Bank of New York Mellon Corp Lowers Stock Holdings in Privia Health Group, Inc. (NASDAQ:PRVA)

Bank of New York Mellon Corp cut its stake in shares of Privia Health Group, Inc. (NASDAQ:PRVA) by 17.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,880,773 shares of the company’s stock after selling 594,571 shares during the period. Bank of New York Mellon Corp owned approximately 2.41% of Privia Health Group worth $50,068,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Privia Health Group by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 11,400,035 shares of the company’s stock worth $223,327,000 after buying an additional 121,701 shares in the last quarter. Riverbridge Partners LLC raised its position in Privia Health Group by 17.5% in the first quarter. Riverbridge Partners LLC now owns 5,399,662 shares of the company’s stock worth $105,779,000 after acquiring an additional 804,304 shares in the last quarter. Norges Bank acquired a new stake in Privia Health Group in the fourth quarter valued at $27,959,000. First Light Asset Management LLC purchased a new stake in shares of Privia Health Group during the 1st quarter worth $21,620,000. Finally, Bellevue Group AG grew its stake in shares of Privia Health Group by 0.7% during the 1st quarter. Bellevue Group AG now owns 1,059,171 shares of the company’s stock worth $20,749,000 after purchasing an additional 7,475 shares during the period. 94.48% of the stock is owned by institutional investors and hedge funds.

Privia Health Group Price Performance

Shares of Privia Health Group stock opened at $20.14 on Friday. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 134.27, a P/E/G ratio of 4.77 and a beta of 0.78. The stock has a 50-day simple moving average of $19.00 and a 200-day simple moving average of $18.90. Privia Health Group, Inc. has a 52-week low of $15.92 and a 52-week high of $27.14.

Privia Health Group (NASDAQ:PRVA) last posted its earnings results on Thursday, August 8th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.02). Privia Health Group had a return on equity of 2.42% and a net margin of 0.88%. The business had revenue of $422.30 million for the quarter, compared to analyst estimates of $411.50 million. During the same period in the previous year, the company earned $0.06 earnings per share. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities research analysts predict that Privia Health Group, Inc. will post 0.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PRVA. Barclays lowered their target price on shares of Privia Health Group from $22.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Monday, May 20th. Evercore ISI reduced their price objective on Privia Health Group from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. Truist Financial decreased their target price on Privia Health Group from $28.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, May 15th. Canaccord Genuity Group dropped their price target on Privia Health Group from $37.00 to $26.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $28.00 price objective on shares of Privia Health Group in a research report on Wednesday, August 14th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Privia Health Group presently has an average rating of “Moderate Buy” and an average target price of $24.86.

About Privia Health Group

Privia Health Group, Inc operates as a national physician-enablement company in the United States. The company collaborates with medical groups, health plans, and health systems to optimize physician practices, enhance patient experiences, and reward doctors for delivering care in-person and virtual settings.