BidaskClub downgraded shares of Bankrate, Inc. (NYSE:RATE) from a buy rating to a hold rating in a report released on Thursday.
A number of other research firms have also recently issued reports on RATE. Needham & Company LLC cut Bankrate from a buy rating to a hold rating in a research note on Wednesday, July 5th. Zacks Investment Research cut Bankrate from a hold rating to a sell rating in a research note on Wednesday, July 5th. Stephens cut Bankrate from an overweight rating to an equal weight rating and set a $14.00 target price on the stock. in a research note on Friday, July 7th. Sidoti cut Bankrate from a buy rating to a neutral rating and set a $14.00 target price on the stock. in a research note on Monday, July 3rd. Finally, ValuEngine cut Bankrate from a buy rating to a hold rating in a research note on Friday, June 2nd. One analyst has rated the stock with a sell rating, six have given 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 (RATE) opened at 13.90 on Thursday. Bankrate has a 52 week low of $7.10 and a 52 week high of $14.25. The firm’s market capitalization is $1.24 billion. The firm has a 50-day moving average of $13.87 and a 200 day moving average of $11.83.
Bankrate (NYSE:RATE) last posted its earnings results on Monday, August 7th. The bank reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.01 earnings per share. Analysts predict that Bankrate will post $0.70 earnings per share for the current year.
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In related news, CEO Christopher J. Speltz sold 12,300 shares of Bankrate stock in a transaction dated Thursday, June 22nd. The stock was 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Steven Barnhart sold 9,712 shares of Bankrate stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $12.00, for a total value 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 three months. Corporate insiders own 6.30% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Paloma Partners Management Co acquired a new position in Bankrate during the first quarter worth about $129,000. Global X Management Co. LLC grew its holdings in 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 acquiring an additional 10,661 shares during the period. Oppenheimer & Co. Inc. acquired a new position in Bankrate during the first quarter worth about $156,000. Eqis Capital Management Inc. acquired a new position in Bankrate during the first quarter worth about $181,000. Finally, Royal Bank of Canada grew its holdings in 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 acquiring an additional 17,698 shares during the period. 47.24% of the stock is currently owned by hedge funds and other 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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