Amalgamated Bank Increases Holdings in Paychex, Inc. (NASDAQ:PAYX)

Amalgamated Bank boosted its position in Paychex, Inc. (NASDAQ:PAYX) by 6.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,347 shares of the business services provider’s stock after buying an additional 4,082 shares during the quarter. Amalgamated Bank’s holdings in Paychex were worth $9,440,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Meeder Asset Management Inc. grew its stake in shares of Paychex by 286.0% in the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after purchasing an additional 163 shares during the last quarter. ORG Partners LLC lifted its stake in Paychex by 227.6% in the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after acquiring an additional 173 shares during the period. Strategic Financial Concepts LLC purchased a new stake in Paychex in the second quarter worth $30,000. Chilton Capital Management LLC bought a new stake in Paychex in the first quarter valued at $31,000. Finally, ESL Trust Services LLC purchased a new position in Paychex during the 1st quarter valued at $31,000. 83.47% of the stock is currently owned by institutional investors.

Insider Activity at Paychex

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the sale, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the sale, the vice president now directly owns 14,515 shares of the company’s stock, valued at $2,018,020.45. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert L. Schrader sold 13,015 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value of $1,852,685.25. Following the completion of the transaction, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at $2,471,480.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,174 shares of company stock worth $7,577,231 over the last three months. Company insiders own 11.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Jefferies Financial Group boosted their price target on shares of Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. TD Cowen increased their target price on Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada raised their target price on Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 2nd. UBS Group upped their price target on Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley boosted their target price on shares of Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $130.77.

Paychex Trading Up 0.1 %

Shares of NASDAQ:PAYX opened at $139.76 on Wednesday. Paychex, Inc. has a 1 year low of $109.98 and a 1 year high of $144.17. The firm has a market capitalization of $50.30 billion, a P/E ratio of 29.80, a P/E/G ratio of 3.82 and a beta of 0.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The business’s 50-day moving average is $136.69 and its 200 day moving average is $127.78.

Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the firm earned $1.14 earnings per share. Paychex’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, research analysts predict that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be issued a dividend of $0.98 per share. The ex-dividend date is Thursday, November 7th. This represents a $3.92 annualized dividend and a dividend yield of 2.80%. Paychex’s dividend payout ratio (DPR) is presently 83.58%.

About Paychex

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.