BidaskClub Downgrades Bankrate, Inc. (RATE) to Hold
Bankrate, Inc. (NYSE:RATE) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
Several other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Bankrate from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Stephens cut shares of Bankrate from an “overweight” rating to an “equal weight” rating and set a $14.00 price target on the stock. in a report on Friday, July 7th. Sidoti cut shares of Bankrate from a “buy” rating to a “neutral” rating and set a $14.00 price target on the stock. in a report on Monday, July 3rd. ValuEngine cut shares of Bankrate from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Needham & Company LLC cut shares of Bankrate from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. Bankrate has an average rating of “Hold” and an average price target of $12.71.
Bankrate (NYSE RATE) traded up 0.36% during midday trading on Thursday, reaching $13.90. The company’s stock had a trading volume of 2,118,625 shares. The firm’s market cap is $1.24 billion. Bankrate has a 52 week low of $7.10 and a 52 week high of $14.25. The firm has a 50 day moving average price of $13.87 and a 200-day moving average price of $11.78.
Bankrate (NYSE:RATE) last released its quarterly earnings results on Monday, August 7th. The bank reported $0.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.01). The company had revenue of $115.90 million during the quarter, compared to the consensus estimate of $117.60 million. Bankrate had a negative net margin of 4.61% and a positive return on equity of 6.50%. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.01 earnings per share. On average, analysts forecast that Bankrate will post $0.70 earnings per share for the current fiscal year.
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In other news, CEO Christopher J. Speltz sold 12,300 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $11.95, for a total transaction of $146,985.00. Following the transaction, the chief executive officer now directly owns 279,733 shares of the company’s stock, valued at $3,342,809.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Steven Barnhart sold 9,712 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $12.00, for a total transaction of $116,544.00. Following the transaction, the chief financial officer now directly owns 295,222 shares in the company, valued at $3,542,664. The disclosure for this sale can be found here. Insiders have sold 22,745 shares of company stock worth $273,021 over the last ninety days. Insiders own 6.30% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Paloma Partners Management Co bought a new position in shares of Bankrate during the first quarter worth approximately $129,000. Global X Management Co. LLC increased its holdings in shares of Bankrate by 279.2% during the second quarter. Global X Management Co. LLC now owns 14,480 shares of the bank’s stock worth $186,000 after purchasing an additional 10,661 shares during the period. Oppenheimer & Co. Inc. bought a new position in shares of Bankrate during the first quarter worth approximately $156,000. Eqis Capital Management Inc. bought a new position in shares of Bankrate during the first quarter worth approximately $181,000. Finally, Royal Bank of Canada increased its holdings in shares of Bankrate by 966.6% during the second quarter. Royal Bank of Canada now owns 19,529 shares of the bank’s stock worth $251,000 after purchasing an additional 17,698 shares during the period. 47.24% of the stock is currently owned by institutional investors.
Bankrate, Inc 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. The Company’s segments include Banking, Credit Cards, Senior Care and Other.
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