Bank of America Corp DE Cuts Holdings in Privia Health Group, Inc. $PRVA

Key Points

• Bank of America reduced its Privia Health stake by 11.1% in the first quarter, selling 157,580 shares and retaining 1.26 million shares worth approximately $25.8 million. Institutional investors collectively own 94.48% of the company.
• Privia Health reported quarterly EPS of $0.19, exceeding the $0.07 consensus estimate, while revenue rose 21.4% year over year to $632.6 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $31.
• Company insiders sold 327,886 shares worth approximately $8.6 million over the past three months, including transactions by a director and the CFO conducted under pre-arranged trading plans.

Bank of America Corp DE lowered its position in Privia Health Group, Inc. (NASDAQ:PRVA - Free Report) by 11.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,256,178 shares of the company's stock after selling 157,580 shares during the quarter. Bank of America Corp DE owned 1.00% of Privia Health Group worth $25,840,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Bayban purchased a new stake in shares of Privia Health Group during the 4th quarter worth about $26,000. Hantz Financial Services Inc. raised its stake in shares of Privia Health Group by 456.2% in the 4th quarter. Hantz Financial Services Inc. now owns 1,129 shares of the company's stock valued at $27,000 after acquiring an additional 926 shares during the period. Global Retirement Partners LLC raised its stake in shares of Privia Health Group by 579.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,584 shares of the company's stock valued at $38,000 after acquiring an additional 1,351 shares during the period. Canada Pension Plan Investment Board lifted its holdings in shares of Privia Health Group by 48.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 3,700 shares of the company's stock valued at $85,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in shares of Privia Health Group during the 4th quarter valued at $93,000. Hedge funds and other institutional investors own 94.48% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on PRVA. Citigroup reissued a "buy" rating on shares of Privia Health Group in a research report on Thursday, July 23rd. Zacks Research upgraded Privia Health Group from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 5th. Barclays dropped their target price on Privia Health Group from $25.00 to $24.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 26th. Weiss Ratings upgraded Privia Health Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, July 2nd. Finally, Canaccord Genuity Group set a $32.00 price objective on shares of Privia Health Group in a research report on Friday, August 7th. Eleven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $31.00.

Privia Health Group Stock Performance

NASDAQ:PRVA opened at $21.50 on Tuesday. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 102.39, a price-to-earnings-growth ratio of 1.77 and a beta of 0.85. Privia Health Group, Inc. has a one year low of $19.53 and a one year high of $28.82. The business's 50-day simple moving average is $24.71 and its 200 day simple moving average is $23.27.

Privia Health Group (NASDAQ:PRVA - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.12. Privia Health Group had a return on equity of 3.52% and a net margin of 1.19%.The firm had revenue of $632.63 million during the quarter, compared to analyst estimates of $597.33 million. During the same quarter last year, the firm earned $0.24 EPS. Privia Health Group's quarterly revenue was up 21.4% on a year-over-year basis. On average, equities research analysts predict that Privia Health Group, Inc. will post 0.26 EPS for the current year.

Insider Buying and Selling at Privia Health Group

In related news, Director Matthew Shawn Morris sold 88,110 shares of Privia Health Group stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $25.33, for a total value of $2,231,826.30. Following the completion of the transaction, the director directly owned 76,651 shares in the company, valued at approximately $1,941,569.83. This trade represents a 53.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Mountcastle sold 24,734 shares of the business's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $27.50, for a total value of $680,185.00. Following the completion of the sale, the chief financial officer directly owned 186,728 shares of the company's stock, valued at approximately $5,135,020. This represents a 11.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 327,886 shares of company stock valued at $8,628,256. 5.70% of the stock is owned by company insiders.

About Privia Health Group

Privia Health Group NASDAQ: PRVA is a physician enablement company that partners with independent physicians, medical groups and health systems to transform the delivery of patient care. Through a clinically integrated network and a proprietary technology platform, the company supports providers in managing population health, delivering coordinated care and optimizing financial performance under both fee-for-service and value-based reimbursement models.

Founded in 2016 and headquartered in McLean, Virginia, Privia Health has rapidly expanded its footprint to serve multiple metropolitan markets across the United States.

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