Bank of America Corp DE Grows Stake in Progyny, Inc. $PGNY

Key Points

• Bank of America increased its Progyny stake by 75.3% in the first quarter, adding 511,609 shares to own 1.19 million shares valued at approximately $20.2 million. Institutional investors collectively own 94.93% of the company.
• Progyny reported quarterly EPS of $0.55, exceeding the $0.33 analyst consensus, while revenue reached $350.51 million and rose 5.3% year over year. The company also authorized a $200 million share-repurchase program covering up to 10.3% of outstanding shares.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $34.10 target price versus the stock’s recent $25.71 price. Recent targets range from $30 to $38, although one director and one executive vice president sold shares.

Bank of America Corp DE boosted its stake in shares of Progyny, Inc. (NASDAQ:PGNY - Free Report) by 75.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,190,996 shares of the company's stock after acquiring an additional 511,609 shares during the quarter. Bank of America Corp DE owned about 1.52% of Progyny worth $20,223,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its stake in Progyny by 0.7% during the second quarter. California State Teachers Retirement System now owns 70,421 shares of the company's stock worth $1,549,000 after buying an additional 457 shares during the period. Teza Capital Management LLC increased its position in Progyny by 5.4% during the second quarter. Teza Capital Management LLC now owns 10,068 shares of the company's stock valued at $221,000 after acquiring an additional 516 shares during the last quarter. Aristides Capital LLC raised its stake in shares of Progyny by 4.6% in the third quarter. Aristides Capital LLC now owns 11,938 shares of the company's stock valued at $257,000 after acquiring an additional 528 shares during the period. Oxford Asset Management LLP raised its stake in shares of Progyny by 4.3% in the second quarter. Oxford Asset Management LLP now owns 12,918 shares of the company's stock valued at $284,000 after acquiring an additional 531 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Progyny by 3.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 19,202 shares of the company's stock worth $493,000 after acquiring an additional 637 shares during the last quarter. 94.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Kevin K. Gordon sold 5,500 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $24.99, for a total transaction of $137,445.00. Following the transaction, the director directly owned 9,318 shares in the company, valued at approximately $232,856.82. This trade represents a 37.12% 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. Also, EVP Allison Swartz sold 1,199 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $25.02, for a total transaction of $29,998.98. Following the completion of the transaction, the executive vice president directly owned 83,316 shares of the company's stock, valued at $2,084,566.32. This trade represents a 1.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 19,063 shares of company stock valued at $489,413. 9.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on PGNY. KeyCorp upped their price target on shares of Progyny from $30.00 to $35.00 and gave the company an "overweight" rating in a report on Monday, July 13th. Barclays decreased their price objective on shares of Progyny from $34.00 to $30.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 12th. Truist Financial boosted their target price on Progyny from $33.00 to $36.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. Weiss Ratings raised Progyny from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 13th. Finally, Leerink Partners set a $38.00 price target on Progyny in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.10.

Progyny Trading Up 1.5%

Shares of PGNY stock opened at $25.71 on Wednesday. Progyny, Inc. has a twelve month low of $16.10 and a twelve month high of $33.06. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of 27.95, a P/E/G ratio of 1.91 and a beta of 1.01. The stock has a fifty day simple moving average of $29.15 and a two-hundred day simple moving average of $23.48.

Progyny (NASDAQ:PGNY - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.22. The business had revenue of $350.51 million for the quarter, compared to the consensus estimate of $349.05 million. Progyny had a return on equity of 15.98% and a net margin of 6.00%.The business's revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.19 EPS. Progyny has set its Q3 2026 guidance at 0.500-0.520 EPS and its FY 2026 guidance at 2.040-2.100 EPS. Research analysts predict that Progyny, Inc. will post 1.19 EPS for the current fiscal year.

Progyny announced that its Board of Directors has authorized a share repurchase program on Tuesday, May 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 10.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Progyny Profile

Progyny, Inc is a New York-based fertility benefits management company that partners with employers and health plans to design and administer comprehensive family-building programs. The company's digital health platform integrates clinical expertise, patient support tools and data analytics to help members navigate fertility treatments, from in vitro fertilization (IVF) and egg freezing to surrogacy and adoption. By focusing on outcomes-based care, Progyny aims to improve success rates while controlling costs for its clients.

The core of Progyny's offering is its proprietary Smart Cycle® benefit, which bundles clinical, emotional and logistical support into a single package.

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