Bank of New York Mellon Corp Purchases Shares of 2,892,536 Privia Health Group, Inc. $PRVA

Key Points

• Bank of New York Mellon acquired 2.89 million Privia Health shares worth approximately $74.4 million, giving it a 2.3% stake. Institutional investors collectively own 94.48% of the company.
• Privia Health reported quarterly EPS of $0.19, beating estimates of $0.07, while revenue rose 21.4% year over year to $632.63 million. The stock opened at $21.20, below its 52-week high of $28.82.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $31.00, although company insiders sold 327,886 shares worth $8.6 million over the past quarter.

Bank of New York Mellon Corp acquired a new stake in Privia Health Group, Inc. (NASDAQ:PRVA - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,892,536 shares of the company's stock, valued at approximately $74,425,000. Bank of New York Mellon Corp owned 2.30% of Privia Health Group as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in Privia Health Group by 14.0% in the 2nd quarter. GAMMA Investing LLC now owns 4,819 shares of the company's stock worth $124,000 after purchasing an additional 592 shares during the period. PNC Financial Services Group Inc. raised its stake in Privia Health Group by 8.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,361 shares of the company's stock valued at $213,000 after purchasing an additional 840 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Privia Health Group by 4.1% in the fourth quarter. ProShare Advisors LLC now owns 22,576 shares of the company's stock worth $535,000 after buying an additional 898 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Privia Health Group by 5.9% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 16,250 shares of the company's stock worth $385,000 after purchasing an additional 903 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its stake in Privia Health Group by 456.2% during the fourth quarter. Hantz Financial Services Inc. now owns 1,129 shares of the company's stock worth $27,000 after buying an additional 926 shares during the last quarter. Hedge funds and other institutional investors own 94.48% of the company's stock.

Privia Health Group Stock Up 0.9%

Privia Health Group stock opened at $21.20 on Wednesday. The firm has a market capitalization of $2.71 billion, a PE ratio of 100.96, a P/E/G ratio of 1.66 and a beta of 0.85. Privia Health Group, Inc. has a 52 week low of $19.53 and a 52 week high of $28.82. The firm's 50-day simple moving average is $24.50 and its 200 day simple moving average is $23.21.

Privia Health Group (NASDAQ:PRVA - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.12. Privia Health Group had a return on equity of 3.52% and a net margin of 1.19%.The business had revenue of $632.63 million for the quarter, compared to analyst estimates of $597.33 million. During the same quarter last year, the company earned $0.24 earnings per share. The business's revenue for the quarter was up 21.4% compared to the same quarter last year. On average, research analysts expect that Privia Health Group, Inc. will post 0.27 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Activity at Privia Health Group

In other news, Director Matthew Shawn Morris sold 53,722 shares of the 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 completion of the sale, the director owned 68,188 shares in the company, valued at approximately $1,857,441.12. This trade represents a 44.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Mountcastle sold 21,275 shares of the firm's stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $27.67, for a total transaction of $588,679.25. Following the sale, the chief financial officer directly owned 164,853 shares of the company's stock, valued at approximately $4,561,482.51. The trade was a 11.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 327,886 shares of company stock valued at $8,628,256. 5.70% of the stock is owned by insiders.

About Privia Health Group

Privia Health Group NASDAQ: PRVA is a physician enablement company that partners with independent physicians, medical groups and health systems to transform the delivery of patient care. Through a clinically integrated network and a proprietary technology platform, the company supports providers in managing population health, delivering coordinated care and optimizing financial performance under both fee-for-service and value-based reimbursement models.

Founded in 2016 and headquartered in McLean, Virginia, Privia Health has rapidly expanded its footprint to serve multiple metropolitan markets across the United States.

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