Bank of New York Mellon Corp Buys Shares of 656,868 Chime Financial, Inc. $CHYM

Key Points

• Bank of New York Mellon acquired 656,868 Chime Financial shares worth approximately $13.45 million, representing about 0.17% of the company. Several other institutional investors also initiated or increased positions.
• Chime insiders sold heavily during the quarter, including CEO Christopher Britt’s $3.4 million share sale and a major shareholder’s $38.6 million sale. Insiders sold 13.68 million shares worth approximately $444.7 million over the period.
• Chime reported quarterly revenue of $669.8 million, up 26.8% year over year, and posted earnings of $0.07 per share, beating estimates. Shares opened at $31.66, while analysts maintained a “Moderate Buy” consensus with an average price target of $32.33.

Bank of New York Mellon Corp acquired a new position in Chime Financial, Inc. (NASDAQ:CHYM - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 656,868 shares of the company's stock, valued at approximately $13,453,000. Bank of New York Mellon Corp owned approximately 0.17% of Chime Financial as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Handelsbanken Fonder AB acquired a new stake in shares of Chime Financial in the second quarter valued at approximately $1,358,000. Affinity Capital Advisors LLC purchased a new stake in Chime Financial in the 2nd quarter valued at approximately $325,000. AMS Capital Ltda acquired a new stake in Chime Financial during the 1st quarter valued at $3,439,000. NewEdge Advisors LLC raised its holdings in shares of Chime Financial by 61.8% in the first quarter. NewEdge Advisors LLC now owns 28,780 shares of the company's stock worth $539,000 after acquiring an additional 10,997 shares during the last quarter. Finally, CTC Alternative Strategies Ltd. purchased a new stake in shares of Chime Financial in the first quarter valued at $798,000.

Insider Activity

In other Chime Financial news, CEO Christopher R. Britt sold 100,000 shares of the business's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $34.03, for a total value of $3,403,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Global Advisors Ltd Dst sold 1,168,667 shares of the business's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $33.04, for a total value of $38,612,757.68. Following the completion of the transaction, the insider owned 369,370 shares in the company, valued at approximately $12,203,984.80. This trade represents a 75.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 13,682,790 shares of company stock worth $444,671,723. Company insiders own 12.30% of the company's stock.

Chime Financial Price Performance

NASDAQ CHYM opened at $31.66 on Wednesday. Chime Financial, Inc. has a 1-year low of $15.88 and a 1-year high of $34.16. The firm has a market capitalization of $11.99 billion, a P/E ratio of -452.22 and a beta of 0.30. The business's 50-day simple moving average is $25.60 and its 200-day simple moving average is $21.77.

Chime Financial (NASDAQ:CHYM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates of ($0.01) by $0.08. The firm had revenue of $669.77 million for the quarter. Chime Financial had a negative net margin of 0.74% and a negative return on equity of 1.28%. The company's quarterly revenue was up 26.8% on a year-over-year basis. During the same period last year, the firm earned ($7.29) earnings per share. On average, equities research analysts expect that Chime Financial, Inc. will post 0.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CHYM. Wall Street Zen raised shares of Chime Financial from a "hold" rating to a "buy" rating in a research note on Saturday, July 25th. Piper Sandler lifted their price objective on Chime Financial from $30.00 to $35.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Wolfe Research upped their target price on Chime Financial from $32.00 to $38.00 and gave the company an "outperform" rating in a research note on Tuesday, August 25th. Freedom Capital raised Chime Financial to a "strong-buy" rating in a research note on Thursday, July 23rd. Finally, Weiss Ratings downgraded shares of Chime Financial from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, August 20th. Four analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $32.33.

Chime Financial Company Profile

Chime Financial is a U.S.-based financial technology company offering mobile-first banking services designed to reduce fees and simplify everyday transactions. Founded in 2013 and headquartered in San Francisco, Chime operates a digital bank platform that provides customers with a checking account, a savings account, and a debit card without monthly maintenance fees, overdraft charges, or foreign transaction fees. The company’s platform is accessible via its mobile app, enabling users to manage their finances, track spending, and access customer support from their smartphones.

At the core of Chime’s service offering is its fee-free spending account, which includes early access to direct deposit funds—up to two days before scheduled payday—and instant transaction alerts.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source