Fifth Third Bancorp Acquires Shares of 54,600 Remitly Global, Inc. $RELY

Key Points

• Fifth Third Bancorp acquired 54,600 Remitly Global shares during the first quarter, valued at approximately $856,000. Institutional investors collectively own 74.25% of RELY.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $25.50; several firms recently raised targets to between $30 and $33.
• Remitly reported stronger-than-expected quarterly results, including $0.23 earnings per share versus a $0.12 consensus estimate and 25.2% year-over-year revenue growth. Meanwhile, insiders sold $4.09 million of stock over the past three months, primarily under pre-arranged trading plans.

Fifth Third Bancorp bought a new position in shares of Remitly Global, Inc. (NASDAQ:RELY - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 54,600 shares of the financial services provider's stock, valued at approximately $856,000.

Other institutional investors have also made changes to their positions in the company. Torren Management LLC acquired a new position in Remitly Global in the fourth quarter worth $25,000. Summit Securities Group LLC bought a new position in shares of Remitly Global in the 1st quarter worth about $26,000. Cullen Frost Bankers Inc. acquired a new position in shares of Remitly Global in the 4th quarter valued at about $28,000. GAMMA Investing LLC grew its position in shares of Remitly Global by 280.2% during the 4th quarter. GAMMA Investing LLC now owns 2,209 shares of the financial services provider's stock valued at $30,000 after buying an additional 1,628 shares during the last quarter. Finally, HighMark Wealth Management LLC bought a new stake in shares of Remitly Global during the 4th quarter valued at about $35,000. 74.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RELY. The Goldman Sachs Group raised their target price on shares of Remitly Global from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. Weiss Ratings upgraded Remitly Global from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, June 3rd. Citizens Jmp increased their price target on Remitly Global from $26.00 to $30.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 16th. Monness Crespi & Hardt raised their price target on Remitly Global from $30.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Finally, Citigroup restated an "outperform" rating on shares of Remitly Global in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Remitly Global currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.50.

Insider Transactions at Remitly Global

In other Remitly Global news, CFO Vikas D. Mehta sold 25,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $21.07, for a total transaction of $526,750.00. Following the completion of the transaction, the chief financial officer directly owned 988,004 shares of the company's stock, valued at approximately $20,817,244.28. This trade represents a 2.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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. Also, insider Pankaj Sharma sold 16,000 shares of Remitly Global stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the transaction, the insider owned 767,810 shares in the company, valued at approximately $15,363,878.10. This trade represents a 2.04% 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. Insiders sold a total of 187,188 shares of company stock valued at $4,087,718 over the last three months. 6.53% of the stock is owned by company insiders.

Remitly Global Price Performance

Shares of RELY opened at $22.53 on Monday. The firm has a market capitalization of $4.74 billion, a PE ratio of 45.98 and a beta of 0.34. The firm has a 50-day moving average price of $21.65 and a 200 day moving average price of $18.40. Remitly Global, Inc. has a 52-week low of $12.08 and a 52-week high of $25.75.

Remitly Global (NASDAQ:RELY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.11. The company had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business's revenue for the quarter was up 25.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.05 EPS. On average, equities analysts expect that Remitly Global, Inc. will post 0.62 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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