Bank of America Corp DE Sells 207,133 Shares of Priority Technology Holdings, Inc. $PRTH

Key Points

• Bank of America cut its Priority Technology stake by 49.7%, selling 207,133 shares and retaining 209,216 shares worth approximately $987,000. Institutional investors collectively own 11.52% of the company.
• Analyst sentiment is mostly neutral: the stock has an average “Hold” rating, with four Holds and two Buys, while the consensus price target is $8.50. Keefe, Bruyette & Woods lowered its target from $7.50 to $6.50.
• Priority Technology beat quarterly expectations, reporting $0.29 in EPS versus a $0.26 estimate and revenue of $262.26 million versus $257.81 million expected. Shares opened at $5.55, compared with a 52-week range of $4.44 to $7.97.

Bank of America Corp DE lowered its holdings in Priority Technology Holdings, Inc. (NASDAQ:PRTH - Free Report) by 49.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 209,216 shares of the company's stock after selling 207,133 shares during the period. Bank of America Corp DE owned about 0.25% of Priority Technology worth $987,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. FourWorld Capital Management LLC boosted its holdings in shares of Priority Technology by 330.0% in the 1st quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company's stock worth $7,476,000 after buying an additional 1,215,583 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in Priority Technology during the fourth quarter worth about $584,000. Norwood Investment Partners LP purchased a new stake in Priority Technology during the fourth quarter worth about $3,433,000. Potomac Capital Management Inc. bought a new stake in Priority Technology in the fourth quarter worth about $539,000. Finally, Raymond James Financial Inc. bought a new stake in Priority Technology in the second quarter worth about $29,000. Institutional investors own 11.52% of the company's stock.

Analysts Set New Price Targets

PRTH has been the subject of a number of research reports. Keefe, Bruyette & Woods reduced their target price on shares of Priority Technology from $7.50 to $6.50 and set a "market perform" rating for the company in a research report on Friday, August 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Priority Technology in a report on Wednesday, June 24th. Wall Street Zen downgraded Priority Technology from a "buy" rating to a "hold" rating in a research note on Sunday, August 9th. Zacks Research lowered Priority Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. Finally, Alliance Global Partners downgraded Priority Technology from a "buy" rating to a "neutral" rating and set a $7.00 target price for the company. in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $8.50.

Priority Technology Price Performance

NASDAQ:PRTH opened at $5.55 on Friday. Priority Technology Holdings, Inc. has a 1 year low of $4.44 and a 1 year high of $7.97. The stock's fifty day moving average price is $6.20 and its two-hundred day moving average price is $5.80. The company has a market cap of $457.54 million, a P/E ratio of 8.04 and a beta of 1.55.

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

Priority Technology Profile

Priority Technology Acquisition Corp is a special purpose acquisition company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization or similar business combination with one or more businesses in the technology sector. As a blank-check company, it does not conduct any operations of its own and holds the proceeds from its initial public offering in a trust account pending the identification and completion of a business combination.

The company’s management team is focused on evaluating target businesses that offer scalable technology products or services, including software, digital platforms and related infrastructure.

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