Moody National Bank Trust Division Acquires New Stake in Paychex, Inc. (NASDAQ:PAYX)

Moody National Bank Trust Division acquired a new stake in shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 3,137 shares of the business services provider’s stock, valued at approximately $357,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. First Financial Bank Trust Division lifted its stake in Paychex by 3.8% during the 2nd quarter. First Financial Bank Trust Division now owns 89,492 shares of the business services provider’s stock valued at $10,191,000 after acquiring an additional 3,300 shares during the period. Chemung Canal Trust Co. lifted its stake in Paychex by 1.5% during the 2nd quarter. Chemung Canal Trust Co. now owns 54,010 shares of the business services provider’s stock valued at $6,150,000 after acquiring an additional 772 shares during the period. Amalgamated Bank lifted its stake in Paychex by 2.9% during the 1st quarter. Amalgamated Bank now owns 94,901 shares of the business services provider’s stock valued at $12,951,000 after acquiring an additional 2,637 shares during the period. J.W. Cole Advisors Inc. lifted its stake in Paychex by 14.5% during the 1st quarter. J.W. Cole Advisors Inc. now owns 4,534 shares of the business services provider’s stock valued at $619,000 after acquiring an additional 575 shares during the period. Finally, Insight Advisors LLC PA lifted its stake in Paychex by 38.9% during the 1st quarter. Insight Advisors LLC PA now owns 4,577 shares of the business services provider’s stock valued at $625,000 after acquiring an additional 1,282 shares during the period. Institutional investors own 71.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on PAYX. Jefferies Financial Group lowered their target price on shares of Paychex from $140.00 to $130.00 in a research note on Monday, May 23rd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Paychex from $145.00 to $123.00 and set a “hold” rating on the stock in a research note on Thursday, June 30th. William Blair reiterated a “market perform” rating on shares of Paychex in a research note on Wednesday, June 29th. Credit Suisse Group lowered their price objective on shares of Paychex from $165.00 to $140.00 and set an “outperform” rating on the stock in a research note on Thursday, June 30th. Finally, Cowen lowered their price objective on shares of Paychex from $140.00 to $135.00 and set an “outperform” rating on the stock in a research note on Thursday, June 30th. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $130.75.

Insider Buying and Selling at Paychex

In related news, VP Robert L. Schrader sold 783 shares of the firm’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $115.00, for a total value of $90,045.00. Following the completion of the transaction, the vice president now directly owns 8,199 shares of the company’s stock, valued at $942,885. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Robert L. Schrader sold 783 shares of the firm’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $115.00, for a total value of $90,045.00. Following the completion of the transaction, the vice president now directly owns 8,199 shares of the company’s stock, valued at $942,885. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Efrain Rivera sold 30,866 shares of the firm’s stock in a transaction on Monday, July 18th. The shares were sold at an average price of $116.13, for a total transaction of $3,584,468.58. Following the completion of the transaction, the chief financial officer now directly owns 86,031 shares of the company’s stock, valued at $9,990,780.03. The disclosure for this sale can be found here. Insiders sold a total of 90,837 shares of company stock valued at $10,539,336 in the last three months. 11.50% of the stock is currently owned by corporate insiders.

Paychex Trading Up 1.1 %

Paychex stock opened at $121.49 on Tuesday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.26. Paychex, Inc. has a 12-month low of $106.55 and a 12-month high of $141.92. The firm has a 50 day moving average of $126.15 and a 200 day moving average of $125.47. The firm has a market capitalization of $43.77 billion, a price-to-earnings ratio of 31.64, a P/E/G ratio of 3.87 and a beta of 1.00.

Paychex (NASDAQ:PAYXGet Rating) last announced its quarterly earnings data on Wednesday, June 29th. The business services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. Paychex had a net margin of 30.20% and a return on equity of 43.65%. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the firm posted $0.72 EPS. The company’s revenue was up 9.7% on a year-over-year basis. As a group, research analysts predict that Paychex, Inc. will post 4.14 earnings per share for the current year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date was Wednesday, August 10th. Paychex’s dividend payout ratio (DPR) is currently 82.29%.

Paychex Profile

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Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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.

See Also

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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