Comerica Bank Purchases New Shares in Switch, Inc. (NYSE:SWCH)

Posted by MarketBeat News on Aug 1st, 2022

Comerica Bank purchased a new position in shares of Switch, Inc. (NYSE:SWCH – Get Rating) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,887 shares of the company’s stock, valued at approximately $218,000.

Other large investors have also modified their holdings of the company. Reinhart Partners Inc. raised its holdings in Switch by 2.4% in the 1st quarter. Reinhart Partners Inc. now owns 1,168,227 shares of the company’s stock valued at $36,005,000 after acquiring an additional 27,666 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its position in Switch by 415.1% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 192,715 shares of the company’s stock worth $5,519,000 after purchasing an additional 155,304 shares during the period. American Century Companies Inc. purchased a new stake in Switch during the 4th quarter worth $33,440,000. Elliott Investment Management L.P. purchased a new stake in Switch during the 4th quarter worth $165,682,000. Finally, Wetherby Asset Management Inc. boosted its position in Switch by 21.3% during the 4th quarter. Wetherby Asset Management Inc. now owns 13,362 shares of the company’s stock worth $383,000 after purchasing an additional 2,343 shares during the period. 51.25% of the stock is owned by hedge funds and other institutional investors.

Switch Trading Down 0.2 %

NYSE:SWCH opened at $33.81 on Monday. Switch, Inc. has a 12-month low of $20.15 and a 12-month high of $33.95. The firm has a market capitalization of $8.27 billion, a P/E ratio of 845.46 and a beta of 0.68. The company has a debt-to-equity ratio of 2.83, a current ratio of 0.52 and a quick ratio of 0.52. The business has a 50 day simple moving average of $33.56 and a 200 day simple moving average of $30.28.

Switch (NYSE:SWCH – Get Rating) last announced its quarterly earnings results on Tuesday, May 10th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). Switch had a return on equity of 2.81% and a net margin of 1.05%. The business had revenue of $164.60 million for the quarter, compared to analyst estimates of $163.82 million. During the same quarter last year, the firm posted $0.08 EPS. The company’s revenue was up 25.7% compared to the same quarter last year. Equities research analysts predict that Switch, Inc. will post 0.19 EPS for the current year.

Switch Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 6th. Shareholders of record on Tuesday, May 24th were given a dividend of $0.0525 per share. This represents a $0.21 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date was Monday, May 23rd. This is a positive change from Switch’s previous quarterly dividend of $0.05. Switch’s payout ratio is 525.13%.

Analyst Upgrades and Downgrades

SWCH has been the subject of a number of research reports. Berenberg Bank cut shares of Switch from a “buy” rating to a “hold” rating and set a $34.25 price target for the company. in a research report on Tuesday, May 24th. Jefferies Financial Group cut shares of Switch from a “buy” rating to a “hold” rating in a research report on Wednesday, May 11th. Credit Suisse Group lowered shares of Switch to a “neutral” rating in a report on Monday, May 16th. Raymond James lowered shares of Switch from a “strong-buy” rating to a “market perform” rating in a report on Monday, May 16th. Finally, Barclays lowered shares of Switch from an “overweight” rating to an “equal weight” rating in a report on Friday, May 13th. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Switch has a consensus rating of “Hold” and a consensus price target of $30.48.

Insiders Place Their Bets

In other Switch news, Director Thomas A. Thomas sold 40,000 shares of the business’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $33.46, for a total transaction of $1,338,400.00. Following the completion of the transaction, the director now owns 3,118,397 shares in the company, valued at approximately $104,341,563.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 120,000 shares of company stock worth $4,014,000. 14.00% of the stock is owned by company insiders.

Switch Company Profile

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Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services. It develops and operates data centers in Nevada, Michigan, and Georgia. The company serves technology and digital media companies, financial institutions, government agencies, and network and telecommunications providers, as well as cloud, IT, and software providers.