Comerica Bank Trims Stake in Paychex, Inc. (PAYX)
Comerica Bank reduced its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 4.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 119,240 shares of the business services provider’s stock after selling 5,120 shares during the quarter. Comerica Bank’s holdings in Paychex were worth $8,110,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently added to or reduced their stakes in the company. Field & Main Bank bought a new position in Paychex in the 4th quarter worth approximately $101,000. Acadian Asset Management LLC bought a new position in Paychex in the 4th quarter worth approximately $109,000. Flagship Harbor Advisors LLC bought a new position in Paychex in the 4th quarter worth approximately $211,000. Bank of Nova Scotia Trust Co. bought a new position in Paychex in the 3rd quarter worth approximately $188,000. Finally, Cantor Fitzgerald Investment Adviser L.P. bought a new position in Paychex in the 4th quarter worth approximately $218,000. 67.98% of the stock is owned by hedge funds and other institutional investors.
Shares of Paychex, Inc. (NASDAQ PAYX) opened at $61.86 on Friday. Paychex, Inc. has a 52 week low of $54.20 and a 52 week high of $73.10. The stock has a market cap of $22,210.00, a P/E ratio of 26.55, a price-to-earnings-growth ratio of 3.45 and a beta of 0.95.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.23%. The ex-dividend date is Wednesday, January 31st. Paychex’s dividend payout ratio is presently 85.84%.
PAYX has been the subject of several analyst reports. Stifel Nicolaus reaffirmed a “hold” rating and issued a $68.00 price objective on shares of Paychex in a report on Friday, December 22nd. Royal Bank of Canada reaffirmed a “sell” rating and issued a $57.00 price objective on shares of Paychex in a report on Wednesday, November 15th. BMO Capital Markets reiterated a “hold” rating and issued a $70.00 target price on shares of Paychex in a research note on Wednesday, January 24th. BidaskClub upgraded shares of Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Finally, Bank of America increased their target price on shares of Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, December 5th. Two equities research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $62.77.
In other news, VP Jennifer R. Vossler sold 10,000 shares of the firm’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $68.29, for a total transaction of $682,900.00. Following the sale, the vice president now owns 31,578 shares in the company, valued at approximately $2,156,461.62. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael E. Gioja sold 34,311 shares of the firm’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the sale, the insider now owns 63,374 shares in the company, valued at approximately $4,367,102.34. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.
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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