Bank of America Corp DE Makes New Investment in Privia Health Group, Inc. $PRVA

Key Points

• Bank of America initiated a position in Privia Health Group, purchasing 1.43 million shares worth approximately $36.8 million, or about 1.12% of the company. Institutional investors collectively own 94.48% of PRVA.
• Privia reported quarterly EPS of $0.19, exceeding estimates of $0.07, while revenue rose 21.4% year over year to $632.6 million. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $31.
• PRVA shares opened at $19.54, near their 12-month low of $19.42. Meanwhile, insiders sold 327,886 shares worth $8.6 million over the past 90 days, including sales by the CFO and a director under pre-arranged trading plans.

Bank of America Corp DE bought a new position in shares of Privia Health Group, Inc. (NASDAQ:PRVA - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 1,432,117 shares of the company's stock, valued at approximately $36,848,000. Bank of America Corp DE owned approximately 1.12% of Privia Health Group as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Privia Health Group in the second quarter valued at approximately $550,684,000. Rubicon Founders LLC bought a new stake in Privia Health Group during the 2nd quarter worth about $153,635,863. Van Berkom & Associates Inc. lifted its position in Privia Health Group by 5.4% during the 1st quarter. Van Berkom & Associates Inc. now owns 4,053,043 shares of the company's stock valued at $83,371,000 after purchasing an additional 208,787 shares during the period. Bank of New York Mellon Corp acquired a new position in Privia Health Group during the 2nd quarter valued at about $74,425,000. Finally, Geode Capital Management LLC boosted its stake in shares of Privia Health Group by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 2,814,290 shares of the company's stock valued at $66,738,000 after purchasing an additional 31,204 shares during the last quarter. 94.48% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CFO David Mountcastle sold 21,275 shares of the firm's stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $27.67, for a total transaction of $588,679.25. Following the completion of the transaction, the chief financial officer directly owned 164,853 shares of the company's stock, valued at $4,561,482.51. This trade represents a 11.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Morris sold 53,722 shares of Privia Health Group stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $27.24, for a total value of $1,463,387.28. Following the transaction, the director directly owned 68,188 shares in the company, valued at $1,857,441.12. The trade was a 44.07% 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. Insiders sold 327,886 shares of company stock valued at $8,628,256 over the last 90 days. 5.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

Privia Health Group Stock Down 1.6%

NASDAQ PRVA opened at $19.54 on Tuesday. The firm's 50 day moving average is $22.48 and its 200-day moving average is $22.96. The company has a market capitalization of $2.50 billion, a PE ratio of 93.05 and a beta of 0.87. Privia Health Group, Inc. has a 12-month low of $19.42 and a 12-month high of $28.82.

Privia Health Group (NASDAQ:PRVA - Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $632.63 million for the quarter, compared to analysts' expectations of $597.33 million. Privia Health Group had a return on equity of 3.52% and a net margin of 1.19%.The firm's revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 EPS. As a group, sell-side analysts expect that Privia Health Group, Inc. will post 0.27 EPS for the current year.

Privia Health Group Company Profile

Privia Health Group, Inc is a national physician enablement company that supports independent medical groups in delivering value-based care. Through its technology-enabled platform, the company provides administrative, clinical, and operational services designed to help physicians manage patient populations, improve care coordination, and participate in contracts with health plans and employers.

Privia's services include practice management, electronic health record and data analytics tools, revenue-cycle support, marketing, recruiting, and other nonclinical business functions.

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