M&T Bank Corp Has $3.64 Million Holdings in Ferrari N.V. $RACE

Key Points

• M&T Bank Corp cut its stake in Ferrari by 33.0%, selling 4,855 shares in Q4 and ending the period with 9,837 shares worth about $3.635 million.
• Large institutions like Groupama, Vanguard, Amundi and BNY Mellon hold multi‑million‑share positions in Ferrari, and analysts maintain a consensus "Moderate Buy" with an average target price of $469.06 (UBS recently trimmed its target to $483).
• Ferrari increased its annual dividend to $3.615 per share (up from $3.13), with an ex‑dividend date of April 21 and payment on May 5; the article reports this represents a yield of 119.0%.

M&T Bank Corp lessened its stake in Ferrari N.V. (NYSE:RACE - Free Report) by 33.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,837 shares of the company's stock after selling 4,855 shares during the quarter. M&T Bank Corp's holdings in Ferrari were worth $3,635,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Groupama Asset Managment increased its stake in shares of Ferrari by 5.7% in the 3rd quarter. Groupama Asset Managment now owns 16,990,621 shares of the company's stock valued at $8,244,189,000 after acquiring an additional 916,821 shares during the last quarter. Vanguard Group Inc. boosted its stake in Ferrari by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 5,154,944 shares of the company's stock worth $2,498,710,000 after acquiring an additional 81,017 shares during the last quarter. Amundi boosted its stake in Ferrari by 8.0% during the 3rd quarter. Amundi now owns 2,972,368 shares of the company's stock worth $1,461,008,000 after acquiring an additional 219,909 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Ferrari by 63.7% during the third quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company's stock valued at $1,295,907,000 after purchasing an additional 1,039,234 shares during the period. Finally, Bank of Italy increased its stake in Ferrari by 2.3% in the third quarter. Bank of Italy now owns 2,462,771 shares of the company's stock valued at $1,190,158,000 after purchasing an additional 55,500 shares in the last quarter.

Analysts Set New Price Targets

RACE has been the topic of several analyst reports. Royal Bank Of Canada reiterated an "outperform" rating on shares of Ferrari in a report on Wednesday, February 11th. UBS Group lowered their price objective on shares of Ferrari from $555.00 to $483.00 and set a "buy" rating for the company in a research report on Wednesday, April 1st. HSBC reiterated a "hold" rating on shares of Ferrari in a report on Tuesday, January 13th. Sanford C. Bernstein reissued an "outperform" rating and issued a $410.00 target price on shares of Ferrari in a research note on Wednesday, February 11th. Finally, Citigroup raised Ferrari from a "sell" rating to a "neutral" rating in a research report on Thursday, February 12th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $469.06.

Ferrari Trading Up 0.1%

Shares of NYSE:RACE opened at $352.30 on Monday. The firm has a market cap of $82.42 billion, a price-to-earnings ratio of 34.84, a PEG ratio of 3.33 and a beta of 1.00. Ferrari N.V. has a 12 month low of $312.51 and a 12 month high of $519.10. The company's fifty day simple moving average is $349.55 and its 200 day simple moving average is $367.53. The company has a quick ratio of 4.38, a current ratio of 5.70 and a debt-to-equity ratio of 0.74.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which will be paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 21st will be issued a dividend of $3.615 per share. This is a boost from Ferrari's previous annual dividend of $3.13. The ex-dividend date is Tuesday, April 21st. This represents a yield of 119.0%.

About Ferrari

Ferrari N.V. NYSE: RACE is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company's core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.

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