Bank of America Corp DE Has $16.45 Million Stake in Concentra Group Holdings Parent, Inc. $CON

Key Points

• Bank of America cut its Concentra stake by 39.7% in the first quarter, selling 504,358 shares and retaining 767,093 shares valued at $16.45 million, or 0.60% of the company.
• Concentra reported quarterly results above expectations, with earnings of $0.52 per share versus the $0.42 consensus and revenue of $606.03 million, up 10% year over year. Analysts maintain a “Moderate Buy” consensus and a $37 average price target.
• The stock traded near its 12-month high at $34.95 and the company declared a quarterly dividend of $0.0625 per share, representing a 0.7% yield. Meanwhile, insiders have sold 390,000 shares worth $11.35 million over the past three months.

Bank of America Corp DE decreased its stake in Concentra Group Holdings Parent, Inc. (NYSE:CON - Free Report) by 39.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 767,093 shares of the company's stock after selling 504,358 shares during the period. Bank of America Corp DE owned 0.60% of Concentra Group Holdings Parent worth $16,454,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Concentra Group Holdings Parent in the 4th quarter valued at approximately $43,404,000. Woodline Partners LP raised its position in Concentra Group Holdings Parent by 142.7% during the third quarter. Woodline Partners LP now owns 2,746,505 shares of the company's stock worth $57,484,000 after acquiring an additional 1,614,988 shares in the last quarter. Jennison Associates LLC raised its position in Concentra Group Holdings Parent by 195.8% during the first quarter. Jennison Associates LLC now owns 2,172,291 shares of the company's stock worth $46,596,000 after acquiring an additional 1,437,912 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Concentra Group Holdings Parent by 38.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,577,610 shares of the company's stock worth $31,047,000 after acquiring an additional 436,212 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Concentra Group Holdings Parent by 48.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,329,498 shares of the company's stock valued at $28,850,000 after acquiring an additional 434,503 shares during the last quarter.

Concentra Group Holdings Parent Trading Up 0.5%

Shares of NYSE:CON opened at $34.95 on Friday. Concentra Group Holdings Parent, Inc. has a 12-month low of $18.55 and a 12-month high of $35.90. The business has a 50 day moving average of $31.43 and a 200-day moving average of $26.26. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 3.22. The stock has a market cap of $4.46 billion, a PE ratio of 22.55, a P/E/G ratio of 1.30 and a beta of 0.62.

Concentra Group Holdings Parent (NYSE:CON - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.10. Concentra Group Holdings Parent had a return on equity of 47.81% and a net margin of 8.69%.The business had revenue of $606.03 million during the quarter, compared to analysts' expectations of $591.75 million. During the same period last year, the firm posted $0.37 EPS. The firm's revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, equities research analysts forecast that Concentra Group Holdings Parent, Inc. will post 1.6 earnings per share for the current year.

Concentra Group Holdings Parent Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Thursday, August 20th will be issued a dividend of $0.0625 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.25 annualized dividend and a dividend yield of 0.7%. Concentra Group Holdings Parent's dividend payout ratio (DPR) is currently 16.13%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CON. Truist Financial boosted their price target on Concentra Group Holdings Parent from $37.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. William Blair assumed coverage on Concentra Group Holdings Parent in a research report on Wednesday, July 1st. They issued an "outperform" rating for the company. Royal Bank Of Canada boosted their target price on Concentra Group Holdings Parent from $36.00 to $42.00 and gave the stock an "outperform" rating in a report on Monday, August 10th. Wells Fargo & Company increased their price target on Concentra Group Holdings Parent from $28.00 to $40.00 and gave the company an "overweight" rating in a research note on Tuesday, August 11th. Finally, The Goldman Sachs Group initiated coverage on Concentra Group Holdings Parent in a report on Friday, June 5th. They set a "buy" rating and a $30.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $37.00.

Insider Buying and Selling at Concentra Group Holdings Parent

In other news, Director Robert A. Ortenzio sold 130,000 shares of Concentra Group Holdings Parent stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $31.84, for a total value of $4,139,200.00. Following the completion of the sale, the director directly owned 503,455 shares in the company, valued at approximately $16,030,007.20. The trade was a 20.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 390,000 shares of company stock valued at $11,354,200 in the last three months. 8.10% of the stock is currently owned by insiders.

Concentra Group Holdings Parent Company Profile

Concentra Group Holdings Parent NYSE: CON is a Canada-based financial services holding company that specializes in serving Canadian credit unions and their members. Through its operating subsidiaries, the group provides wholesale funding, lending solutions and investment management services tailored to the unique needs of cooperative financial institutions. Concentra’s broad suite of offerings includes trust and custody services, mortgage investment products and equipment financing, all designed to support credit-union growth and stability.

In addition to wholesale funding and lending, Concentra Group Holdings Parent distributes life and general insurance products through affiliated insurance brokers and credit-union channels.

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