Comerica Bank Raises Stock Position in Paymentus Holdings, Inc. (NYSE:PAY)

Comerica Bank increased its position in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 170.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,607 shares of the business services provider's stock after acquiring an additional 9,833 shares during the period. Comerica Bank's holdings in Paymentus were worth $510,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Barclays PLC raised its stake in Paymentus by 1,569.3% during the third quarter. Barclays PLC now owns 5,058 shares of the business services provider's stock worth $101,000 after buying an additional 4,755 shares during the last quarter. CHURCHILL MANAGEMENT Corp bought a new stake in Paymentus in the fourth quarter worth approximately $963,000. R Squared Ltd bought a new position in shares of Paymentus during the 4th quarter worth approximately $43,000. Entropy Technologies LP acquired a new stake in shares of Paymentus during the 4th quarter worth approximately $337,000. Finally, D.A. Davidson & CO. acquired a new stake in shares of Paymentus during the 4th quarter worth approximately $328,000. Institutional investors own 78.38% of the company's stock.

Insider Activity at Paymentus

In other Paymentus news, Director William Ingram sold 11,409 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $38.01, for a total value of $433,656.09. Following the completion of the sale, the director now directly owns 73,963 shares in the company, valued at $2,811,333.63. This trade represents a 13.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 75.43% of the stock is owned by corporate insiders.

Paymentus Stock Performance

Paymentus stock traded down $0.34 during mid-day trading on Tuesday, reaching $39.51. The company's stock had a trading volume of 60,801 shares, compared to its average volume of 351,213. The firm's fifty day moving average price is $30.35 and its two-hundred day moving average price is $31.27. Paymentus Holdings, Inc. has a 12-month low of $16.94 and a 12-month high of $40.43. The company has a market capitalization of $4.94 billion, a P/E ratio of 127.51 and a beta of 1.61.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PAY shares. The Goldman Sachs Group increased their target price on shares of Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Wedbush set a $40.00 price objective on Paymentus and gave the company an "outperform" rating in a research note on Tuesday, May 6th. StockNews.com raised shares of Paymentus from a "sell" rating to a "hold" rating in a research note on Thursday, May 1st. Wells Fargo & Company lifted their price target on Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Finally, Robert W. Baird upped their price target on Paymentus from $30.00 to $36.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Five research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Paymentus currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.00.

Paymentus Profile

Paymentus Holdings, Inc provides cloud-based bill payment technology and solutions in the United States and internationally. The company offers electronic bill presentment and payment services, enterprise customer communication, and self-service revenue management to billers through a software-as-a-service technology platform.