Bank of New York Mellon Corp Buys 403,157 Shares of Perdoceo Education Corporation (NASDAQ:PRDO)

Bank of New York Mellon Corp raised its stake in Perdoceo Education Corporation (NASDAQ:PRDO) by 58.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,088,105 shares of the company’s stock after purchasing an additional 403,157 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.66% of Perdoceo Education worth $27,398,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of PRDO. Quarry LP lifted its position in shares of Perdoceo Education by 223.6% in the fourth quarter. Quarry LP now owns 1,793 shares of the company’s stock valued at $47,000 after buying an additional 1,239 shares during the last quarter. New Vernon Capital Holdings II LLC bought a new position in Perdoceo Education during the 4th quarter worth $127,000. Quantbot Technologies LP bought a new position in Perdoceo Education during the 4th quarter worth $172,000. Point72 Asset Management L.P. increased its stake in shares of Perdoceo Education by 31.7% in the 4th quarter. Point72 Asset Management L.P. now owns 7,900 shares of the company’s stock valued at $209,000 after purchasing an additional 1,900 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new position in shares of Perdoceo Education in the 4th quarter valued at $215,000. 93.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Perdoceo Education

In other news, Director William Dean Hansen sold 5,994 shares of the firm’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $31.56, for a total transaction of $189,170.64. Following the transaction, the director directly owned 44,171 shares of the company’s stock, valued at approximately $1,394,036.76. This trade represents a 11.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP David C. Czeszewski sold 30,892 shares of Perdoceo Education stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $31.66, for a total value of $978,040.72. Following the sale, the senior vice president directly owned 92,129 shares in the company, valued at approximately $2,916,804.14. The trade was a 25.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 144,565 shares of company stock valued at $4,550,566. 2.11% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PRDO has been the topic of several recent research reports. Barrington Research lifted their target price on Perdoceo Education from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, June 6th. Wall Street Zen lowered Perdoceo Education from a “strong-buy” rating to a “buy” rating in a research report on Monday, May 5th.

Perdoceo Education Stock Performance

PRDO stock opened at $29.25 on Thursday. The firm has a market cap of $1.92 billion, a PE ratio of 12.94, a P/E/G ratio of 0.79 and a beta of 0.83. The company has a quick ratio of 4.43, a current ratio of 4.46 and a debt-to-equity ratio of 0.01. The business has a 50 day moving average of $31.70 and a 200-day moving average of $28.27. Perdoceo Education Corporation has a 12-month low of $20.55 and a 12-month high of $34.60.

Perdoceo Education (NASDAQ:PRDO) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.04. The business had revenue of $213.00 million during the quarter, compared to analyst estimates of $207.97 million. Perdoceo Education had a return on equity of 17.10% and a net margin of 20.91%. Perdoceo Education’s revenue was up 26.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.60 earnings per share. As a group, sell-side analysts expect that Perdoceo Education Corporation will post 2.41 earnings per share for the current year.

Perdoceo Education Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Sunday, June 1st were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.52 dividend on an annualized basis and a yield of 1.78%. Perdoceo Education’s payout ratio is 23.01%.

Perdoceo Education Company Profile

Perdoceo Education Corporation provides postsecondary education through online, campus-based, and blended learning programs in the United States. It operates in two segments, Colorado Technical University and The American InterContinental University System. The Colorado Technical University segment offers academic programs, such as business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cybersecurity, and criminal justice.