Citizens Financial Group Inc. RI Takes Position in Paychex, Inc. $PAYX

Citizens Financial Group Inc. RI purchased a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 13,483 shares of the business services provider’s stock, valued at approximately $1,326,000.

A number of other institutional investors also recently modified their holdings of PAYX. Brighton Jones LLC grew its holdings in Paychex by 26.3% in the 4th quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock valued at $801,000 after buying an additional 1,190 shares during the last quarter. Bison Wealth LLC lifted its holdings in shares of Paychex by 3.0% during the fourth quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider’s stock worth $566,000 after buying an additional 117 shares during the last quarter. Woodline Partners LP acquired a new position in shares of Paychex during the first quarter worth approximately $3,333,000. NewEdge Advisors LLC boosted its position in shares of Paychex by 3.2% in the second quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider’s stock valued at $5,976,000 after acquiring an additional 1,290 shares during the period. Finally, Sei Investments Co. boosted its position in shares of Paychex by 47.1% in the second quarter. Sei Investments Co. now owns 156,680 shares of the business services provider’s stock valued at $22,790,000 after acquiring an additional 50,169 shares during the period. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

NASDAQ PAYX opened at $119.93 on Wednesday. Paychex, Inc. has a 1-year low of $85.45 and a 1-year high of $141.19. The company has a 50 day moving average of $109.70 and a 200-day moving average of $99.56. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22. The firm has a market cap of $42.66 billion, a price-to-earnings ratio of 24.53 and a beta of 0.81.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.01. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the prior year, the firm earned $1.19 EPS. The company’s revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, equities analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be given a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is currently 97.34%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PAYX. Citigroup boosted their price objective on shares of Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. JPMorgan Chase & Co. lifted their target price on Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a research report on Thursday, June 25th. Cantor Fitzgerald restated an “underweight” rating and set a $107.00 price target on shares of Paychex in a research note on Monday, July 20th. TD Cowen raised their price objective on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a research report on Monday, June 8th. Finally, Stifel Nicolaus lifted their price objective on Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $109.20.

Insider Buying and Selling at Paychex

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the stock in a transaction on Monday, July 20th. The shares were sold at an average price of $115.09, for a total value of $299,234.00. Following the sale, the chief financial officer directly owned 18,547 shares in the company, valued at approximately $2,134,574.23. This trade represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Joseph M. Tucci sold 3,907 shares of Paychex stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total value of $383,862.75. Following the transaction, the director owned 67,364 shares in the company, valued at approximately $6,618,513. This represents a 5.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is owned by company insiders.

Paychex Company Profile

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.