Ally Financial Inc. Makes New $2.95 Million Investment in Paychex, Inc. $PAYX

Ally Financial Inc. bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 30,000 shares of the business services provider's stock, valued at approximately $2,950,000.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Paychex by 12.1% in the fourth quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider's stock worth $4,750,669,000 after acquiring an additional 4,583,157 shares during the last quarter. Danske Bank A S lifted its stake in Paychex by 14.0% in the 4th quarter. Danske Bank A S now owns 205,341 shares of the business services provider's stock valued at $23,035,000 after purchasing an additional 25,184 shares during the last quarter. Comerica Bank lifted its stake in Paychex by 10.4% in the 4th quarter. Comerica Bank now owns 121,705 shares of the business services provider's stock valued at $13,653,000 after purchasing an additional 11,497 shares during the last quarter. Truist Financial Corp boosted its position in Paychex by 33.3% in the fourth quarter. Truist Financial Corp now owns 208,150 shares of the business services provider's stock valued at $23,350,000 after buying an additional 51,982 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Paychex in the second quarter valued at approximately $7,296,000. Institutional investors own 83.47% of the company's stock.

Insider Activity

In other news, Director Joseph M. Tucci sold 3,907 shares of the business's 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 directly owned 67,364 shares of the company's stock, valued at $6,618,513. The trade was a 5.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert L. Schrader sold 2,600 shares of the business's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $115.09, for a total value of $299,234.00. Following the completion of the transaction, the chief financial officer directly owned 18,547 shares in the company, valued at $2,134,574.23. This represents a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.80% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PAYX shares. Citigroup boosted their price objective on Paychex from $140.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. UBS Group increased their target price on Paychex from $105.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 22nd. Morgan Stanley lifted their price target on Paychex from $107.00 to $109.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. boosted their price target on Paychex from $100.00 to $105.00 and gave the stock an "underweight" rating in a report on Thursday, June 25th. Finally, Weiss Ratings raised shares of Paychex from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, Paychex currently has an average rating of "Hold" and a consensus price target of $109.20.

Paychex Stock Performance

Shares of PAYX stock opened at $124.47 on Monday. The stock has a market capitalization of $44.27 billion, a PE ratio of 25.45 and a beta of 0.81. The business's 50 day simple moving average is $111.08 and its 200 day simple moving average is $99.99. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26. Paychex, Inc. has a one year low of $85.45 and a one year high of $141.19.

Paychex (NASDAQ:PAYX - Get Free Report) last released its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.01. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The company's revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, research analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $4.76 annualized dividend and a dividend yield of 3.8%. Paychex's dividend payout ratio (DPR) is 97.34%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source