Bank of New York Mellon Corp decreased its position in Bankrate Inc. (NYSE:RATE) by 16.4% during the second quarter, Holdings Channel reports. The institutional investor owned 288,666 shares of the company’s stock after selling 56,828 shares during the period. Bank of New York Mellon Corp owned 0.32% of Bankrate worth $2,159,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of RATE. Fox Run Management L.L.C. raised its stake in shares of Bankrate by 208.0% in the second quarter. Fox Run Management L.L.C. now owns 42,200 shares of the company’s stock valued at $316,000 after buying an additional 28,500 shares during the period. Oaktop Capital Management II L.P. raised its stake in shares of Bankrate by 85.0% in the first quarter. Oaktop Capital Management II L.P. now owns 1,088,508 shares of the company’s stock valued at $9,982,000 after buying an additional 500,000 shares during the period. Boothbay Fund Management LLC bought a new stake in shares of Bankrate during the first quarter valued at approximately $282,000. Barclays PLC bought a new stake in shares of Bankrate during the first quarter valued at approximately $917,000. Finally, Metropolitan Life Insurance Co. NY raised its stake in shares of Bankrate by 2.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 48,118 shares of the company’s stock valued at $441,000 after buying an additional 1,066 shares during the period. Institutional investors own 47.63% of the company’s stock.
Shares of Bankrate Inc. (NYSE:RATE) traded down 2.059% during midday trading on Thursday, hitting $8.325. 250,587 shares of the company traded hands. The stock’s market capitalization is $740.66 million. The company has a 50-day moving average price of $7.98 and a 200-day moving average price of $8.36. Bankrate Inc. has a 52 week low of $6.59 and a 52 week high of $15.80.
Bankrate (NYSE:RATE) last issued its earnings results on Thursday, August 4th. The company reported $0.11 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.11. The business had revenue of $98.30 million for the quarter, compared to the consensus estimate of $96.08 million. Bankrate had a negative net margin of 13.93% and a positive return on equity of 7.93%. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.16 EPS. Analysts anticipate that Bankrate Inc. will post $0.54 earnings per share for the current fiscal year.
Several analysts have commented on RATE shares. Zacks Investment Research lowered shares of Bankrate from a “buy” rating to a “hold” rating in a report on Tuesday, August 23rd. Needham & Company LLC reiterated a “buy” rating and set a $15.00 target price on shares of Bankrate in a report on Tuesday, July 19th. Loop Capital initiated coverage on shares of Bankrate in a report on Wednesday, August 10th. They set a “hold” rating and a $9.00 target price for the company. Finally, JPMorgan Chase & Co. reiterated a “hold” rating and set a $9.00 target price on shares of Bankrate in a report on Tuesday, September 27th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $11.85.
Bankrate Company Profile
Bankrate, Inc (Bankrate) is a publisher, aggregator and distributor of personal finance content on the Internet. The Company provides consumers personal finance editorial content across multiple vertical categories, including mortgages, deposits, credit cards, senior care and other personal finance categories.
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