Bank of America Corp DE Grows Position in Verra Mobility Corp $VRRM

Key Points

• Bank of America increased its Verra Mobility stake by 34.4% in the first quarter, holding 1.58 million shares worth approximately $22.5 million. Several other institutional investors, including Norges Bank, Morgan Stanley and Goldman Sachs, also expanded their positions.
• Verra Mobility beat quarterly expectations, reporting adjusted EPS of $0.38 versus the $0.33 consensus and revenue of $263.6 million, up 11.7% year over year.
• Investor sentiment remains cautious: VRRM traded near $4.60, well below its 12-month high of $25.57, while analysts’ consensus rating was “Reduce” with an average price target of $7.00.

Bank of America Corp DE raised its stake in Verra Mobility Corp (NASDAQ:VRRM - Free Report) by 34.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,576,119 shares of the company's stock after acquiring an additional 403,638 shares during the quarter. Bank of America Corp DE owned approximately 1.04% of Verra Mobility worth $22,523,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in Verra Mobility during the 4th quarter worth about $68,608,000. River Road Asset Management LLC grew its holdings in shares of Verra Mobility by 441.6% during the fourth quarter. River Road Asset Management LLC now owns 2,984,760 shares of the company's stock worth $66,888,000 after buying an additional 2,433,610 shares in the last quarter. Morgan Stanley grew its holdings in shares of Verra Mobility by 44.8% during the fourth quarter. Morgan Stanley now owns 4,194,005 shares of the company's stock worth $93,988,000 after buying an additional 1,296,602 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Verra Mobility by 71.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,924,781 shares of the company's stock valued at $65,544,000 after buying an additional 1,222,116 shares during the last quarter. Finally, Jane Street Group LLC raised its position in shares of Verra Mobility by 188.7% in the fourth quarter. Jane Street Group LLC now owns 1,210,330 shares of the company's stock valued at $27,123,000 after buying an additional 791,146 shares during the last quarter.

Verra Mobility Price Performance

VRRM stock opened at $4.60 on Tuesday. The company has a market cap of $698.77 million, a PE ratio of 17.69 and a beta of 0.41. The company has a current ratio of 2.06, a quick ratio of 1.96 and a debt-to-equity ratio of 4.58. The stock has a 50-day moving average price of $4.55 and a two-hundred day moving average price of $11.05. Verra Mobility Corp has a 12-month low of $3.40 and a 12-month high of $25.57.

Verra Mobility (NASDAQ:VRRM - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.05. The business had revenue of $263.59 million for the quarter, compared to analyst estimates of $254.81 million. Verra Mobility had a return on equity of 64.39% and a net margin of 4.40%.The company's revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.34 EPS. As a group, research analysts predict that Verra Mobility Corp will post 1.11 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on VRRM. Wall Street Zen lowered shares of Verra Mobility from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. William Blair downgraded Verra Mobility from an "outperform" rating to a "market perform" rating in a report on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $9.00 price target (down from $22.00) on shares of Verra Mobility in a research note on Wednesday, May 27th. CJS Securities cut Verra Mobility from a "market outperform" rating to a "market perform" rating and set a $10.00 price objective on the stock. in a report on Wednesday, May 27th. Finally, Zacks Research raised Verra Mobility from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 13th. Nine equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $7.00.

Verra Mobility Profile

Verra Mobility, traded on the Nasdaq under the ticker VRRM, is a leading provider of smart mobility solutions designed to improve safety, efficiency and compliance for transportation authorities and commercial fleets. The company develops and operates automated traffic enforcement systems, toll and violation management platforms, and connected-vehicle services. Through its technology offerings, Verra Mobility helps public agencies enhance road safety, reduce congestion and streamline revenue collection for tolling and parking.

Verra Mobility’s core products include red-light and speed-camera enforcement programs, license plate recognition systems, and cloud-based violation processing software.

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