Bank of New York Mellon Corp Makes New $11.93 Million Investment in Progyny, Inc. $PGNY

Key Points

• Bank of New York Mellon acquired 413,885 Progyny shares worth approximately $11.93 million, representing about 0.53% of the company. Institutional investors collectively own 94.93% of Progyny.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $33.91; BTIG recently raised its target to $40.
• Progyny exceeded quarterly expectations, reporting $0.55 in EPS versus a $0.33 estimate and $350.51 million in revenue. The company also authorized a $200 million share-repurchase program covering up to 10.3% of outstanding shares.

Bank of New York Mellon Corp acquired a new stake in Progyny, Inc. (NASDAQ:PGNY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 413,885 shares of the company's stock, valued at approximately $11,932,000. Bank of New York Mellon Corp owned approximately 0.53% of Progyny as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new stake in Progyny during the 4th quarter valued at $25,000. Hantz Financial Services Inc. lifted its holdings in Progyny by 79.4% in the 4th quarter. Hantz Financial Services Inc. now owns 1,676 shares of the company's stock worth $43,000 after buying an additional 742 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Progyny in the 2nd quarter valued at about $77,000. Quarry LP boosted its position in Progyny by 2,004.1% in the 3rd quarter. Quarry LP now owns 3,598 shares of the company's stock valued at $77,000 after buying an additional 3,427 shares during the last quarter. Finally, New Age Alpha Advisors LLC acquired a new stake in Progyny during the 4th quarter valued at approximately $94,000. Hedge funds and other institutional investors own 94.93% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PGNY. Weiss Ratings cut shares of Progyny from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday. BTIG Research boosted their target price on shares of Progyny from $30.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Citizens Jmp upped their target price on shares of Progyny from $30.00 to $31.00 and gave the company a "market outperform" rating in a research note on Monday, May 11th. Zacks Research raised shares of Progyny from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 8th. Finally, Citigroup reiterated an "outperform" rating on shares of Progyny in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $33.91.

Insider Buying and Selling at Progyny

In other news, CFO Mark S. Livingston sold 2,517 shares of Progyny stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $25.50, for a total transaction of $64,183.50. Following the sale, the chief financial officer owned 74,688 shares of the company's stock, valued at approximately $1,904,544. The trade was a 3.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 9.90% of the company's stock.

Progyny Price Performance

Shares of NASDAQ PGNY opened at $25.66 on Wednesday. Progyny, Inc. has a 1-year low of $16.10 and a 1-year high of $33.06. The business's fifty day moving average price is $29.04 and its two-hundred day moving average price is $23.70. The firm has a market capitalization of $1.97 billion, a PE ratio of 27.89, a P/E/G ratio of 1.77 and a beta of 1.01.

Progyny (NASDAQ:PGNY - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.22. Progyny had a net margin of 6.00% and a return on equity of 15.98%. The company had revenue of $350.51 million during the quarter, compared to the consensus estimate of $349.05 million. During the same quarter in the previous year, the company posted $0.19 earnings per share. The company's revenue for the quarter was up 5.3% compared to the same quarter last year. Progyny has set its Q3 2026 guidance at 0.500-0.520 EPS and its FY 2026 guidance at 2.040-2.100 EPS. Equities research analysts expect that Progyny, Inc. will post 1.25 earnings per share for the current fiscal year.

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

About Progyny

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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