M&T Bank Corp Raises Stake in Select Medical Holdings Corporation (NYSE:SEM)

M&T Bank Corp grew its stake in shares of Select Medical Holdings Corporation (NYSE:SEM) by 5.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 36,629 shares of the health services provider’s stock after purchasing an additional 1,996 shares during the period. M&T Bank Corp’s holdings in Select Medical were worth $612,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in SEM. SG Americas Securities LLC boosted its position in shares of Select Medical by 151.0% in the 1st quarter. SG Americas Securities LLC now owns 37,684 shares of the health services provider’s stock worth $629,000 after buying an additional 22,671 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Select Medical by 47.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 24,450 shares of the health services provider’s stock worth $403,000 after buying an additional 7,871 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Select Medical in the 1st quarter worth about $416,000. GAMMA Investing LLC boosted its position in shares of Select Medical by 217.4% in the 1st quarter. GAMMA Investing LLC now owns 6,501 shares of the health services provider’s stock worth $109,000 after buying an additional 4,453 shares in the last quarter. Finally, Ritholtz Wealth Management purchased a new stake in shares of Select Medical in the 1st quarter worth about $460,000. 89.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Royal Bank Of Canada decreased their price objective on shares of Select Medical from $23.00 to $19.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Mizuho started coverage on shares of Select Medical in a research note on Wednesday, April 16th. They issued an “outperform” rating and a $25.00 target price for the company. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.00.

Insider Activity

In other Select Medical news, Director Parvinderjit S. Khanuja bought 21,000 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The stock was purchased at an average price of $15.02 per share, with a total value of $315,420.00. Following the transaction, the director owned 65,089 shares in the company, valued at $977,636.78. This trade represents a 47.63% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO David S. Chernow sold 225,000 shares of the stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $18.00, for a total transaction of $4,050,000.00. Following the sale, the chief executive officer directly owned 714,516 shares of the company’s stock, valued at approximately $12,861,288. This trade represents a 23.95% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 11.60% of the company’s stock.

Select Medical Trading Down 2.1%

Shares of SEM stock opened at $14.61 on Wednesday. The firm has a market cap of $1.88 billion, a P/E ratio of 10.90, a PEG ratio of 0.79 and a beta of 1.32. Select Medical Holdings Corporation has a 1-year low of $14.03 and a 1-year high of $40.98. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.16 and a quick ratio of 1.16. The firm’s 50-day simple moving average is $15.01 and its 200-day simple moving average is $16.86.

Select Medical (NYSE:SEM) last announced its quarterly earnings data on Thursday, May 1st. The health services provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.01). The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Select Medical had a return on equity of 11.04% and a net margin of 2.81%. The company’s revenue was down 24.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.75 earnings per share. As a group, equities analysts forecast that Select Medical Holdings Corporation will post 1.17 EPS for the current year.

Select Medical Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th were issued a dividend of $0.0625 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.25 annualized dividend and a dividend yield of 1.71%. Select Medical’s payout ratio is currently 18.66%.

Select Medical announced that its Board of Directors has authorized a share buyback program on Thursday, May 1st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the health services provider to repurchase up to 42.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

About Select Medical

Select Medical Holdings Corporation, through its subsidiaries, operates critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the United States. It operates in four segments: Critical Illness Recovery Hospital, Rehabilitation Hospital, Outpatient Rehabilitation, and Concentra.