Bank of New York Mellon Corp Takes Position in Remitly Global, Inc. $RELY

Key Points

• Bank of New York Mellon acquired 1,019,841 Remitly Global shares worth approximately $22.9 million, giving it a 0.48% stake. Institutional investors collectively own 74.25% of the company.
• Analysts remain bullish, with a consensus “Buy” rating and an average price target of $27.78; several firms recently raised their targets to between $30 and $33.
• Remitly reported quarterly EPS of $0.93, far exceeding the $0.12 consensus estimate, while revenue rose 20.2% year over year to $495.16 million. However, insiders sold 481,771 shares worth about $11.8 million during the quarter.

Bank of New York Mellon Corp acquired a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,019,841 shares of the financial services provider's stock, valued at approximately $22,855,000. Bank of New York Mellon Corp owned 0.48% of Remitly Global as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Summit Securities Group LLC acquired a new stake in Remitly Global in the first quarter worth $26,000. Torren Management LLC bought a new position in Remitly Global during the fourth quarter worth about $25,000. Cullen Frost Bankers Inc. bought a new position in Remitly Global during the fourth quarter worth about $28,000. GAMMA Investing LLC grew its stake in Remitly Global by 45.4% in the second quarter. GAMMA Investing LLC now owns 2,167 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 677 shares during the period. Finally, HighMark Wealth Management LLC acquired a new position in Remitly Global in the fourth quarter valued at about $35,000. Institutional investors own 74.25% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Cantor Fitzgerald raised their price target on Remitly Global from $28.00 to $30.00 and gave the stock an "overweight" rating in a research report on Monday, August 10th. Citizens Jmp increased their target price on Remitly Global from $30.00 to $32.00 and gave the stock a "market outperform" rating in a research note on Thursday, August 6th. KeyCorp raised their target price on shares of Remitly Global from $28.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Zacks Research raised shares of Remitly Global from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 14th. Finally, Citigroup reiterated an "outperform" rating on shares of Remitly Global in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Remitly Global has a consensus rating of "Buy" and an average price target of $27.78.

Insiders Place Their Bets

In other Remitly Global news, Director Phillip John Riese sold 160,182 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $24.94, for a total value of $3,994,939.08. Following the transaction, the director directly owned 361,094 shares of the company's stock, valued at $9,005,684.36. This represents a 30.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vikas D. Mehta sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $26.15, for a total transaction of $653,750.00. Following the sale, the chief financial officer owned 943,735 shares of the company's stock, valued at $24,678,670.25. This trade represents a 2.58% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 481,771 shares of company stock valued at $11,773,957. 6.53% of the stock is owned by insiders.

Remitly Global Stock Performance

Remitly Global stock opened at $26.55 on Monday. Remitly Global, Inc. has a 1-year low of $12.08 and a 1-year high of $27.15. The company has a fifty day simple moving average of $23.99 and a 200 day simple moving average of $20.39. The company has a market cap of $5.62 billion, a P/E ratio of 19.10 and a beta of 0.34.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.81. Remitly Global had a return on equity of 33.33% and a net margin of 16.85%.The business had revenue of $495.16 million for the quarter, compared to analyst estimates of $486.25 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. Remitly Global's revenue was up 20.2% on a year-over-year basis. On average, equities research analysts forecast that Remitly Global, Inc. will post 0.85 EPS for the current year.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.

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