Street Zen downgraded shares of Miami International from a "buy" rating to a "hold" rating in a research note on Sunday, August 23rd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Miami International in a report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $51.40.

Insider Activity

In related news, CEO Thomas P. Gallagher sold 149,700 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $41.13, for a total transaction of $6,157,161.00. Following the completion of the transaction, the chief executive officer owned 1,423,275 shares of the company's stock, valued at $58,539,300.75. This trade represents a 9.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Barbara J. Comly sold 44,445 shares of Miami International stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $45.69, for a total value of $2,030,692.05. Following the transaction, the executive vice president owned 882,984 shares of the company's stock, valued at $40,343,538.96. The trade was a 4.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 756,665 shares of company stock worth $31,904,575. Insiders own 15.60% of the company's stock.

Miami International Profile

Miami International Holdings, Inc NYSE: MIAX operates a global exchange group focused on financial markets and trading infrastructure. Its business includes the MIAX Exchange Group, which operates electronic options and equities exchanges serving institutional, professional and other market participants.

The company's exchange platforms include MIAX, MIAX Pearl and MIAX Emerald for listed options, as well as MIAX Sapphire for equities. Miami International Holdings also provides exchange-related services such as market data, connectivity and trading technology designed to support efficient order execution and liquidity across its marketplaces.

Founded in 2007, the company has expanded beyond its U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.