Cetera Investment Advisers Purchases New Position in Priority Technology Holdings, Inc. (NASDAQ:PRTH)

Cetera Investment Advisers purchased a new stake in Priority Technology Holdings, Inc. (NASDAQ:PRTH) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 77,599 shares of the company’s stock, valued at approximately $529,000. Cetera Investment Advisers owned approximately 0.10% of Priority Technology as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its holdings in Priority Technology by 10.2% in the first quarter. Rhumbline Advisers now owns 26,131 shares of the company’s stock valued at $178,000 after purchasing an additional 2,425 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Priority Technology by 53.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock valued at $101,000 after acquiring an additional 3,006 shares during the period. Barclays PLC boosted its holdings in shares of Priority Technology by 11.8% in the fourth quarter. Barclays PLC now owns 29,127 shares of the company’s stock valued at $342,000 after acquiring an additional 3,063 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Priority Technology by 8.7% in the first quarter. Bank of New York Mellon Corp now owns 43,143 shares of the company’s stock valued at $294,000 after acquiring an additional 3,450 shares during the period. Finally, Deutsche Bank AG acquired a new stake in shares of Priority Technology in the fourth quarter valued at approximately $60,000. 11.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PRTH has been the subject of several research analyst reports. Wall Street Zen raised Priority Technology from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Cowen reissued a “buy” rating on shares of Priority Technology in a report on Friday, August 8th. Finally, Keefe, Bruyette & Woods decreased their price objective on Priority Technology from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Wednesday, May 7th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $13.00.

Priority Technology Price Performance

Priority Technology stock opened at $7.62 on Friday. Priority Technology Holdings, Inc. has a 12 month low of $4.62 and a 12 month high of $12.47. The business has a 50 day simple moving average of $7.64 and a 200-day simple moving average of $8.03. The stock has a market capitalization of $608.98 million, a PE ratio of 29.31 and a beta of 1.51.

Priority Technology (NASDAQ:PRTH) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.25 by $0.01. Priority Technology had a negative return on equity of 47.35% and a net margin of 4.03%. The business had revenue of $239.81 million during the quarter, compared to analysts’ expectations of $239.63 million. As a group, equities research analysts anticipate that Priority Technology Holdings, Inc. will post -0.09 EPS for the current year.

Insider Activity at Priority Technology

In other news, Director Marietta Davis sold 9,433 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $7.22, for a total transaction of $68,106.26. Following the completion of the sale, the director owned 75,136 shares in the company, valued at $542,481.92. This represents a 11.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Bradley J. Miller sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $8.55, for a total value of $855,000.00. Following the sale, the general counsel owned 243,620 shares of the company’s stock, valued at $2,082,951. This trade represents a 29.10% decrease in their position. The disclosure for this sale can be found here. 66.20% of the stock is owned by corporate insiders.

Priority Technology Profile

Priority Technology Holdings, Inc operates as a payment technology company in the United States. The company operates through three segments: Small and Medium-Sized Businesses (SMB) Payments, Business-To-Business (B2B) Payments, and Enterprise Payments. It offers SMB payments processing solutions for B2C transactions through independent sales organizations, financial institutions, independent software vendors, and other referral partners through its MX product suite, which includes MX Connect and MX Merchant products, such as MX Insights, MX Storefront, MX Retail, MX Invoice, MX B2B and ACH.com, and others, which provides flexible and customizable set of business applications that helps to manage critical business work functions and revenue performance to resellers and merchant clients using core payment processing.