Grand Canyon Education, Inc. $LOPE Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 132,272 shares of Grand Canyon Education during the second quarter, worth approximately $18.9 million and representing a 0.51% stake. Institutional investors collectively own 94.17% of the company.
• Grand Canyon Education exceeded quarterly expectations, reporting EPS of $1.81 versus the $1.67 consensus and revenue of $264.05 million, up 6.7% year over year.
• LOPE shares opened at $151.19, while analyst sentiment remains a “Moderate Buy” with an average price target of $161.67; ratings include three Buys and two Holds.

Bank of America Corp DE acquired a new stake in Grand Canyon Education, Inc. (NASDAQ:LOPE - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 132,272 shares of the company's stock, valued at approximately $18,929,000. Bank of America Corp DE owned 0.51% of Grand Canyon Education at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Grand Canyon Education in the 2nd quarter valued at approximately $397,654,000. William Blair Investment Management LLC acquired a new position in Grand Canyon Education during the second quarter worth $148,667,000. Reinhart Partners LLC. lifted its stake in Grand Canyon Education by 36.9% during the second quarter. Reinhart Partners LLC. now owns 882,927 shares of the company's stock worth $126,358,000 after purchasing an additional 237,939 shares in the last quarter. GW&K Investment Management LLC boosted its position in shares of Grand Canyon Education by 15.6% during the fourth quarter. GW&K Investment Management LLC now owns 736,524 shares of the company's stock worth $122,493,000 after buying an additional 99,320 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Grand Canyon Education by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 578,110 shares of the company's stock worth $96,163,000 after buying an additional 26,593 shares during the period. Institutional investors and hedge funds own 94.17% of the company's stock.

Grand Canyon Education Trading Up 0.4%

Shares of NASDAQ LOPE opened at $151.19 on Friday. The stock has a market cap of $3.94 billion, a P/E ratio of 18.28, a PEG ratio of 0.96 and a beta of 0.58. Grand Canyon Education, Inc. has a 12-month low of $134.27 and a 12-month high of $223.04. The business's fifty day simple moving average is $148.21 and its 200-day simple moving average is $155.00.

Grand Canyon Education (NASDAQ:LOPE - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.14. The company had revenue of $264.05 million for the quarter, compared to the consensus estimate of $261.87 million. Grand Canyon Education had a return on equity of 36.62% and a net margin of 19.63%.Grand Canyon Education's revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.53 EPS. On average, equities analysts forecast that Grand Canyon Education, Inc. will post 10.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. BMO Capital Markets cut their price objective on Grand Canyon Education from $198.00 to $185.00 and set an "outperform" rating on the stock in a report on Monday, July 6th. Weiss Ratings restated a "hold (c)" rating on shares of Grand Canyon Education in a report on Tuesday. Truist Financial set a $100.00 target price on Grand Canyon Education in a research report on Tuesday, June 9th. Wall Street Zen downgraded Grand Canyon Education from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Finally, Barrington Research set a $200.00 price target on shares of Grand Canyon Education in a research note on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Grand Canyon Education presently has a consensus rating of "Moderate Buy" and an average price target of $161.67.

Grand Canyon Education Profile

Grand Canyon Education, Inc is an education services company that provides technology, operational and support solutions to colleges and universities. Its services are designed to help partner institutions deliver traditional, online and hybrid academic programs while managing student recruitment, enrollment and ongoing support.

The company's offerings include learning-management and information-technology systems, marketing and student outreach, academic counseling, finance and accounting support, faculty and curriculum services, and data analytics.

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