M&T Bank Corp Invests $124,000 in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)

M&T Bank Corp purchased a new stake in CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,214 shares of the company’s stock, valued at approximately $124,000.

A number of other hedge funds have also bought and sold shares of CCCS. Advisors Asset Management Inc. raised its holdings in CCC Intelligent Solutions by 153.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,859 shares of the company’s stock valued at $32,000 after acquiring an additional 1,729 shares in the last quarter. Huntington National Bank raised its stake in CCC Intelligent Solutions by 37.6% in the third quarter. Huntington National Bank now owns 5,852 shares of the company’s stock valued at $65,000 after purchasing an additional 1,599 shares in the last quarter. Marco Investment Management LLC bought a new stake in CCC Intelligent Solutions during the third quarter worth about $113,000. KBC Group NV grew its stake in CCC Intelligent Solutions by 81.7% during the third quarter. KBC Group NV now owns 10,314 shares of the company’s stock worth $114,000 after buying an additional 4,637 shares in the last quarter. Finally, Quarry LP increased its holdings in CCC Intelligent Solutions by 304.0% in the 2nd quarter. Quarry LP now owns 11,219 shares of the company’s stock valued at $125,000 after buying an additional 8,442 shares during the period. 95.79% of the stock is owned by institutional investors.

CCC Intelligent Solutions Stock Up 2.2 %

Shares of NYSE CCCS opened at $12.05 on Friday. The company has a 50 day simple moving average of $11.73 and a 200 day simple moving average of $11.20. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.19 and a quick ratio of 3.19. CCC Intelligent Solutions Holdings Inc. has a 1 year low of $9.79 and a 1 year high of $12.88. The firm has a market cap of $7.54 billion, a PE ratio of 602.80, a price-to-earnings-growth ratio of 6.80 and a beta of 0.71.

CCC Intelligent Solutions (NYSE:CCCS) last issued its quarterly earnings results on Monday, October 28th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $238.48 million for the quarter, compared to analyst estimates of $237.41 million. CCC Intelligent Solutions had a net margin of 5.02% and a return on equity of 5.35%. CCC Intelligent Solutions’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.03 earnings per share. On average, research analysts forecast that CCC Intelligent Solutions Holdings Inc. will post 0.17 EPS for the current year.

CCC Intelligent Solutions announced that its board has approved a stock buyback plan on Friday, December 20th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to buy up to 4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at CCC Intelligent Solutions

In related news, CAO Rodney Christo sold 9,916 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $12.67, for a total transaction of $125,635.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Githesh Ramamurthy sold 9,348 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $11.50, for a total value of $107,502.00. Following the completion of the sale, the insider now owns 4,798,040 shares of the company’s stock, valued at approximately $55,177,460. This represents a 0.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 443,153 shares of company stock valued at $5,390,863. 6.67% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CCCS shares. Morgan Stanley raised shares of CCC Intelligent Solutions from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $14.00 to $15.00 in a report on Wednesday, November 13th. Barrington Research reaffirmed an “outperform” rating and issued a $14.00 target price on shares of CCC Intelligent Solutions in a report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their price target on CCC Intelligent Solutions from $13.00 to $14.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Barclays reduced their price objective on CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 29th. Finally, Piper Sandler reissued a “neutral” rating and set a $13.00 target price on shares of CCC Intelligent Solutions in a research note on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $13.89.

About CCC Intelligent Solutions

CCC Intelligent Solutions Holdings Inc, operates as a software as a service company for the property and casualty insurance economy in the United States and China. The company's cloud-based software as a service platform connects trading partners, facilitates commerce, and supports mission-critical, artificial intelligence enabled digital workflow across the insurance economy, including insurers, repairers, automakers, parts suppliers, lenders and more.