Bank of New York Mellon Corp Takes Position in Figure Technology Solutions, Inc. $FIGR

Key Points

• Bank of New York Mellon acquired 354,122 shares of Figure Technology Solutions valued at approximately $10.9 million, while several other institutional investors also initiated positions.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $50.62, well above the reported opening price of $33.19.
• Figure exceeded quarterly earnings expectations, reporting $0.35 EPS versus the $0.24 estimate on $218.45 million in revenue; however, insiders sold 80,767 shares worth about $2.54 million over the past 90 days.

Bank of New York Mellon Corp acquired a new stake in Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 354,122 shares of the company's stock, valued at approximately $10,875,000. Bank of New York Mellon Corp owned approximately 0.19% of Figure Technology Solutions at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. bought a new position in Figure Technology Solutions during the 3rd quarter worth about $9,221,000. Franklin Resources Inc. purchased a new position in Figure Technology Solutions during the 3rd quarter valued at about $5,456,000. BNP Paribas Financial Markets bought a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $102,000. UBS Group AG purchased a new stake in shares of Figure Technology Solutions in the 3rd quarter worth approximately $7,620,000. Finally, Invesco Ltd. purchased a new stake in shares of Figure Technology Solutions in the 3rd quarter worth approximately $25,451,000.

Wall Street Analysts Forecast Growth

FIGR has been the topic of several research reports. Wall Street Zen raised shares of Figure Technology Solutions from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Sanford C. Bernstein upped their target price on Figure Technology Solutions from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Mizuho increased their target price on Figure Technology Solutions from $45.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday, May 14th. Zacks Research upgraded Figure Technology Solutions from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $55.00 price target on shares of Figure Technology Solutions in a research report on Thursday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $50.62.

Figure Technology Solutions Price Performance

Shares of FIGR opened at $33.19 on Thursday. The company has a 50 day moving average of $31.46 and a two-hundred day moving average of $32.72. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. Figure Technology Solutions, Inc. has a twelve month low of $24.11 and a twelve month high of $78.00. The company has a market cap of $6.16 billion and a price-to-earnings ratio of 35.69.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. Figure Technology Solutions had a return on equity of 18.90% and a net margin of 33.45%.The business had revenue of $218.45 million for the quarter. As a group, analysts predict that Figure Technology Solutions, Inc. will post 1.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Figure Technology Solutions

In other Figure Technology Solutions news, CFO Minchung Kgil sold 9,117 shares of the firm's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $30.06, for a total value of $274,057.02. Following the completion of the sale, the chief financial officer owned 507,651 shares of the company's stock, valued at approximately $15,259,989.06. This trade represents a 1.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David Todd Stevens sold 47,650 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $31.38, for a total value of $1,495,257.00. Following the sale, the insider owned 376,599 shares in the company, valued at $11,817,676.62. The trade was a 11.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 80,767 shares of company stock worth $2,542,154. 26.60% of the stock is owned by company insiders.

Figure Technology Solutions Profile

Figure is building the future of capital markets using blockchain-based technology. Figure's proprietary technology powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets. Our application of the blockchain ledger allows us to better serve our end-customers, improve speed and efficiency, and enhance standardization and liquidity. Using our technology, we continue to develop dynamic, vertically-integrated marketplaces across the approximately $2 trillion consumer credit market and the rapidly growing approximately $4 trillion cryptocurrency and digital asset market.

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