Citizens Financial Group Inc. RI Has $1.79 Million Position in Porch Group, Inc. (NASDAQ:PRCH)

Key Points

• Citizens Financial Group Inc. RI reduced its stake in Porch Group, Inc. by 18.3%, owning 245,000 shares after selling 55,000 shares in the first quarter.
• In their latest quarterly earnings, Porch Group reported earnings per share of $0.03, surpassing analysts’ expectations of a loss by $0.16 and generating revenue of $119.30 million.
• Insider activity showed significant sales of shares, with CFO Shawn Tabak and COO Matthew Neagle selling a total of 90,000 shares, reflecting reduced personal holdings in the company.

Citizens Financial Group Inc. RI lowered its position in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 18.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 245,000 shares of the company's stock after selling 55,000 shares during the period. Citizens Financial Group Inc. RI owned approximately 0.20% of Porch Group worth $1,786,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PRCH. Portolan Capital Management LLC boosted its holdings in shares of Porch Group by 476.0% during the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock worth $11,314,000 after purchasing an additional 1,900,416 shares during the last quarter. Granahan Investment Management LLC raised its position in shares of Porch Group by 19.0% in the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock worth $58,507,000 after buying an additional 1,897,816 shares during the period. Driehaus Capital Management LLC purchased a new position in shares of Porch Group in the 4th quarter worth $8,550,000. Invesco Ltd. raised its position in shares of Porch Group by 4,365.6% in the 4th quarter. Invesco Ltd. now owns 1,682,286 shares of the company's stock worth $8,277,000 after buying an additional 1,644,614 shares during the period. Finally, Vanguard Group Inc. raised its position in Porch Group by 24.9% in the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company's stock valued at $27,117,000 after purchasing an additional 1,100,224 shares during the period. Institutional investors and hedge funds own 48.48% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on PRCH shares. B. Riley started coverage on Porch Group in a research report on Tuesday, July 1st. They issued a "buy" rating and a $15.00 price objective on the stock. Keefe, Bruyette & Woods raised their target price on Porch Group from $6.00 to $7.00 and gave the company a "market perform" rating in a research note on Wednesday, May 7th. Oppenheimer raised their target price on Porch Group from $14.00 to $17.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Benchmark reiterated a "buy" rating and issued a $17.00 price target (up from $12.00) on shares of Porch Group in a research note on Wednesday, July 30th. Finally, Loop Capital reiterated a "buy" rating and issued a $13.00 price target (up from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $12.43.

Porch Group Stock Performance

Shares of PRCH traded up $0.36 during mid-day trading on Tuesday, reaching $15.25. 799,972 shares of the company's stock traded hands, compared to its average volume of 2,468,810. Porch Group, Inc. has a 12 month low of $1.09 and a 12 month high of $17.38. The stock has a market capitalization of $1.85 billion, a P/E ratio of 29.89 and a beta of 2.72. The business's 50-day moving average price is $12.22 and its 200-day moving average price is $8.55.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.16. The company had revenue of $119.30 million for the quarter, compared to analysts' expectations of $98.06 million. Porch Group had a negative return on equity of 41.71% and a net margin of 12.82%. Equities research analysts anticipate that Porch Group, Inc. will post -0.63 EPS for the current year.

Insider Activity

In other news, CFO Shawn Tabak sold 30,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $11.23, for a total transaction of $336,900.00. Following the transaction, the chief financial officer directly owned 172,671 shares in the company, valued at $1,939,095.33. The trade was a 14.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Alan R. Pickerill sold 40,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $11.26, for a total transaction of $450,400.00. Following the transaction, the director owned 182,416 shares in the company, valued at approximately $2,054,004.16. This represents a 17.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 240,000 shares of company stock valued at $2,664,500 in the last 90 days. Company insiders own 23.32% of the company's stock.

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.