M&T Bank Corp Acquires 13,160 Shares of Nasdaq, Inc. $NDAQ

Key Points

• M&T Bank Corp boosted its stake in Nasdaq by 27.5%, adding 13,160 shares to hold 61,076 shares valued at about $5.93 million at the end of the quarter.
• Nasdaq beat estimates with quarterly EPS of $0.96 (vs. $0.93) and revenue of $2.14 billion (up 13.7% YoY), and raised its quarterly dividend to $0.31 (annualized $1.24, ~1.4% yield).
• Insiders have been net sellers: CEO Adena T. Friedman sold 113,611 shares and EVP Bradley J. Peterson sold 7,710, with insiders disposing of 231,002 shares in the last 90 days and now owning just 0.60% of the stock.

M&T Bank Corp boosted its position in Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 27.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 61,076 shares of the financial services provider's stock after acquiring an additional 13,160 shares during the period. M&T Bank Corp's holdings in Nasdaq were worth $5,933,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in NDAQ. Vanguard Group Inc. grew its holdings in Nasdaq by 6.9% in the 3rd quarter. Vanguard Group Inc. now owns 59,648,406 shares of the financial services provider's stock worth $5,275,902,000 after acquiring an additional 3,848,406 shares during the last quarter. State Street Corp grew its holdings in Nasdaq by 7.7% in the 3rd quarter. State Street Corp now owns 19,619,192 shares of the financial services provider's stock worth $1,735,318,000 after acquiring an additional 1,404,348 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Nasdaq by 4.8% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 27,627,767 shares of the financial services provider's stock worth $2,683,485,000 after acquiring an additional 1,258,964 shares during the last quarter. Select Equity Group L.P. bought a new stake in Nasdaq in the 2nd quarter worth $110,259,000. Finally, Qube Research & Technologies Ltd grew its holdings in Nasdaq by 129.0% in the 3rd quarter. Qube Research & Technologies Ltd now owns 2,159,556 shares of the financial services provider's stock worth $191,013,000 after acquiring an additional 1,216,580 shares during the last quarter. Institutional investors own 72.47% of the company's stock.

Insider Buying and Selling at Nasdaq

In related news, EVP Bradley J. Peterson sold 7,710 shares of Nasdaq stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $90.82, for a total transaction of $700,222.20. Following the completion of the transaction, the executive vice president directly owned 141,035 shares of the company's stock, valued at $12,808,798.70. This trade represents a 5.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Adena T. Friedman sold 113,611 shares of Nasdaq stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $85.44, for a total transaction of $9,706,923.84. Following the transaction, the chief executive officer directly owned 1,965,751 shares of the company's stock, valued at approximately $167,953,765.44. This trade represents a 5.46% 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. In the last 90 days, insiders sold 231,002 shares of company stock valued at $20,295,941. Insiders own 0.60% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Morgan Stanley set a $116.00 price target on shares of Nasdaq and gave the stock an "overweight" rating in a report on Friday, January 30th. TD Cowen raised shares of Nasdaq from a "hold" rating to a "buy" rating and lifted their target price for the company from $105.00 to $106.00 in a research note on Thursday, February 26th. Raymond James Financial reaffirmed an "outperform" rating and set a $109.00 target price on shares of Nasdaq in a research note on Wednesday, February 25th. Wall Street Zen raised shares of Nasdaq from a "sell" rating to a "hold" rating in a research note on Sunday. Finally, Argus raised shares of Nasdaq to a "strong-buy" rating in a research note on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $107.15.

Nasdaq Trading Down 2.5%

Shares of NDAQ opened at $89.00 on Wednesday. Nasdaq, Inc. has a 1-year low of $77.09 and a 1-year high of $101.79. The firm has a market capitalization of $50.33 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 1.86 and a beta of 0.98. The firm's 50-day moving average price is $86.63 and its 200-day moving average price is $89.65. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.71.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.03. Nasdaq had a net margin of 23.15% and a return on equity of 17.51%. The company had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $1.42 billion. During the same period last year, the company posted $0.79 EPS. Nasdaq's revenue was up 13.7% on a year-over-year basis. Sell-side analysts anticipate that Nasdaq, Inc. will post 3.86 EPS for the current year.

Nasdaq Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be given a dividend of $0.31 per share. This is an increase from Nasdaq's previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.24 dividend on an annualized basis and a yield of 1.4%. Nasdaq's dividend payout ratio is 32.53%.

Nasdaq Company Profile

Nasdaq, Inc is a global financial technology company that operates one of the world's leading electronic securities exchanges and provides a broad array of products and services to capital markets participants. Its core activities include operating the Nasdaq Stock Market and other trading venues, developing and supplying market technology and matching engines to exchanges and trading firms, licensing market data and indices, and offering clearing, trade execution and post-trade solutions. The company also provides market surveillance, risk management and regulatory technology used by exchanges and regulators.

Founded in 1971 by the National Association of Securities Dealers (NASD) as the first electronic stock market, Nasdaq has evolved into a diversified marketplace and technology provider.

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