Bank of New York Mellon Corp Sells 411,283 Shares of Nasdaq, Inc. $NDAQ

Key Points

• Bank of New York Mellon cut its Nasdaq stake by 15.4% in the fourth quarter, selling 411,283 shares and leaving it with 2,263,644 shares worth about $219.9 million.
• Nasdaq reported strong quarterly results, posting $0.96 EPS versus the $0.93 estimate and revenue of $2.14 billion versus expectations of $1.42 billion, with revenue up 13.7% year over year.
• The company raised its quarterly dividend to $0.31 per share from $0.27, while analysts currently maintain a consensus rating of Moderate Buy with an average price target of $107.15.

Bank of New York Mellon Corp lowered its holdings in Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 15.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,263,644 shares of the financial services provider's stock after selling 411,283 shares during the period. Bank of New York Mellon Corp owned approximately 0.40% of Nasdaq worth $219,868,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of NDAQ. Westside Investment Management Inc. raised its holdings in shares of Nasdaq by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 318 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 159 shares in the last quarter. SOA Wealth Advisors LLC. bought a new position in Nasdaq during the 4th quarter worth approximately $34,000. Fideuram Asset Management Ireland dac bought a new stake in shares of Nasdaq in the 4th quarter worth approximately $37,000. Elyxium Wealth LLC bought a new stake in shares of Nasdaq in the 4th quarter worth approximately $44,000. Finally, Geneos Wealth Management Inc. boosted its stake in Nasdaq by 345.5% during the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider's stock worth $45,000 after acquiring an additional 463 shares in the last quarter. Hedge funds and other institutional investors own 72.47% of the company's stock.

Insider Activity at Nasdaq

In related news, insider Cohen Tal sold 15,518 shares of Nasdaq stock in a transaction on Monday, April 27th. The shares were sold at an average price of $90.75, for a total transaction of $1,408,258.50. Following the transaction, the insider owned 215,208 shares in the company, valued at approximately $19,530,126. The trade was a 6.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Adena T. Friedman sold 113,611 shares of the business's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $85.44, for a total transaction of $9,706,923.84. Following the completion of the transaction, the chief executive officer owned 1,965,751 shares in the company, valued at $167,953,765.44. This represents a 5.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 138,162 shares of company stock valued at $11,932,913. 0.60% of the stock is currently owned by corporate insiders.

Nasdaq Stock Down 1.3%

NASDAQ:NDAQ opened at $87.28 on Friday. Nasdaq, Inc. has a 52 week low of $77.09 and a 52 week high of $101.79. The stock's fifty day moving average is $88.52 and its two-hundred day moving average is $90.06. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $49.36 billion, a price-to-earnings ratio of 26.29, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $0.96 EPS for the quarter, beating the consensus estimate of $0.93 by $0.03. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $1.42 billion. Nasdaq had a return on equity of 17.51% and a net margin of 23.15%.Nasdaq'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 company posted $0.79 earnings per share. Research analysts anticipate that Nasdaq, Inc. will post 3.86 EPS for the current year.

Nasdaq Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be given a $0.31 dividend. The ex-dividend date is Friday, June 12th. This is an increase from Nasdaq's previous quarterly dividend of $0.27. This represents a $1.24 dividend on an annualized basis and a yield of 1.4%. Nasdaq's payout ratio is 32.53%.

Analyst Upgrades and Downgrades

NDAQ has been the subject of a number of analyst reports. Raymond James Financial restated an "outperform" rating and issued a $109.00 price target on shares of Nasdaq in a research report on Wednesday, February 25th. TD Cowen upgraded Nasdaq from a "hold" rating to a "buy" rating and raised their price objective for the stock from $105.00 to $106.00 in a report on Thursday, February 26th. Keefe, Bruyette & Woods raised their price objective on Nasdaq from $92.00 to $97.00 and gave the stock a "market perform" rating in a report on Friday, April 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Nasdaq in a report on Wednesday, April 22nd. Finally, Wall Street Zen upgraded Nasdaq from a "sell" rating to a "hold" rating in a report on Sunday, May 3rd. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Nasdaq presently has a consensus rating of "Moderate Buy" and an average target price of $107.15.

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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