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Porch Group, Inc. - PRCH STOCK NEWS

Welcome to our dedicated page for Porch Group news (Ticker: PRCH), a resource for investors and traders seeking the latest updates and insights on Porch Group stock.

Porch Group, Inc. (PRCH) is a leading home services platform that connects homeowners with professionals for a variety of home improvement and maintenance needs. The company leverages technology to provide a seamless experience for both homeowners and service providers. With over 3.8 million professionals and hundreds of experts, Porch has facilitated over 135 million projects, helping homeowners make informed decisions about their home improvements.

Porch Group operates through two main segments: the Vertical Software segment and the Insurance segment. The Vertical Software segment offers a suite of software and services tailored for home services companies, including inspection software, mortgage and title services, moving services, and marketing for movers and homeowners. These services are available on a subscription and transactional basis, providing significant value to businesses in the home services industry.

The Insurance segment of Porch Group specializes in providing consumers with insurance and warranty products to safeguard their homes. This includes offering homeowners insurance and warranty plans that generate revenue through premiums, policy fees, and commissions. The company ensures that customers have access to robust protection plans that cover a wide range of potential home-related issues.

One of Porch Group's significant partnerships is with Lowe's, a leading home improvement retailer in the U.S. Porch services are available online, through their app, and as an in-store resource at over 1,700 Lowe's locations nationwide. This extensive availability underscores Porch's commitment to making home improvement resources accessible to all homeowners.

Porch Group continues to innovate and expand its services, aiming to simplify the home improvement process and provide homeowners with the best possible experience. For more information, you can visit their official website at http://porch.com.

News

Porch Group Reports Fourth Quarter 2023 Results

Rhea-AI Summary
Porch Group, Inc. reported strong fourth-quarter earnings with total revenue of $114.6 million, a 79% increase from the prior year. The GAAP net loss improved to $2.5 million, and Adjusted EBITDA rose to $11.7 million. The CEO highlighted profitability growth, new SaaS products, and cost control achievements. Operational highlights included improved loss ratios, new product launches, and a focus on ESG initiatives. The company also announced a collaboration agreement with Aon Corp. and the sale of EIG. Full-year 2024 guidance includes revenue of $450m to $490m and Adjusted EBITDA of $1m to $10m.
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Porch Group to Release Fourth Quarter 2023 Earnings on March 7, 2024

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Porch Group, Inc. (NASDAQ: PRCH) will report Q4 financial results exceeding guidance, with Revenue and Adjusted EBITDA expected to be strong. The company will host a webinar on March 7, 2024, to discuss the results.
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Porch Group Receives $25M with Signing of Strategic Agreement with Aon

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Porch Group, Inc. (PRCH) has signed a strategic collaboration agreement with Aon Corp. and Aon Re, Inc. to provide services resulting in upfront payments of $25 million and an expected $5 million over the following four years. Aon will provide reinsurance coverage and other services across Porch Group, with the partnership extending through 2028.
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Porch Group Launches New Product in the Rynoh Title Platform

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Porch Group, Inc. (NASDAQ: PRCH) announced the release of RynohVerifi, a fraud warning product for title and escrow companies. Rynoh, acquired by Porch in 2021, provides SaaS solutions for title and escrow agents, protecting over 40% of US residential purchases and home refinances. RynohVerifi confirms payee account ownership to prevent payment fraud.
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HireAHelper U.S. Migration Study Shows 2023 Had Fewest Number of Moves Nationwide Since the 1940s

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HireAHelper, a Porch Group (PRCH) company, released its 6th annual U.S. migration study, revealing a 9% decrease in moves in 2023 compared to 2022. The study identified Oklahoma (+40%) as the state with the greatest net gain and California (-44%) as the state with the greatest net loss in residents. The study also highlighted the impact of socio-economic factors on American migration, such as lower cost of living and inflation.
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Porch Group Announces New Partnerships and Growth in its Utilities Channel

