Associated Banc Corp Buys 7,455 Shares of Paycom Software, Inc. (NYSE:PAYC)

Key Points

• Associated Banc Corp increased its stake in Paycom Software by 5.2%, now owning approximately 151,932 shares valued at about $33.2 million.
• CEO Chad R. Richison sold 120,000 shares for over $29 million, reducing his ownership by 3.50% to approximately 3.3 million shares.
• Paycom Software reported a 6.1% year-over-year revenue increase to $530.5 million for the quarter, with earnings per share of $2.80, beating estimates.

Associated Banc Corp lifted its position in Paycom Software, Inc. (NYSE:PAYC - Free Report) by 5.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 151,932 shares of the software maker's stock after buying an additional 7,455 shares during the period. Paycom Software comprises 1.0% of Associated Banc Corp's holdings, making the stock its 28th largest position. Associated Banc Corp owned 0.26% of Paycom Software worth $33,194,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PAYC. Commerce Bank boosted its position in shares of Paycom Software by 2.2% during the first quarter. Commerce Bank now owns 2,351 shares of the software maker's stock worth $514,000 after buying an additional 50 shares during the period. Allworth Financial LP boosted its position in Paycom Software by 12.9% during the 1st quarter. Allworth Financial LP now owns 464 shares of the software maker's stock worth $105,000 after acquiring an additional 53 shares during the last quarter. US Bancorp DE grew its stake in shares of Paycom Software by 0.5% during the 1st quarter. US Bancorp DE now owns 10,421 shares of the software maker's stock worth $2,277,000 after acquiring an additional 57 shares in the last quarter. Salvus Wealth Management LLC raised its holdings in shares of Paycom Software by 4.9% in the first quarter. Salvus Wealth Management LLC now owns 1,238 shares of the software maker's stock valued at $270,000 after purchasing an additional 58 shares during the last quarter. Finally, Burns Matteson Capital Management LLC lifted its position in shares of Paycom Software by 2.5% in the first quarter. Burns Matteson Capital Management LLC now owns 2,348 shares of the software maker's stock worth $513,000 after purchasing an additional 58 shares in the last quarter. Institutional investors own 87.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PAYC shares. KeyCorp boosted their price target on Paycom Software from $285.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday. Barclays lifted their price objective on shares of Paycom Software from $240.00 to $250.00 and gave the company an "equal weight" rating in a research report on Thursday. Stifel Nicolaus upped their target price on shares of Paycom Software from $187.00 to $215.00 and gave the company a "hold" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. raised their target price on shares of Paycom Software from $215.00 to $235.00 and gave the company a "neutral" rating in a research note on Thursday. Finally, BMO Capital Markets lifted their price target on Paycom Software from $244.00 to $258.00 and gave the stock a "market perform" rating in a report on Thursday. Eleven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $234.80.

Insider Transactions at Paycom Software

In other Paycom Software news, insider Bradley Scott Smith sold 1,500 shares of Paycom Software stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $249.96, for a total value of $374,940.00. Following the completion of the sale, the insider directly owned 27,233 shares in the company, valued at approximately $6,807,160.68. The trade was a 5.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Chad R. Richison sold 26,426 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $255.52, for a total value of $6,752,371.52. Following the transaction, the chief executive officer owned 3,277,249 shares in the company, valued at $837,402,664.48. The trade was a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,016 shares of company stock worth $13,514,208 over the last ninety days. 10.90% of the stock is owned by insiders.

Paycom Software Stock Up 4.4%

Shares of NYSE PAYC traded up $9.83 during midday trading on Thursday, reaching $233.09. 1,484,156 shares of the company were exchanged, compared to its average volume of 555,606. The stock's 50-day moving average price is $236.99 and its 200-day moving average price is $226.87. The stock has a market cap of $13.48 billion, a P/E ratio of 31.54, a PEG ratio of 2.46 and a beta of 0.81. Paycom Software, Inc. has a one year low of $152.46 and a one year high of $267.76.

Paycom Software (NYSE:PAYC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $2.06 EPS for the quarter, beating analysts' consensus estimates of $1.78 by $0.28. Paycom Software had a return on equity of 26.26% and a net margin of 21.22%. The firm had revenue of $483.60 million for the quarter, compared to analyst estimates of $472.00 million. During the same period last year, the firm posted $1.62 earnings per share. The business's revenue for the quarter was up 10.5% on a year-over-year basis. On average, equities research analysts anticipate that Paycom Software, Inc. will post 7.15 EPS for the current year.

Paycom Software Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Monday, August 25th will be given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Monday, August 25th. Paycom Software's dividend payout ratio (DPR) is 21.40%.

Paycom Software Profile

Paycom Software, Inc provides cloud-based human capital management (HCM) solution delivered as software-as-a-service for small to mid-sized companies in the United States. It offers functionality and data analytics that businesses need to manage the employment life cycle from recruitment to retirement.