M&T Bank Corp Increases Stock Position in Remitly Global, Inc. (NASDAQ:RELY)

M&T Bank Corp increased its holdings in Remitly Global, Inc. (NASDAQ:RELY) by 62.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 83,938 shares of the financial services provider’s stock after buying an additional 32,176 shares during the period. M&T Bank Corp’s holdings in Remitly Global were worth $1,895,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new position in Remitly Global in the fourth quarter valued at $28,000. R Squared Ltd purchased a new position in shares of Remitly Global during the fourth quarter worth about $89,000. Advisors Asset Management Inc. increased its position in Remitly Global by 58.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,962 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 1,466 shares during the period. Assetmark Inc. purchased a new stake in Remitly Global during the 3rd quarter valued at approximately $76,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Remitly Global during the 4th quarter worth approximately $135,000. Hedge funds and other institutional investors own 74.25% of the company’s stock.

Remitly Global Trading Down 2.4 %

RELY stock opened at $21.09 on Monday. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The company has a market cap of $4.23 billion, a P/E ratio of -111.00 and a beta of 0.07. The company’s 50-day moving average price is $23.82 and its 200 day moving average price is $19.40.

Remitly Global (NASDAQ:RELY) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. The business had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. On average, equities research analysts expect that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insider Transactions at Remitly Global

In other Remitly Global news, CEO Matthew B. Oppenheimer sold 14,583 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $25.21, for a total transaction of $367,637.43. Following the completion of the transaction, the chief executive officer now directly owns 4,358,679 shares in the company, valued at approximately $109,882,297.59. This trade represents a 0.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 43,749 shares of company stock valued at $1,009,289 in the last 90 days. 8.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on RELY shares. The Goldman Sachs Group boosted their target price on Remitly Global from $28.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. boosted their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. William Blair restated an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. BMO Capital Markets boosted their price target on shares of Remitly Global from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Finally, Wells Fargo & Company raised their price objective on shares of Remitly Global from $21.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Remitly Global currently has an average rating of “Moderate Buy” and an average target price of $28.13.

Remitly Global 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.