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Porch Group, a leading vertical software company (NASDAQ: PRCH), announced growth in its utility concierge channel through additional partnerships. The company expanded its agreement with Exelon (NASDAQ: EXC) and signed an agreement with TECO Peoples Gas, leading to a 20% year-over-year increase in utility customer volumes. Porch now has partnerships with 12 utilities with access to over 14 million households. The company has also expanded its products and services offerings beyond the move to target all utility customers through additional integration points and targeted marketing efforts.
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Porch Group Announces New Warranty Partnerships and Products

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Porch Group, Inc. (PRCH) announces new partnerships and products in its warranty business, offering unique consumer benefits and expanding its reach to new customers. The company's warranty business has grown profitably, now offering products in 49 states. The new Porch Warranty product, launched in February 2023, has delivered good growth and conversion of leads. Porch recently signed agreements with distribution partners NerdWallet, Inc., Lone Star Insurance Services, and an insurance agency to offer its whole home Porch Warranty product. The Extended Labor Warranty partnership with a nationwide HVAC distributor is performing well, with HVAC contractors integrating Porch’s warranties to improve the consumer experience. Warranty also launched its HVAC micro-warranty product, providing coverage for homeowners’ HVAC systems.
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Porch Group Releases Its Initial Environmental, Social and Governance Report

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Porch Group, Inc. (NASDAQ: PRCH) releases its initial Environmental, Social and Governance (ESG) report, outlining its ESG journey and annual update plans. The report focuses on Diversity, Equity, and Inclusion, Employee Experience, Risk Management and Climate, and Cybersecurity and Data Governance.
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Porch Group Insurance Carrier, HOA, Receives ‘A, Exceptional’ Financial Stability Rating

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Porch Group, Inc. (PRCH) announces its insurance subsidiary, Homeowners of America Insurance Company, received an A, Exceptional Financial Stability Rating from Demotech, Inc. This rating reflects exceptional financial stability and a strong Q3 performance, with a 39% gross loss ratio and 58% combined ratio.
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Porch Group Is Attending Various Investor Events This Quarter

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Porch Group, Inc. (PRCH) Announces Investor Event Attendance
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FAQ

What is the current stock price of Porch Group (PRCH)?

The current stock price of Porch Group (PRCH) is $4.15 as of January 29, 2025.

What is the market cap of Porch Group (PRCH)?

The market cap of Porch Group (PRCH) is approximately 420.1M.

What services does Porch Group, Inc. provide?

Porch Group provides home services, including inspection software, mortgage and title services, moving services, and homeowner insurance and warranties.

How many professionals are available on Porch's platform?

Porch's platform hosts over 3.8 million professionals and hundreds of experts.

What is the Vertical Software segment of Porch Group?

The Vertical Software segment offers software and services for home services companies, including inspection, mortgage, and title companies.

How does Porch Group's Insurance segment generate revenue?

The Insurance segment generates revenue through premiums on policies, policy fees, and commissions from insurance and warranty products.

Where can homeowners find Porch services?

Homeowners can access Porch services online, via their app, and in over 1,700 Lowe's home improvement stores across the U.S.

What is Porch's partnership with Lowe's?

Porch is the in-store resource for Lowe's, available in over 1,700 Lowe's stores, providing home improvement support and services.

How many projects has Porch facilitated?

Porch has facilitated over 135 million home improvement projects.

What types of insurance products does Porch offer?

Porch offers homeowners insurance and warranty products to protect homes.

What makes Porch unique in the home services industry?

Porch's extensive network, including millions of professionals and partnerships with major retailers like Lowe's, sets it apart in the home services industry.

Where can I learn more about Porch Group, Inc.?

For more information, visit Porch Group's official website at http://porch.com.
Stock PRCH logo
Porch Group, Inc.

Nasdaq:PRCH

PRCH Rankings

#3280 Ranked by Market Cap
N/A Ranked by Dividends

PRCH Stock Data

420.11M
96.41M
19.4%
47.99%
10.61%
Software - Application
Services-prepackaged Software
Link
United States of America
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