Perdoceo Education Corporation (NASDAQ:PRDO) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its stake in Perdoceo Education Corporation (NASDAQ:PRDO - Free Report) by 58.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,088,105 shares of the company's stock after acquiring an additional 403,157 shares during the period. Bank of New York Mellon Corp owned 1.66% of Perdoceo Education worth $27,398,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Castlekeep Investment Advisors LLC bought a new stake in shares of Perdoceo Education during the 4th quarter valued at $47,129,000. Boston Partners raised its position in shares of Perdoceo Education by 41.1% in the 4th quarter. Boston Partners now owns 1,209,899 shares of the company's stock worth $32,379,000 after purchasing an additional 352,470 shares during the last quarter. Millennium Management LLC raised its position in shares of Perdoceo Education by 46.1% in the 4th quarter. Millennium Management LLC now owns 871,572 shares of the company's stock worth $23,071,000 after purchasing an additional 275,129 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Perdoceo Education by 63.0% in the 4th quarter. Wellington Management Group LLP now owns 686,873 shares of the company's stock worth $18,182,000 after purchasing an additional 265,401 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of Perdoceo Education by 7.9% in the 4th quarter. First Trust Advisors LP now owns 3,296,208 shares of the company's stock worth $87,251,000 after purchasing an additional 241,147 shares during the last quarter. Institutional investors own 93.46% of the company's stock.

Insiders Place Their Bets

In other news, SVP Sunitha Araamudhu sold 14,296 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $30.69, for a total transaction of $438,744.24. Following the transaction, the senior vice president owned 34,891 shares in the company, valued at approximately $1,070,804.79. This trade represents a 29.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John Robert Kline sold 71,254 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $31.75, for a total value of $2,262,314.50. Following the transaction, the senior vice president owned 75,868 shares in the company, valued at approximately $2,408,809. This represents a 48.43% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 144,565 shares of company stock valued at $4,550,566. Insiders own 2.11% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on PRDO. Wall Street Zen lowered shares of Perdoceo Education from a "strong-buy" rating to a "buy" rating in a research report on Monday, May 5th. Barrington Research boosted their price objective on Perdoceo Education from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, June 6th.

Perdoceo Education Price Performance

PRDO stock traded down $0.06 during midday trading on Friday, hitting $29.65. The company's stock had a trading volume of 1,256,362 shares, compared to its average volume of 503,620. Perdoceo Education Corporation has a 12 month low of $20.55 and a 12 month high of $34.60. The company has a quick ratio of 4.43, a current ratio of 4.46 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 13.12, a price-to-earnings-growth ratio of 0.79 and a beta of 0.83. The company has a 50 day moving average of $31.67 and a two-hundred day moving average of $28.33.

Perdoceo Education (NASDAQ:PRDO - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.04. The business had revenue of $213.00 million for the quarter, compared to analysts' expectations of $207.97 million. Perdoceo Education had a return on equity of 17.10% and a net margin of 20.91%. The company's revenue for the quarter was up 26.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 EPS. On average, analysts expect that Perdoceo Education Corporation will post 2.41 EPS for the current year.

Perdoceo Education Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Sunday, June 1st were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.52 annualized dividend and a yield of 1.75%. Perdoceo Education's payout ratio is presently 23.01%.

About Perdoceo Education

Perdoceo Education Corporation provides postsecondary education through online, campus-based, and blended learning programs in the United States. It operates in two segments, Colorado Technical University and The American InterContinental University System. The Colorado Technical University segment offers academic programs, such as business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cybersecurity, and criminal justice.