Moody National Bank Trust Division Has $7.15 Million Stock Position in Porch Group, Inc. $PRCH

Key Points

• Moody National Bank Trust Division increased its holdings in Porch Group, Inc. by 10.4%, acquiring an additional 57,144 shares during the 2nd quarter, which now represents 0.7% of its investment portfolio.
• Porch Group's quarterly earnings show that it reported $0.03 earnings per share, significantly beating the consensus estimate of ($0.13), with revenue of $119.30 million for the quarter.
• Several research analysts have recently set new target prices for Porch Group stock, with Goldman Sachs issuing a "buy" rating and a $21.00 price objective, while others have given an average price target of $15.67.

Moody National Bank Trust Division lifted its holdings in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 10.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 606,046 shares of the company's stock after acquiring an additional 57,144 shares during the period. Porch Group accounts for approximately 0.7% of Moody National Bank Trust Division's holdings, making the stock its 27th biggest holding. Moody National Bank Trust Division owned 0.50% of Porch Group worth $7,145,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRCH. Rhumbline Advisers increased its position in shares of Porch Group by 28.7% during the first quarter. Rhumbline Advisers now owns 99,436 shares of the company's stock worth $725,000 after acquiring an additional 22,159 shares during the period. Acadian Asset Management LLC lifted its stake in shares of Porch Group by 92.5% during the first quarter. Acadian Asset Management LLC now owns 1,619,752 shares of the company's stock worth $11,800,000 after buying an additional 778,240 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Porch Group by 2.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company's stock worth $8,464,000 after buying an additional 26,119 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Porch Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company's stock worth $352,000 after buying an additional 2,002 shares during the period. Finally, Bosun Asset Management LLC acquired a new position in Porch Group during the first quarter valued at $209,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Porch Group

In related news, COO Matthew Neagle sold 55,000 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $18.69, for a total value of $1,027,950.00. Following the completion of the transaction, the chief operating officer directly owned 999,784 shares in the company, valued at approximately $18,685,962.96. The trade was a 5.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amanda L. Reierson sold 50,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $17.67, for a total value of $883,500.00. Following the completion of the transaction, the director owned 151,375 shares of the company's stock, valued at $2,674,796.25. This represents a 24.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 170,000 shares of company stock valued at $3,019,700. 23.32% of the stock is owned by company insiders.

Porch Group Price Performance

Shares of PRCH stock traded up $0.07 during trading hours on Tuesday, reaching $18.96. The stock had a trading volume of 472,764 shares, compared to its average volume of 2,420,852. The firm has a 50-day simple moving average of $15.63 and a 200-day simple moving average of $11.07. The firm has a market capitalization of $2.32 billion, a PE ratio of 36.93 and a beta of 2.83. Porch Group, Inc. has a twelve month low of $1.26 and a twelve month high of $19.44.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.13) by $0.16. The company had revenue of $119.30 million during the quarter, compared to analysts' expectations of $98.06 million. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. Porch Group has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Porch Group, Inc. will post -0.63 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on PRCH shares. The Goldman Sachs Group began coverage on shares of Porch Group in a research report on Tuesday, September 2nd. They issued a "buy" rating and a $21.00 price objective for the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $20.00 price objective on shares of Porch Group in a research note on Tuesday, September 2nd. Zacks Research lowered shares of Porch Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Benchmark raised their price objective on shares of Porch Group from $17.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Porch Group from $7.00 to $16.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Porch Group currently has a consensus rating of "Moderate Buy" and an average price target of $16.56.

About Porch Group

Porch Group, Inc, together with its subsidiaries, operates a vertical software and insurance platform in the United States. The company operates in two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, as well as move and post-move services.