Sumitomo Mitsui Trust Group Inc. Sells 31,881 Shares of Nasdaq, Inc. $NDAQ

Key Points

• Sumitomo Mitsui Trust Group reduced its Nasdaq stake by 3.2%, selling 31,881 shares and retaining 976,487 shares valued at approximately $89.8 million. Institutional investors collectively own 72.47% of Nasdaq.
• Nasdaq reported quarterly revenue of $2.39 billion and adjusted earnings of $1.04 per share, exceeding analyst expectations; revenue increased 12.6% year over year.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $113.53. Nasdaq also declared a quarterly dividend of $0.31 per share, yielding about 1.1%.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 976,487 shares of the financial services provider's stock after selling 31,881 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.18% of Nasdaq worth $89,847,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Nasdaq in the 2nd quarter valued at approximately $2,931,637,000. Bank of America Corp DE bought a new stake in Nasdaq during the second quarter worth $603,631,000. The Manufacturers Life Insurance Company bought a new stake in Nasdaq during the second quarter worth $377,818,000. Legal & General Group Plc acquired a new stake in Nasdaq in the second quarter valued at $220,130,000. Finally, Deutsche Bank AG acquired a new stake in Nasdaq in the second quarter valued at $180,099,000. 72.47% of the stock is currently owned by institutional investors.

Nasdaq Price Performance

Shares of NDAQ opened at $108.62 on Tuesday. The firm has a market capitalization of $60.28 billion, a PE ratio of 29.68, a PEG ratio of 1.85 and a beta of 0.99. The company's 50-day moving average is $95.92 and its 200-day moving average is $90.73. Nasdaq, Inc. has a fifty-two week low of $76.55 and a fifty-two week high of $108.69. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.00 and a quick ratio of 1.00.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last posted its earnings results on Thursday, October 22nd. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.02. The company had revenue of $2.39 billion during the quarter, compared to analysts' expectations of $1.47 billion. Nasdaq had a net margin of 22.81% and a return on equity of 19.03%. Nasdaq's quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.88 EPS. Equities analysts forecast that Nasdaq, Inc. will post 4.15 EPS for the current year.

Nasdaq Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be given a dividend of $0.31 per share. The ex-dividend date is Friday, December 4th. This represents a $1.24 annualized dividend and a yield of 1.1%. Nasdaq's dividend payout ratio (DPR) is 33.88%.

Insiders Place Their Bets

In other news, EVP Jeremy Skule sold 1,125 shares of the business's stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $95.00, for a total transaction of $106,875.00. Following the completion of the sale, the executive vice president owned 96,561 shares in the company, valued at $9,173,295. The trade was a 1.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Tal Cohen sold 10,390 shares of the company's stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $103.34, for a total value of $1,073,702.60. Following the completion of the transaction, the insider directly owned 205,076 shares in the company, valued at $21,192,553.84. The trade was a 4.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 22,877 shares of company stock worth $2,330,505 over the last three months. Insiders own 0.60% of the company's stock.

Wall Street Analyst Weigh In

NDAQ has been the subject of a number of analyst reports. Raymond James Financial decreased their price objective on shares of Nasdaq from $119.00 to $109.00 in a research report on Friday, October 9th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $118.00 price target on shares of Nasdaq in a report on Friday, October 23rd. The Goldman Sachs Group boosted their price target on Nasdaq from $109.00 to $120.00 and gave the stock a "buy" rating in a research report on Friday, October 23rd. Wells Fargo & Company upped their price objective on Nasdaq from $100.00 to $111.00 and gave the company an "equal weight" rating in a research note on Friday, October 23rd. Finally, Bank of America cut their price objective on Nasdaq from $135.00 to $132.00 and set a "buy" rating for the company in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $113.53.

About Nasdaq

Nasdaq, Inc is a global financial technology and market infrastructure company best known for operating the Nasdaq Stock Market, one of the world's largest electronic stock exchanges. The company provides listing services for public companies and operates trading venues for equities, options and other financial products. Its exchange business serves companies, investors and market participants in the United States, as well as through Nasdaq's Nordic and Baltic market operations.

Beyond its exchange activities, Nasdaq provides market data, analytics, indexes and technology used by exchanges, brokers, banks, asset managers and other financial institutions.

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