M&T Bank Corp Increases Holdings in Planet Fitness, Inc.

M&T Bank Corp has raised its investment in Planet Fitness, Inc. (NYSE:PLNT – Free Report) by 2.6% during the third quarter, as revealed in its recent Form 13F filing with the Securities and Exchange Commission (SEC). Following the acquisition of an additional 124 shares, the bank now owns 4,947 shares of Planet Fitness. The total value of M&T Bank Corp's stake in Planet Fitness stood at approximately $402,000 at the close of the most recent quarter.

Several other institutional investors have also adjusted their positions in shares of Planet Fitness. Verdence Capital Advisors LLC boosted its holdings by 4.5% during the same quarter, bringing its total to 3,047 shares valued at $247,000 after purchasing an additional 132 shares. LRI Investments LLC made a more significant jump, increasing its position by 61.2% in the second quarter and now holds 403 shares worth $30,000 after acquiring an extra 153 shares. Additionally, Creative Planning raised its investment by 2.1% during the third quarter, owning 9,144 shares valued at $743,000 after investing in another 192 shares. The Louisiana State Employees Retirement System also made a small increase of 0.8%, owning 24,800 shares valued at $1,825,000 after buying 200 shares. Lastly, V Square Quantitative Management LLC elevated its position by 69.8%, owning 489 shares worth approximately $40,000 after adding 201 shares. Collectively, institutional investors and hedge funds hold about 95.53% of Planet Fitness's outstanding shares.

Recent Analyst Activity

Shares of Planet Fitness have recently attracted attention from analysts who have issued various ratings. Bank of America raised its target price for Planet Fitness shares from $95.00 to $100.00, assigning a “buy” rating on September 6th. Raymond James followed suit, increasing their price target from $92.00 to $110.00 and rating the stock as a “strong buy” on November 8th. Similarly, Macquarie reiterated a “neutral” rating and set a new target price of $99.00, up from $91.00, on the same day. Meanwhile, JPMorgan Chase & Co. lifted their target from $80.00 to $90.00, giving the shares an “overweight” rating. Robert W. Baird also increased their price target from $92.00 to $110.00 with an “outperform” rating. In total, five analysts have assigned a hold rating, eleven offered buy ratings, and one indicated a strong buy. MarketBeat reports that Planet Fitness now holds an average rating of “Moderate Buy” with an average price target of $94.00.

Planet Fitness Stock Performance

On the trading floor, shares of Planet Fitness, traded under the symbol NYSE PLNT, opened at $97.45. The stock has shown some volatility with a fifty-day moving average of $91.42 and a two-hundred-day average of $82.02. The total market capitalization of Planet Fitness is approximately $8.24 billion, with a price-to-earnings (PE) ratio of 52.39 and a price-to-earnings growth (PEG) ratio of 3.33. The company has experienced a one-year low of $54.35 and a high of $102.90.

Planet Fitness released its quarterly earnings on November 7th, reporting an earnings per share (EPS) of $0.64, which surpassed analyst expectations of $0.57 by $0.07. The company recorded a revenue of $292.20 million, exceeding the expected $283.79 million. Although Planet Fitness reflected a negative return on equity of 107.97%, it showed a net margin of 14.23%. Revenue for the quarter rose by 5.3% in comparison to the same period last year, marking an increase from the previous year's EPS of $0.59. Analysts predict that the company will record an EPS of 2.5 for the current year.

Insider Transactions

In other news regarding Planet Fitness, insider Jennifer Simmons executed a sale of 11,453 shares of the company on November 14th. These shares were sold at an average price of $96.20, resulting in a total sale value of approximately $1,101,778.60. After this sale, Simmons now holds 19,110 shares valued at around $1,838,382. This transaction represented a 37.47% decrease in her shareholding. This sale was disclosed to the SEC in a formal filing, which is publicly accessible. Insiders collectively own about 5.94% of Planet Fitness's shares.

Company Overview

Planet Fitness, Inc. operates, franchises, and runs fitness centers under the Planet Fitness brand. Its operations are divided into three segments: Franchise, Corporate-Owned Stores, and Equipment. The company engages in franchising activities across various locations, including the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.

investment, stocks, fitness