Lord Abbett & CO. LLC Sells 652,341 Shares of Verra Mobility Co. (NASDAQ:VRRM)

Lord Abbett & CO. LLC cut its holdings in Verra Mobility Co. (NASDAQ:VRRM - Free Report) by 35.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,203,662 shares of the company's stock after selling 652,341 shares during the period. Lord Abbett & CO. LLC owned approximately 0.73% of Verra Mobility worth $33,474,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. SG Americas Securities LLC boosted its position in Verra Mobility by 459.0% in the second quarter. SG Americas Securities LLC now owns 27,139 shares of the company's stock valued at $738,000 after buying an additional 22,284 shares in the last quarter. Fifth Third Bancorp increased its position in Verra Mobility by 713.5% in the 2nd quarter. Fifth Third Bancorp now owns 3,124 shares of the company's stock valued at $85,000 after acquiring an additional 2,740 shares during the period. Louisiana State Employees Retirement System raised its stake in shares of Verra Mobility by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 83,800 shares of the company's stock valued at $2,279,000 after acquiring an additional 1,400 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Verra Mobility by 9.2% during the second quarter. Bank of New York Mellon Corp now owns 1,233,141 shares of the company's stock worth $33,541,000 after purchasing an additional 104,267 shares during the period. Finally, RiverPark Advisors LLC grew its stake in shares of Verra Mobility by 9.6% in the second quarter. RiverPark Advisors LLC now owns 18,575 shares of the company's stock worth $505,000 after purchasing an additional 1,629 shares during the last quarter.

Analysts Set New Price Targets

VRRM has been the topic of a number of analyst reports. Morgan Stanley reduced their price target on Verra Mobility from $26.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Verra Mobility from $31.00 to $29.00 and set a "buy" rating on the stock in a report on Friday, November 1st. Finally, Robert W. Baird decreased their target price on shares of Verra Mobility from $29.00 to $28.00 and set a "neutral" rating for the company in a research report on Friday, November 1st.

Verra Mobility Stock Performance

NASDAQ VRRM traded down $0.22 during trading hours on Friday, reaching $23.79. 1,094,506 shares of the company were exchanged, compared to its average volume of 1,093,353. The company has a quick ratio of 2.52, a current ratio of 2.61 and a debt-to-equity ratio of 2.13. The stock has a market capitalization of $3.92 billion, a P/E ratio of 39.65, a P/E/G ratio of 2.12 and a beta of 1.23. Verra Mobility Co. has a 1 year low of $20.26 and a 1 year high of $31.03. The business's 50 day simple moving average is $24.76 and its 200-day simple moving average is $26.63.

Verra Mobility (NASDAQ:VRRM - Get Free Report) last issued its earnings results on Thursday, October 31st. The company reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. Verra Mobility had a return on equity of 38.97% and a net margin of 11.64%. The firm had revenue of $225.55 million for the quarter, compared to analyst estimates of $226.65 million. During the same period in the previous year, the company posted $0.27 earnings per share. The business's revenue was up 7.4% on a year-over-year basis. On average, equities research analysts expect that Verra Mobility Co. will post 1.08 earnings per share for the current year.

About Verra Mobility

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.