Bank of America Corp DE Purchases 243,552 Shares of Priority Technology Holdings, Inc. $PRTH

Key Points

• Bank of America acquired 243,552 shares of Priority Technology Holdings in the second quarter, worth approximately $1.62 million and representing about 0.30% of the company. Overall, institutional investors own 11.52% of PRTH.
• Priority Technology exceeded quarterly expectations, reporting earnings per share of $0.29 versus a $0.26 consensus estimate and revenue of $262.26 million versus $257.81 million expected.
• Analyst sentiment is cautious: two analysts rate PRTH a Buy and five rate it Hold, producing a consensus Hold rating and an average price target of $8.67.

Bank of America Corp DE acquired a new position in shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 243,552 shares of the company's stock, valued at approximately $1,624,000. Bank of America Corp DE owned about 0.30% of Priority Technology at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new position in Priority Technology in the second quarter worth about $111,000. The Manufacturers Life Insurance Company purchased a new position in shares of Priority Technology in the 2nd quarter worth approximately $69,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Priority Technology in the 2nd quarter worth approximately $121,000. Norwood Investment Partners LP bought a new position in shares of Priority Technology during the 2nd quarter worth approximately $3,615,140. Finally, Ieq Capital LLC bought a new position in shares of Priority Technology during the 2nd quarter worth approximately $177,000. Institutional investors own 11.52% of the company's stock.

Priority Technology Stock Down 0.3%

Shares of Priority Technology stock opened at $7.78 on Friday. The firm has a market capitalization of $641.38 million, a P/E ratio of 11.28 and a beta of 1.57. The company has a 50 day moving average price of $6.15 and a 200 day moving average price of $5.97. Priority Technology Holdings, Inc. has a 52 week low of $4.44 and a 52 week high of $7.91.

Priority Technology (NASDAQ:PRTH - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. The company had revenue of $262.26 million for the quarter, compared to the consensus estimate of $257.81 million. Priority Technology had a net margin of 5.61% and a negative return on equity of 104.91%. As a group, research analysts anticipate that Priority Technology Holdings, Inc. will post 1.23 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Priority Technology in a research note on Monday, September 21st. Zacks Research downgraded Priority Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Lake Street Capital lowered Priority Technology from a "buy" rating to a "hold" rating and decreased their price objective for the company from $13.00 to $8.05 in a report on Monday, September 21st. Wall Street Zen cut Priority Technology from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Finally, Alliance Global Partners downgraded Priority Technology from a "buy" rating to a "neutral" rating and set a $7.00 target price on the stock. in a research note on Thursday, August 6th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $8.67.

Priority Technology Profile

Priority Technology Holdings, Inc NASDAQ: PRTH is a payments technology company that provides commerce and payment-processing solutions to businesses, financial institutions and software providers. Its platform supports card payments, electronic payments and other transaction types, helping clients accept, manage and reconcile payments across in-person, online and business-to-business channels.

The company offers merchant acquiring and payment enablement services, including point-of-sale and e-commerce payment acceptance, payment gateway capabilities, automated clearing house (ACH) transactions, electronic invoicing and accounts-payable solutions.

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