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

M&T Bank Corp grew its position in Remitly Global, Inc. (NASDAQ:RELY) by 62.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. lifted its position in Remitly Global by 10,213.8% in the third quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider’s stock valued at $27,058,000 after buying an additional 2,001,198 shares during the last quarter. Assetmark Inc. acquired a new position in shares of Remitly Global in the 3rd quarter worth approximately $76,000. State of New Jersey Common Pension Fund D purchased a new position in shares of Remitly Global during the 3rd quarter worth approximately $1,953,000. GSA Capital Partners LLP increased its holdings in Remitly Global by 30.2% in the 3rd quarter. GSA Capital Partners LLP now owns 262,635 shares of the financial services provider’s stock valued at $3,517,000 after purchasing an additional 60,991 shares during the last quarter. Finally, Pathstone Holdings LLC raised its position in Remitly Global by 2.1% in the third quarter. Pathstone Holdings LLC now owns 355,713 shares of the financial services provider’s stock valued at $4,763,000 after purchasing an additional 7,302 shares during the period. Institutional investors and hedge funds own 74.25% of the company’s stock.

Insider Transactions at Remitly Global

In other news, CEO Matthew B. Oppenheimer sold 14,583 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.14, for a total transaction of $337,450.62. Following the completion of the sale, the chief executive officer now owns 4,387,845 shares in the company, valued at approximately $101,534,733.30. The trade was a 0.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders sold 43,749 shares of company stock valued at $1,009,289. 8.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on RELY shares. JPMorgan Chase & Co. raised their price target on Remitly Global from $21.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Barclays lifted their target price on Remitly Global from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. The Goldman Sachs Group increased their price target on shares of Remitly Global from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. William Blair reissued an “outperform” rating on shares of Remitly Global in a research note on Thursday, February 20th. Finally, Wells Fargo & Company upped their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.13.

Remitly Global Stock Down 2.4 %

Shares of NASDAQ:RELY opened at $21.09 on Monday. Remitly Global, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $27.32. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of -111.00 and a beta of 0.07. The firm’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 data on Wednesday, February 19th. The financial services provider reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.04. The business had revenue of $351.90 million during the quarter, compared to analysts’ expectations of $343.67 million. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. On average, equities analysts anticipate that Remitly Global, Inc. will post -0.04 EPS for the current year.

About Remitly Global

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.