M&T Bank Corp Purchases 6,411 Shares of Equinix, Inc. $EQIX

Key Points

• M&T Bank Corp boosted its stake in Equinix by 150.8%, buying 6,411 shares to hold 10,662 shares valued at about $8.17 million at quarter-end.
• Equinix missed quarterly EPS expectations ($8.91 vs. $9.07) while revenue rose 7% year-over-year, and the company raised its quarterly dividend to $5.16 (annual $20.64, yield ~1.9%) despite a high payout ratio of 150.11%.
• Insiders sold 6,380 shares in the last 90 days amid heavy institutional ownership (~94.9%), and analysts maintain a consensus of "Moderate Buy" with an average price target of $1,056.35.

M&T Bank Corp lifted its position in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 150.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,662 shares of the financial services provider's stock after acquiring an additional 6,411 shares during the quarter. M&T Bank Corp's holdings in Equinix were worth $8,169,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Ameriflex Group Inc. boosted its position in Equinix by 433.3% in the 3rd quarter. Ameriflex Group Inc. now owns 32 shares of the financial services provider's stock valued at $25,000 after buying an additional 26 shares during the period. Princeton Global Asset Management LLC boosted its position in Equinix by 200.0% in the 4th quarter. Princeton Global Asset Management LLC now owns 42 shares of the financial services provider's stock valued at $32,000 after buying an additional 28 shares during the period. Salomon & Ludwin LLC purchased a new stake in Equinix in the 3rd quarter valued at about $37,000. Cornerstone Planning Group LLC boosted its position in Equinix by 40.6% in the 3rd quarter. Cornerstone Planning Group LLC now owns 45 shares of the financial services provider's stock valued at $37,000 after buying an additional 13 shares during the period. Finally, Westside Investment Management Inc. boosted its position in Equinix by 65.6% in the 3rd quarter. Westside Investment Management Inc. now owns 53 shares of the financial services provider's stock valued at $41,000 after buying an additional 21 shares during the period. Institutional investors own 94.94% of the company's stock.

Equinix Trading Down 0.6%

NASDAQ:EQIX opened at $1,108.74 on Friday. Equinix, Inc. has a one year low of $710.52 and a one year high of $1,128.68. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $109.35 billion, a P/E ratio of 80.64, a P/E/G ratio of 2.84 and a beta of 1.01. The firm has a 50-day simple moving average of $993.19 and a 200-day simple moving average of $862.95.

Equinix (NASDAQ:EQIX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $8.91 EPS for the quarter, missing the consensus estimate of $9.07 by ($0.16). Equinix had a net margin of 14.65% and a return on equity of 9.60%. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter in the prior year, the firm posted $7.92 EPS. The company's revenue for the quarter was up 7.0% compared to the same quarter last year. Equities analysts anticipate that Equinix, Inc. will post 37.72 EPS for the current fiscal year.

Equinix Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, February 25th were issued a $5.16 dividend. The ex-dividend date was Wednesday, February 25th. This represents a $20.64 annualized dividend and a dividend yield of 1.9%. This is an increase from Equinix's previous quarterly dividend of $4.69. Equinix's dividend payout ratio (DPR) is presently 150.11%.

Insiders Place Their Bets

In other news, insider Brandi Galvin Morandi sold 424 shares of Equinix stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $1,020.00, for a total value of $432,480.00. Following the transaction, the insider owned 9,970 shares of the company's stock, valued at $10,169,400. The trade was a 4.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jonathan Lin sold 635 shares of Equinix stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $965.71, for a total transaction of $613,225.85. Following the completion of the transaction, the insider directly owned 10,788 shares in the company, valued at approximately $10,418,079.48. The trade was a 5.56% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 6,380 shares of company stock worth $6,179,022. 0.27% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wall Street Zen cut shares of Equinix from a "hold" rating to a "sell" rating in a research report on Saturday, April 11th. Citigroup boosted their price objective on shares of Equinix from $1,070.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. HSBC set a $1,050.00 price objective on shares of Equinix and gave the company a "buy" rating in a research report on Thursday, January 15th. JPMorgan Chase & Co. boosted their price objective on shares of Equinix from $950.00 to $1,100.00 and gave the company an "overweight" rating in a research report on Thursday, February 12th. Finally, Truist Financial reissued a "buy" rating and issued a $1,127.00 price objective (up from $1,087.00) on shares of Equinix in a research report on Tuesday, March 31st. Five equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Equinix currently has a consensus rating of "Moderate Buy" and an average price target of $1,056.35.

About Equinix

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix's offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.