Texas Capital Bancshares Inc. TX Takes Position in Paychex, Inc. (NASDAQ:PAYX)
Texas Capital Bancshares Inc. TX acquired a new position in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, Holdings Channel reports. The fund acquired 6,143 shares of the business services provider’s stock, valued at approximately $350,000. Paychex comprises approximately 0.8% of Texas Capital Bancshares Inc. TX’s investment portfolio, making the stock its 29th largest position.
Other institutional investors have also modified their holdings of the company. IBM Retirement Fund boosted its position in shares of Paychex by 119.8% in the second quarter. IBM Retirement Fund now owns 7,892 shares of the business services provider’s stock worth $501,000 after buying an additional 4,301 shares during the last quarter. Eastern Bank boosted its position in shares of Paychex by 2.7% in the second quarter. Eastern Bank now owns 45,615 shares of the business services provider’s stock worth $2,597,000 after buying an additional 1,203 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Paychex by 15.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 59,130 shares of the business services provider’s stock worth $3,394,000 after buying an additional 7,779 shares during the last quarter. Park Avenue Securities LLC purchased a new position in Paychex during the second quarter worth approximately $395,000. Finally, Steinberg Global Asset Management boosted its position in Paychex by 0.7% in the second quarter. Steinberg Global Asset Management now owns 125,954 shares of the business services provider’s stock worth $7,172,000 after buying an additional 900 shares in the last quarter. 68.60% of the stock is owned by institutional investors and hedge funds.
Shares of Paychex, Inc. (NASDAQ:PAYX) opened at 54.91 on Thursday. The company’s 50-day moving average is $57.34 and its 200-day moving average is $59.08. Paychex, Inc. has a one year low of $52.78 and a one year high of $63.03. The company has a market cap of $19.73 billion, a price-to-earnings ratio of 24.40 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The firm had revenue of $799 million for the quarter, compared to analysts’ expectations of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The firm’s revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.49 earnings per share. On average, equities analysts predict that Paychex, Inc. will post $2.37 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be issued a $0.50 dividend. This is a boost from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date is Friday, July 28th. This represents a $2.00 annualized dividend and a yield of 3.64%.
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A number of research firms recently commented on PAYX. BidaskClub cut shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Sunday. William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $60.00 price target (down from $62.00) on shares of Paychex in a research note on Friday, June 30th. Morgan Stanley dropped their price target on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research note on Friday, June 30th. Finally, Robert W. Baird dropped their price target on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $59.16.
In related news, Director Joseph M. Tucci sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $57.82, for a total value of $346,920.00. Following the sale, the director now owns 53,621 shares of the company’s stock, valued at $3,100,366.22. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Martin Mucci sold 33,294 shares of the firm’s stock in a transaction that occurred on Sunday, July 9th. The shares were sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the completion of the sale, the chief executive officer now directly owns 254,618 shares in the company, valued at approximately $14,615,073.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 92,497 shares of company stock worth $5,300,889. 11.60% of the stock is owned by corporate insiders.
Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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