M&T Bank Corp Sells 61,845 Shares of Verra Mobility Corp (NASDAQ:VRRM)

M&T Bank Corp lowered its holdings in Verra Mobility Corp (NASDAQ:VRRM - Free Report) by 60.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 40,013 shares of the company's stock after selling 61,845 shares during the quarter. M&T Bank Corp's holdings in Verra Mobility were worth $901,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of VRRM. Raymond James Financial Inc. acquired a new position in shares of Verra Mobility during the fourth quarter valued at $5,218,000. PNC Financial Services Group Inc. lifted its stake in shares of Verra Mobility by 6.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,381 shares of the company's stock valued at $154,000 after acquiring an additional 409 shares during the period. Amundi lifted its stake in shares of Verra Mobility by 199.8% during the fourth quarter. Amundi now owns 89,166 shares of the company's stock valued at $2,206,000 after acquiring an additional 59,428 shares during the period. Vestcor Inc acquired a new position in shares of Verra Mobility during the fourth quarter valued at $290,000. Finally, Royce & Associates LP lifted its stake in shares of Verra Mobility by 3.2% during the fourth quarter. Royce & Associates LP now owns 49,620 shares of the company's stock valued at $1,200,000 after acquiring an additional 1,542 shares during the period.

Verra Mobility Trading Down 0.9%

Shares of Verra Mobility stock traded down $0.22 during trading hours on Friday, hitting $24.65. The company's stock had a trading volume of 224,223 shares, compared to its average volume of 1,140,111. Verra Mobility Corp has a 12 month low of $19.51 and a 12 month high of $31.03. The stock has a 50 day moving average of $24.44 and a 200 day moving average of $23.82. The company has a market capitalization of $3.93 billion, a PE ratio of 123.25, a price-to-earnings-growth ratio of 2.40 and a beta of 0.77. The company has a debt-to-equity ratio of 3.45, a current ratio of 2.19 and a quick ratio of 2.10.

Verra Mobility (NASDAQ:VRRM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.01. Verra Mobility had a return on equity of 51.05% and a net margin of 3.88%. The company had revenue of $223.25 million during the quarter, compared to the consensus estimate of $216.94 million. During the same period in the prior year, the company earned $0.27 earnings per share. The company's revenue for the quarter was up 6.5% compared to the same quarter last year. Analysts predict that Verra Mobility Corp will post 1.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on VRRM. UBS Group cut their price target on Verra Mobility from $31.50 to $29.50 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Morgan Stanley dropped their price objective on Verra Mobility from $25.00 to $23.00 and set an "equal weight" rating for the company in a report on Thursday, March 27th. Robert W. Baird upped their price objective on Verra Mobility from $27.00 to $28.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Baird R W upgraded Verra Mobility from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 22nd. Finally, Wall Street Zen upgraded Verra Mobility from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. One research analyst has rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $27.38.

Insider Activity

In related news, insider Jonathan Keyser sold 18,719 shares of the stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $24.28, for a total transaction of $454,497.32. Following the completion of the transaction, the insider directly owned 1,179 shares in the company, valued at approximately $28,626.12. This trade represents a 94.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.05% of the stock is owned by company insiders.

Verra Mobility Profile

Verra Mobility Corporation provides smart mobility technology solutions and services in the United States, Australia, Canada, and Europe. It operates through three segments: Commercial Services, Government Solutions, and Parking Solutions. The Commercial Services segment provides automated toll and violations management, and title and registration services to rental car companies, fleet management companies, and other large fleet owners.