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

Bank of America Corp DE cut its holdings in shares of Nasdaq, Inc. (NASDAQ:NDAQ) by 9.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,843,674 shares of the financial services provider’s stock after selling 847,754 shares during the period. Bank of America Corp DE owned about 1.39% of Nasdaq worth $665,849,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Legal & General Group Plc raised its stake in shares of Nasdaq by 1.6% during the fourth quarter. Legal & General Group Plc now owns 2,855,235 shares of the financial services provider’s stock worth $277,329,000 after purchasing an additional 45,783 shares during the last quarter. M&T Bank Corp grew its position in Nasdaq by 27.5% in the 4th quarter. M&T Bank Corp now owns 61,076 shares of the financial services provider’s stock valued at $5,933,000 after buying an additional 13,160 shares during the last quarter. MKP Capital Management L.L.C. purchased a new position in Nasdaq in the 4th quarter valued at $33,996,000. AlphaCore Capital LLC acquired a new position in Nasdaq in the 4th quarter valued at $1,245,000. Finally, Advisors Preferred LLC purchased a new position in Nasdaq during the 4th quarter worth $4,872,000. 72.47% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Nasdaq

In other news, insider Pc Nelson Griggs sold 11,010 shares of the company’s stock in a transaction on 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 in the company, valued at $19,751,846.35. This represents a 5.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Bradley J. Peterson sold 13,000 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $92.61, for a total transaction 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 $11,881,214.73. The trade was a 9.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 41,797 shares of company stock worth $3,926,319. Company insiders own 0.60% of the company’s stock.

Nasdaq Stock Down 1.0%

Shares of NASDAQ NDAQ opened at $94.19 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.01 and a current ratio of 1.01. Nasdaq, Inc. has a 1 year low of $76.55 and a 1 year high of $101.79. The stock’s 50-day simple moving average is $87.81 and its 200-day simple moving average is $88.36. The firm has a market cap of $52.65 billion, a price-to-earnings ratio of 27.46, a PEG ratio of 1.29 and a beta of 0.99.

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

Nasdaq Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on NDAQ shares. Keefe, Bruyette & Woods increased their price objective on Nasdaq from $92.00 to $102.00 and gave the stock a “market perform” rating in a research report on Friday, July 24th. Zacks Research upgraded Nasdaq from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. Barclays restated an “overweight” rating and set a $111.00 target price (up from $108.00) on shares of Nasdaq in a research report on Friday, July 24th. TD Cowen restated a “buy” rating and issued a $105.00 price objective (up from $101.00) on shares of Nasdaq in a research report on Monday, July 20th. Finally, Rothschild & Co Redburn set a $110.00 price objective on Nasdaq in a report on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $109.73.

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.