Bank of New York Mellon Corp Decreases Stock Holdings in Privia Health Group, Inc. $PRVA

Bank of New York Mellon Corp trimmed its stake in shares of Privia Health Group, Inc. (NASDAQ:PRVA) by 0.9% in the 4th quarter, Holdings Channel reports. The firm owned 3,045,516 shares of the company’s stock after selling 27,965 shares during the period. Bank of New York Mellon Corp’s holdings in Privia Health Group were worth $72,209,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Privia Health Group by 5.3% during the third quarter. Vanguard Group Inc. now owns 12,098,933 shares of the company’s stock valued at $301,263,000 after purchasing an additional 607,447 shares during the last quarter. Durable Capital Partners LP increased its holdings in Privia Health Group by 1.8% during the third quarter. Durable Capital Partners LP now owns 11,691,685 shares of the company’s stock valued at $291,123,000 after buying an additional 203,842 shares during the last quarter. State Street Corp increased its holdings in Privia Health Group by 1.5% during the second quarter. State Street Corp now owns 4,171,069 shares of the company’s stock valued at $95,935,000 after buying an additional 61,853 shares during the last quarter. Van Berkom & Associates Inc. increased its holdings in Privia Health Group by 1.8% during the fourth quarter. Van Berkom & Associates Inc. now owns 3,844,256 shares of the company’s stock valued at $91,147,000 after buying an additional 69,691 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Privia Health Group by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 2,814,290 shares of the company’s stock worth $66,738,000 after purchasing an additional 31,204 shares in the last quarter. 94.48% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Privia Health Group

In other news, Director Matthew Shawn Morris sold 17,096 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $24.99, for a total value of $427,229.04. Following the completion of the sale, the director owned 68,188 shares in the company, valued at approximately $1,704,018.12. This trade represents a 20.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Parth Mehrotra sold 105,439 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $22.55, for a total transaction of $2,377,649.45. Following the completion of the sale, the chief executive officer owned 450,004 shares of the company’s stock, valued at $10,147,590.20. This trade represents a 18.98% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 256,445 shares of company stock worth $5,769,000 over the last 90 days. 5.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PRVA shares. Citigroup reduced their price objective on Privia Health Group from $34.00 to $32.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Truist Financial upped their price objective on Privia Health Group from $31.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Weiss Ratings lowered Privia Health Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. Jefferies Financial Group restated a “buy” rating and issued a $32.00 price objective on shares of Privia Health Group in a research note on Thursday, February 26th. Finally, Evercore set a $26.00 price objective on Privia Health Group in a research note on Wednesday, April 8th. Eleven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.15.

Privia Health Group Stock Performance

PRVA opened at $22.17 on Wednesday. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of 138.57, a PEG ratio of 1.55 and a beta of 0.90. The company has a fifty day moving average of $22.71 and a 200 day moving average of $22.96. Privia Health Group, Inc. has a fifty-two week low of $18.77 and a fifty-two week high of $26.51.

Privia Health Group (NASDAQ:PRVA) last posted its earnings results on Thursday, May 7th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.11. The company had revenue of $603.85 million during the quarter, compared to analysts’ expectations of $560.99 million. Privia Health Group had a net margin of 0.97% and a return on equity of 2.81%. Privia Health Group’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period last year, the company posted $0.22 earnings per share. On average, equities research analysts forecast that Privia Health Group, Inc. will post 0.29 earnings per share for the current year.

Privia Health Group Company Profile

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.