Comerica Bank Trims Stake in Remitly Global, Inc. $RELY

Comerica Bank trimmed its holdings in shares of Remitly Global, Inc. (NASDAQ:RELY) by 18.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,914 shares of the financial services provider’s stock after selling 4,669 shares during the quarter. Comerica Bank’s holdings in Remitly Global were worth $435,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Ameriprise Financial Inc. boosted its holdings in shares of Remitly Global by 24.5% in the 4th quarter. Ameriprise Financial Inc. now owns 210,198 shares of the financial services provider’s stock worth $4,744,000 after purchasing an additional 41,346 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Remitly Global in the 4th quarter worth about $9,301,000. Bank of America Corp DE boosted its holdings in shares of Remitly Global by 66.1% in the 4th quarter. Bank of America Corp DE now owns 407,253 shares of the financial services provider’s stock worth $9,192,000 after purchasing an additional 162,118 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Remitly Global by 13.8% in the 4th quarter. Deutsche Bank AG now owns 1,968,918 shares of the financial services provider’s stock worth $44,438,000 after purchasing an additional 239,440 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in shares of Remitly Global in the 4th quarter worth about $580,000. 74.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RELY has been the subject of a number of research reports. Wall Street Zen upgraded Remitly Global from a “hold” rating to a “buy” rating in a report on Sunday. Barclays boosted their target price on Remitly Global from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, May 12th. Finally, KeyCorp reissued an “overweight” rating and issued a $28.00 target price (up previously from $27.00) on shares of Remitly Global in a research note on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Remitly Global has an average rating of “Moderate Buy” and a consensus target price of $29.00.

Insider Buying and Selling

In other news, Director Phillip John Riese sold 5,000 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the transaction, the director directly owned 112,496 shares in the company, valued at $2,249,920. This trade represents a 4.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Joshua Hug sold 40,777 shares of the firm’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $18.41, for a total value of $750,704.57. Following the completion of the transaction, the director directly owned 3,654,288 shares in the company, valued at approximately $67,275,442.08. This represents a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,360 shares of company stock worth $1,477,749 in the last 90 days. Corporate insiders own 8.10% of the company’s stock.

Remitly Global Price Performance

RELY opened at $19.93 on Tuesday. The business has a 50 day simple moving average of $18.17 and a two-hundred day simple moving average of $19.98. The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of 332.22 and a beta of 0.13. Remitly Global, Inc. has a one year low of $12.43 and a one year high of $27.32.

Remitly Global (NASDAQ:RELY) last announced its earnings results on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The firm had revenue of $411.85 million during the quarter, compared to the consensus estimate of $384.59 million. During the same period in the prior year, the company posted ($0.06) EPS. The firm’s revenue was up 34.4% on a year-over-year basis. As a group, sell-side analysts expect that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Remitly Global Company Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.