Bank of America Corp DE Has $665.85 Million Stock Position in Nasdaq, Inc. $NDAQ

Bank of America Corp DE decreased its position in Nasdaq, Inc. (NASDAQ:NDAQ) by 9.8% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 7,843,674 shares of the financial services provider’s stock after selling 847,754 shares during the quarter. Bank of America Corp DE’s holdings in Nasdaq were worth $665,849,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. MV Capital Management Inc. acquired a new position in Nasdaq during the fourth quarter worth $28,000. SOA Wealth Advisors LLC. bought a new stake in shares of Nasdaq during the 4th quarter worth about $34,000. Nemes Rush Group LLC bought a new stake in shares of Nasdaq during the 4th quarter worth about $35,000. Uniplan Investment Counsel Inc. acquired a new position in shares of Nasdaq during the 4th quarter valued at about $35,000. Finally, Fideuram Asset Management Ireland dac bought a new position in shares of Nasdaq in the 4th quarter valued at approximately $37,000. Institutional investors and hedge funds own 72.47% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on NDAQ. Keefe, Bruyette & Woods increased their price target on Nasdaq from $92.00 to $102.00 and gave the company a “market perform” rating in a report on Friday, July 24th. TD Cowen reaffirmed a “buy” rating and set a $105.00 price objective (up from $101.00) on shares of Nasdaq in a report on Monday, July 20th. Barclays reiterated an “overweight” rating and issued a $111.00 target price (up from $108.00) on shares of Nasdaq in a research note on Friday, July 24th. Rothschild & Co Redburn set a $110.00 target price on shares of Nasdaq in a report on Thursday, June 11th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Nasdaq in a report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $109.73.

Nasdaq Trading Down 1.0%

Shares of Nasdaq stock opened at $94.19 on Friday. The firm has a market capitalization of $52.65 billion, a PE ratio of 27.46, a price-to-earnings-growth ratio of 1.29 and a beta of 0.99. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.01 and a quick ratio of 1.01. The company’s fifty day moving average price is $87.81 and its two-hundred day moving average price is $88.36. Nasdaq, Inc. has a 52-week low of $76.55 and a 52-week high of $101.79.

Nasdaq (NASDAQ:NDAQ) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.09. The firm had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Nasdaq had a net margin of 22.60% and a return on equity of 18.38%. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.85 earnings per share. On average, analysts expect that Nasdaq, Inc. will post 4.13 EPS for the current year.

Nasdaq Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, September 11th. Nasdaq’s dividend payout ratio is presently 36.15%.

Insider Activity

In other news, EVP Bradley J. Peterson sold 13,000 shares of Nasdaq stock in a transaction on Friday, July 24th. The stock was sold at an average price of $92.61, for a total value of $1,203,930.00. Following the completion of the sale, the executive vice president directly owned 128,293 shares of the company’s stock, valued at approximately $11,881,214.73. This trade represents a 9.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Pc Nelson Griggs sold 11,010 shares of Nasdaq stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $96.35, for a total value of $1,060,813.50. Following the completion of the sale, the insider owned 205,001 shares of the company’s stock, valued at approximately $19,751,846.35. The trade was a 5.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 41,797 shares of company stock worth $3,926,319. 0.60% of the stock is owned by corporate insiders.

About Nasdaq

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.