UMB Bank n.a. Boosts Stake in Parsons Co. (NYSE:PSN)

UMB Bank n.a. raised its position in Parsons Co. (NYSE:PSN) by 238.7% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 552 shares of the company’s stock after purchasing an additional 389 shares during the period. UMB Bank n.a.’s holdings in Parsons were worth $33,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Artisan Partners Limited Partnership lifted its position in shares of Parsons by 271.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,069,724 shares of the company’s stock worth $190,932,000 after purchasing an additional 1,512,812 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Parsons during the fourth quarter valued at approximately $63,417,000. Norges Bank acquired a new position in shares of Parsons during the fourth quarter valued at approximately $59,447,000. Freestone Grove Partners LP bought a new stake in Parsons during the fourth quarter worth approximately $40,318,000. Finally, FIL Ltd bought a new stake in Parsons during the fourth quarter worth approximately $27,868,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Stock Down 0.9%

Parsons stock opened at $69.74 on Monday. The company has a market capitalization of $7.45 billion, a P/E ratio of 91.76, a P/E/G ratio of 0.93 and a beta of 0.53. Parsons Co. has a 1-year low of $54.56 and a 1-year high of $114.68. The company has a current ratio of 1.29, a quick ratio of 1.55 and a debt-to-equity ratio of 0.31. The firm’s fifty day simple moving average is $65.98 and its 200-day simple moving average is $73.80.

Parsons declared that its Board of Directors has approved a stock repurchase program on Monday, March 24th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PSN shares. Benchmark restated a “buy” rating and set a $90.00 target price on shares of Parsons in a report on Wednesday, February 26th. TD Cowen downgraded shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price for the company. in a research report on Friday, February 21st. Bank of America cut their target price on shares of Parsons from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday, June 3rd. Jefferies Financial Group reiterated a “hold” rating and issued a $65.00 target price (down previously from $75.00) on shares of Parsons in a research report on Monday, May 5th. Finally, Truist Financial restated a “buy” rating and set a $80.00 price target (up previously from $70.00) on shares of Parsons in a report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Parsons presently has an average rating of “Moderate Buy” and an average price target of $86.90.

Parsons Company Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.