Grand Canyon Education, Inc. $LOPE Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its Grand Canyon Education stake by 11.3%, selling 23,355 shares and retaining 183,539 shares worth approximately $31.2 million. Institutional investors collectively own 94.17% of LOPE.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $171.67, although BMO Capital Markets recently lowered its target to $185.
• Grand Canyon Education reported quarterly earnings of $2.86 per share, exceeding estimates, while revenue rose 6.7% year over year to $308.76 million. The stock opened at $139.94, near its 52-week low of $134.27.

Bank of New York Mellon Corp cut its stake in shares of Grand Canyon Education, Inc. (NASDAQ:LOPE - Free Report) by 11.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 183,539 shares of the company's stock after selling 23,355 shares during the period. Bank of New York Mellon Corp owned approximately 0.69% of Grand Canyon Education worth $31,207,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. International Assets Investment Management LLC purchased a new position in shares of Grand Canyon Education in the fourth quarter worth approximately $25,000. Toronto Dominion Bank purchased a new stake in shares of Grand Canyon Education in the 4th quarter valued at approximately $26,000. Larson Financial Group LLC lifted its position in shares of Grand Canyon Education by 70.7% in the 4th quarter. Larson Financial Group LLC now owns 157 shares of the company's stock valued at $26,000 after acquiring an additional 65 shares in the last quarter. Leonteq Securities AG boosted its stake in Grand Canyon Education by 48.9% in the 1st quarter. Leonteq Securities AG now owns 195 shares of the company's stock worth $33,000 after purchasing an additional 64 shares during the period. Finally, Financial Life Planners acquired a new position in Grand Canyon Education in the 1st quarter worth approximately $33,000. 94.17% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on LOPE. Weiss Ratings cut Grand Canyon Education from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 25th. Barrington Research reissued an "outperform" rating and set a $230.00 price target on shares of Grand Canyon Education in a research report on Thursday, April 16th. Truist Financial set a $100.00 price objective on Grand Canyon Education in a research note on Tuesday, June 9th. Finally, BMO Capital Markets decreased their price objective on Grand Canyon Education from $198.00 to $185.00 and set an "outperform" rating for the company in a research report on Monday, July 6th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Grand Canyon Education currently has a consensus rating of "Moderate Buy" and a consensus target price of $171.67.

Grand Canyon Education Stock Performance

LOPE opened at $139.94 on Monday. The stock has a fifty day moving average price of $148.23 and a 200 day moving average price of $160.92. Grand Canyon Education, Inc. has a 1 year low of $134.27 and a 1 year high of $223.04. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 17.49, a PEG ratio of 0.93 and a beta of 0.57.

Grand Canyon Education (NASDAQ:LOPE - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.78 by $0.08. Grand Canyon Education had a return on equity of 34.72% and a net margin of 19.54%.The company had revenue of $308.76 million for the quarter, compared to analyst estimates of $307.75 million. During the same period in the prior year, the firm posted $2.57 EPS. The business's revenue was up 6.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Grand Canyon Education, Inc. will post 10.04 earnings per share for the current fiscal year.

About Grand Canyon Education

Grand Canyon Education, Inc provides a suite of higher‐education services through a long-term agreement with Grand Canyon University (GCU), one of the nation's largest private Christian universities. The company's offerings encompass a full range of academic and operational support functions, including enrollment management, student recruitment, curriculum development, instructional delivery, and technology infrastructure. Through its online program management capabilities, Grand Canyon Education helps design, market and deliver undergraduate, graduate and certificate programs to meet the needs of both traditional and non‐traditional learners.

Core services include digital marketing, admissions support, student success coaching, learning management systems and faculty recruitment.

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