Corebridge Financial Inc. Sells 3,580 Shares of Nasdaq, Inc. $NDAQ

Key Points

• Corebridge Financial Inc. reduced its holdings in Nasdaq, Inc. by 3.4%, now owning 100,570 shares valued at approximately $7.63 million.
• Nasdaq reported earnings per share of $0.85 for the last quarter, exceeding analyst estimates of $0.78 and marking a 12.7% year-over-year revenue increase.
• The company is set to pay a quarterly dividend of $0.27 on September 26, with a 1.1% dividend yield based on an annualized payout of $1.08.

Corebridge Financial Inc. lessened its holdings in shares of Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 3.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,570 shares of the financial services provider's stock after selling 3,580 shares during the period. Corebridge Financial Inc.'s holdings in Nasdaq were worth $7,629,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of NDAQ. Grove Bank & Trust lifted its holdings in shares of Nasdaq by 194.6% during the 1st quarter. Grove Bank & Trust now owns 327 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 216 shares in the last quarter. Highline Wealth Partners LLC lifted its holdings in shares of Nasdaq by 1,509.5% during the 1st quarter. Highline Wealth Partners LLC now owns 338 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 317 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Nasdaq during the 1st quarter valued at about $26,000. First Command Advisory Services Inc. bought a new position in shares of Nasdaq during the 1st quarter valued at about $30,000. Finally, AlphaQuest LLC bought a new position in shares of Nasdaq during the 1st quarter valued at about $34,000. Institutional investors own 72.47% of the company's stock.

Nasdaq Stock Down 1.4%

Shares of NASDAQ:NDAQ traded down $1.28 during trading on Tuesday, hitting $93.46. 1,372,542 shares of the company were exchanged, compared to its average volume of 3,243,760. The stock has a market cap of $53.63 billion, a price-to-earnings ratio of 35.98, a P/E/G ratio of 2.08 and a beta of 1.02. Nasdaq, Inc. has a fifty-two week low of $64.84 and a fifty-two week high of $97.63. The firm has a fifty day moving average price of $92.64 and a two-hundred day moving average price of $83.36. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.73.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.07. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.26 billion. Nasdaq had a return on equity of 15.90% and a net margin of 18.59%.The business's quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.69 EPS. As a group, research analysts anticipate that Nasdaq, Inc. will post 3.18 earnings per share for the current fiscal year.

Nasdaq Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.2%. Nasdaq's payout ratio is presently 41.54%.

Wall Street Analyst Weigh In

NDAQ has been the topic of several recent analyst reports. The Goldman Sachs Group reiterated a "buy" rating on shares of Nasdaq in a report on Friday, July 25th. Deutsche Bank Aktiengesellschaft lifted their target price on Nasdaq from $97.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Barclays lifted their target price on Nasdaq from $101.00 to $109.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Morgan Stanley lifted their target price on Nasdaq from $75.00 to $86.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Finally, Oppenheimer reissued an "outperform" rating and issued a $101.00 target price (up previously from $96.00) on shares of Nasdaq in a research report on Tuesday, July 15th. Fourteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Nasdaq presently has a consensus rating of "Moderate Buy" and an average price target of $97.06.

Insider Buying and Selling

In related news, SVP Michelle Lynn Daly sold 8,691 shares of the business's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $93.45, for a total transaction of $812,173.95. Following the transaction, the senior vice president directly owned 8,879 shares of the company's stock, valued at approximately $829,742.55. The trade was a 49.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bradley J. Peterson sold 11,508 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $88.87, for a total value of $1,022,715.96. Following the transaction, the executive vice president directly owned 111,035 shares in the company, valued at $9,867,680.45. The trade was a 9.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,409 shares of company stock valued at $2,223,599. 0.70% of the stock is owned by insiders.

About Nasdaq

Nasdaq, Inc operates as a technology company that serves capital markets and other industries worldwide. It operates in three segments: Capital Access Platforms, Financial Technology, and Market Services. The Capital Access Platforms segment sells and distributes historical and real-time market data; and develops and licenses Nasdaq-branded indices and financial products.