Bank of New York Mellon Corp Decreases Stake in Nasdaq, Inc. $NDAQ

Key Points

• Bank of New York Mellon reduced its stake in Nasdaq by 3.3% in the first quarter, selling 75,063 shares and ending with 2,188,581 shares valued at about $185.8 million.
• Nasdaq reported strong quarterly results, posting EPS of $0.96 versus the $0.93 estimate and revenue of $2.14 billion, up 13.7% year over year.
• The company also raised its quarterly dividend to $0.31 per share from $0.27, while analysts remain generally bullish with an average rating of “Buy” and a target price of $107.42.

Bank of New York Mellon Corp cut its holdings in shares of Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 3.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,188,581 shares of the financial services provider's stock after selling 75,063 shares during the period. Bank of New York Mellon Corp owned about 0.39% of Nasdaq worth $185,789,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. MV Capital Management Inc. purchased a new stake in Nasdaq during the 4th quarter worth approximately $28,000. SOA Wealth Advisors LLC. purchased a new position in shares of Nasdaq during the 4th quarter valued at approximately $34,000. Nemes Rush Group LLC purchased a new position in shares of Nasdaq during the 4th quarter valued at approximately $35,000. Uniplan Investment Counsel Inc. acquired a new stake in shares of Nasdaq during the fourth quarter worth approximately $35,000. Finally, Fideuram Asset Management Ireland dac acquired a new stake in shares of Nasdaq during the fourth quarter worth approximately $37,000. 72.47% of the stock is currently owned by institutional investors and hedge funds.

Nasdaq Trading Down 2.8%

Nasdaq stock opened at $91.64 on Friday. The firm's 50-day moving average is $87.32 and its 200-day moving average is $88.75. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.00 and a current ratio of 1.00. Nasdaq, Inc. has a 1 year low of $76.55 and a 1 year high of $101.79. The company has a market cap of $51.83 billion, a P/E ratio of 27.60, a PEG ratio of 1.46 and a beta of 0.99.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.96 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.03. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $1.42 billion. Nasdaq had a net margin of 23.15% and a return on equity of 17.51%. The company's revenue for the quarter was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.79 EPS. On average, equities analysts expect that Nasdaq, Inc. will post 3.92 earnings per share for the current year.

Nasdaq Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were issued a $0.31 dividend. This is a positive change from Nasdaq's previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.24 annualized dividend and a dividend yield of 1.4%. Nasdaq's dividend payout ratio (DPR) is 37.35%.

Insider Buying and Selling

In other Nasdaq news, SVP Michelle Lynn Daly sold 1,323 shares of the stock in a transaction on Friday, April 24th. The stock was sold at an average price of $88.82, for a total value of $117,508.86. Following the sale, the senior vice president directly owned 10,089 shares of the company's stock, valued at $896,104.98. This trade represents a 11.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ab Investor bought 56,782 shares of the business's stock in a transaction on Thursday, June 11th. The stock was bought at an average price of $85.98 per share, for a total transaction of $4,882,116.36. Following the completion of the purchase, the insider directly owned 58,439,208 shares of the company's stock, valued at $5,024,603,103.84. The trade was a 0.10% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have sold 24,551 shares of company stock worth $2,225,990. 0.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Nasdaq from $92.00 to $97.00 and gave the stock a "market perform" rating in a report on Friday, April 24th. Raymond James Financial reaffirmed an "outperform" rating and set a $113.00 price target (up from $111.00) on shares of Nasdaq in a research report on Thursday, July 9th. Loop Capital set a $113.00 price target on Nasdaq in a research note on Friday, April 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Nasdaq in a research note on Wednesday, April 22nd. Finally, Barclays lowered their price objective on Nasdaq from $114.00 to $108.00 and set an "overweight" rating for the company in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Nasdaq currently has an average rating of "Buy" and an average target price of $107.42.

About Nasdaq

Nasdaq, Inc is a global financial technology company that operates one of the world's leading electronic securities exchanges and provides a broad array of products and services to capital markets participants. Its core activities include operating the Nasdaq Stock Market and other trading venues, developing and supplying market technology and matching engines to exchanges and trading firms, licensing market data and indices, and offering clearing, trade execution and post-trade solutions. The company also provides market surveillance, risk management and regulatory technology used by exchanges and regulators.

Founded in 1971 by the National Association of Securities Dealers (NASD) as the first electronic stock market, Nasdaq has evolved into a diversified marketplace and technology provider.

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