Bank of America Corp DE Boosts Position in Porch Group, Inc. $PRCH

Key Points

• Bank of America increased its Porch Group stake by 34.8% in the first quarter, adding 94,033 shares to own 364,015 shares worth approximately $2.61 million. Institutional investors collectively own 48.48% of the company.
• Analysts maintain a generally positive outlook, with six Buy ratings, two Holds and one Sell rating. Porch Group has a consensus rating of “Moderate Buy” and an average price target of $18.79.
• Porch Group exceeded quarterly expectations, reporting adjusted EPS of $0.05 versus a projected loss of $0.03 and revenue of $131.81 million versus estimates of $122.30 million. CFO Shawn Tabak separately sold 25,000 shares under a pre-arranged Rule 10b5-1 plan.

Bank of America Corp DE boosted its stake in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 34.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 364,015 shares of the company's stock after buying an additional 94,033 shares during the quarter. Bank of America Corp DE owned approximately 0.29% of Porch Group worth $2,610,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company boosted its holdings in shares of Porch Group by 3.8% in the second quarter. The Manufacturers Life Insurance Company now owns 29,657 shares of the company's stock valued at $350,000 after purchasing an additional 1,090 shares during the period. Alliancebernstein L.P. raised its stake in Porch Group by 1.5% in the third quarter. Alliancebernstein L.P. now owns 80,410 shares of the company's stock worth $1,349,000 after buying an additional 1,200 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Porch Group by 9.4% in the 2nd quarter. Prudential Financial Inc. now owns 14,220 shares of the company's stock worth $168,000 after acquiring an additional 1,220 shares in the last quarter. Aster Capital Management DIFC Ltd raised its holdings in Porch Group by 97.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company's stock worth $27,000 after purchasing an additional 1,481 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in Porch Group by 444.8% during the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock valued at $31,000 after acquiring an additional 1,499 shares during the last quarter. 48.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Weiss Ratings upgraded Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, July 30th. Keefe, Bruyette & Woods increased their price target on shares of Porch Group from $16.25 to $16.50 and gave the stock a "market perform" rating in a report on Thursday, July 30th. Stephens began coverage on shares of Porch Group in a research report on Monday, May 4th. They set an "overweight" rating and a $12.00 price target for the company. Benchmark lifted their price objective on shares of Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Finally, B. Riley Financial lifted their price objective on shares of Porch Group from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.79.

Insider Transactions at Porch Group

In related news, CFO Shawn Tabak sold 25,000 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total transaction of $405,250.00. Following the sale, the chief financial officer directly owned 215,495 shares of the company's stock, valued at approximately $3,493,173.95. This represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 27.78% of the company's stock.

Porch Group Stock Down 2.4%

Shares of PRCH stock opened at $16.99 on Tuesday. The stock has a 50 day moving average of $14.99 and a 200 day moving average of $10.97. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. The stock has a market cap of $2.24 billion, a P/E ratio of -141.58 and a beta of 3.15. Porch Group, Inc. has a twelve month low of $6.36 and a twelve month high of $19.44.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.08. The business had revenue of $131.81 million for the quarter, compared to analyst estimates of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. As a group, sell-side analysts expect that Porch Group, Inc. will post -0.09 EPS for the current year.

About Porch Group

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company's platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.

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