Northern Trust Corp Increases Stock Position in Porch Group, Inc. (NASDAQ:PRCH)

Northern Trust Corp lifted its holdings in shares of Porch Group, Inc. (NASDAQ:PRCH) by 5.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 693,800 shares of the company’s stock after buying an additional 35,164 shares during the quarter. Northern Trust Corp owned about 0.58% of Porch Group worth $3,413,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Tower Research Capital LLC TRC lifted its stake in Porch Group by 91.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company’s stock worth $54,000 after purchasing an additional 5,273 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Porch Group by 22.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 30,524 shares of the company’s stock worth $151,000 after purchasing an additional 5,557 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Porch Group by 5,776.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock worth $33,000 after purchasing an additional 6,527 shares in the last quarter. Jones Financial Companies Lllp bought a new position in shares of Porch Group in the 4th quarter worth $35,000. Finally, Rik Saylor Financial Inc. bought a new position in shares of Porch Group in the 4th quarter worth $49,000. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Porch Group Stock Up 2.7%

Shares of Porch Group stock opened at $10.13 on Friday. The firm has a market cap of $1.22 billion, a PE ratio of -14.47 and a beta of 2.44. Porch Group, Inc. has a 12-month low of $1.05 and a 12-month high of $12.20. The company’s fifty day simple moving average is $7.18 and its two-hundred day simple moving average is $5.60.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.09. The company had revenue of $104.75 million for the quarter, compared to the consensus estimate of $79.44 million. As a group, sell-side analysts expect that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PRCH has been the topic of a number of research analyst reports. Oppenheimer increased their price target on shares of Porch Group from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Wednesday, May 7th. Keefe, Bruyette & Woods increased their price target on shares of Porch Group from $6.00 to $7.00 and gave the stock a “market perform” rating in a report on Wednesday, May 7th. Loop Capital reaffirmed a “buy” rating and set a $13.00 target price (up previously from $6.00) on shares of Porch Group in a report on Wednesday, May 14th. Benchmark increased their target price on shares of Porch Group from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. Finally, Stephens increased their target price on shares of Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, March 21st. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Porch Group has an average rating of “Buy” and an average price target of $8.89.

Insider Activity at Porch Group

In other Porch Group news, COO Matthew Neagle sold 60,000 shares of Porch Group stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $10.53, for a total value of $631,800.00. Following the completion of the transaction, the chief operating officer now directly owns 1,138,080 shares of the company’s stock, valued at approximately $11,983,982.40. The trade was a 5.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Shawn Tabak sold 108,226 shares of Porch Group stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total transaction of $654,767.30. Following the completion of the transaction, the chief financial officer now directly owns 179,613 shares of the company’s stock, valued at $1,086,658.65. This trade represents a 37.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 515,554 shares of company stock valued at $4,462,890 in the last three months. Company insiders own 23.46% of the company’s stock.

Porch Group Company Profile

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.