M&T Bank Corp Takes Position in Avis Budget Group, Inc. (NASDAQ:CAR)

M&T Bank Corp purchased a new stake in Avis Budget Group, Inc. (NASDAQ:CARGet Rating) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,409 shares of the business services provider’s stock, valued at approximately $207,000.

A number of other institutional investors also recently modified their holdings of the company. State of Michigan Retirement System raised its position in shares of Avis Budget Group by 0.5% in the first quarter. State of Michigan Retirement System now owns 10,173 shares of the business services provider’s stock valued at $2,679,000 after purchasing an additional 49 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Avis Budget Group by 24.8% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 388 shares of the business services provider’s stock worth $103,000 after acquiring an additional 77 shares during the period. Captrust Financial Advisors increased its position in Avis Budget Group by 18.3% during the first quarter. Captrust Financial Advisors now owns 569 shares of the business services provider’s stock worth $150,000 after acquiring an additional 88 shares during the period. Truist Financial Corp increased its position in Avis Budget Group by 7.9% during the first quarter. Truist Financial Corp now owns 1,393 shares of the business services provider’s stock worth $367,000 after acquiring an additional 102 shares during the period. Finally, Ellevest Inc. increased its position in Avis Budget Group by 130.3% during the second quarter. Ellevest Inc. now owns 205 shares of the business services provider’s stock worth $30,000 after acquiring an additional 116 shares during the period. Institutional investors own 98.69% of the company’s stock.

Avis Budget Group Price Performance

CAR opened at $236.12 on Thursday. Avis Budget Group, Inc. has a fifty-two week low of $131.83 and a fifty-two week high of $327.80. The firm’s fifty day moving average price is $188.80 and its two-hundred day moving average price is $182.81. The company has a market capitalization of $9.79 billion, a P/E ratio of 4.40 and a beta of 2.26.

Avis Budget Group (NASDAQ:CARGet Rating) last issued its earnings results on Monday, October 31st. The business services provider reported $21.70 EPS for the quarter, beating the consensus estimate of $14.80 by $6.90. Avis Budget Group had a net margin of 23.09% and a negative return on equity of 473.08%. The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.54 billion. During the same quarter in the previous year, the company earned $10.74 EPS. The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. On average, equities research analysts expect that Avis Budget Group, Inc. will post 51.73 EPS for the current fiscal year.

Insider Activity

In other news, SVP Jean M. Sera sold 4,172 shares of the business’s stock in a transaction on Thursday, November 3rd. The shares were sold at an average price of $234.75, for a total value of $979,377.00. Following the sale, the senior vice president now owns 18,535 shares in the company, valued at approximately $4,351,091.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Jean M. Sera sold 4,172 shares of Avis Budget Group stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $234.75, for a total value of $979,377.00. Following the completion of the transaction, the senior vice president now directly owns 18,535 shares of the company’s stock, valued at $4,351,091.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Edward P. Linnen sold 9,000 shares of Avis Budget Group stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $220.78, for a total value of $1,987,020.00. Following the completion of the transaction, the executive vice president now directly owns 36,468 shares of the company’s stock, valued at $8,051,405.04. The disclosure for this sale can be found here. 37.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Avis Budget Group from $218.00 to $233.00 in a research report on Wednesday, November 2nd. Morgan Stanley boosted their target price on shares of Avis Budget Group from $150.00 to $160.00 and gave the stock an “underweight” rating in a research report on Thursday, November 3rd. StockNews.com started coverage on shares of Avis Budget Group in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. JPMorgan Chase & Co. upgraded shares of Avis Budget Group from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $230.00 to $231.00 in a research note on Monday, October 24th. Finally, Jefferies Financial Group downgraded shares of Avis Budget Group to a “buy” rating and decreased their price target for the stock from $309.00 to $270.00 in a research note on Tuesday, October 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Avis Budget Group currently has a consensus rating of “Hold” and an average target price of $215.33.

Avis Budget Group Profile

(Get Rating)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.

See Also

Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

Receive News & Ratings for Avis Budget Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avis Budget Group and related companies with MarketBeat.com's FREE daily email newsletter.