Bank of America Corp DE Grows Position in Paymentus Holdings, Inc. $PAY

Bank of America Corp DE raised its stake in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 155.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 349,993 shares of the business services provider's stock after purchasing an additional 212,778 shares during the quarter. Bank of America Corp DE owned about 0.28% of Paymentus worth $8,890,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. KBC Group NV purchased a new stake in shares of Paymentus during the first quarter valued at $41,000. Los Angeles Capital Management LLC acquired a new position in shares of Paymentus in the 4th quarter valued at $80,000. Orange County Employees Retirement System purchased a new position in Paymentus in the 4th quarter worth $150,000. Advisors Asset Management Inc. raised its stake in Paymentus by 26.0% in the 4th quarter. Advisors Asset Management Inc. now owns 5,050 shares of the business services provider's stock worth $160,000 after acquiring an additional 1,042 shares during the last quarter. Finally, Vident Advisory LLC acquired a new stake in Paymentus during the 2nd quarter worth about $204,000. Hedge funds and other institutional investors own 78.38% of the company's stock.

Paymentus Price Performance

NYSE PAY opened at $39.88 on Tuesday. Paymentus Holdings, Inc. has a 1 year low of $20.11 and a 1 year high of $45.31. The company has a market capitalization of $5.02 billion, a PE ratio of 60.42 and a beta of 1.28. The company has a fifty day moving average of $31.25 and a 200 day moving average of $27.09.

Paymentus (NYSE:PAY - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The business services provider reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.06. The company had revenue of $360.74 million for the quarter, compared to the consensus estimate of $345.44 million. Paymentus had a return on equity of 15.26% and a net margin of 6.24%.The firm's revenue for the quarter was up 28.8% compared to the same quarter last year. During the same period last year, the firm earned $0.11 EPS. Research analysts expect that Paymentus Holdings, Inc. will post 0.77 earnings per share for the current year.

Insider Activity at Paymentus

In related news, CFO Sanjay Kalra sold 25,000 shares of Paymentus stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $41.21, for a total transaction of $1,030,250.00. Following the completion of the transaction, the chief financial officer directly owned 508,506 shares in the company, valued at approximately $20,955,532.26. This trade represents a 4.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary Trainor sold 80,000 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $40.79, for a total value of $3,263,200.00. Following the completion of the transaction, the director directly owned 509,888 shares of the company's stock, valued at $20,798,331.52. The trade was a 13.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 147,909 shares of company stock valued at $5,735,337. 55.75% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Wolfe Research reiterated an "outperform" rating and set a $44.00 price target on shares of Paymentus in a research note on Tuesday, August 4th. Weiss Ratings cut Paymentus from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, August 19th. Robert W. Baird lifted their target price on Paymentus from $34.00 to $38.00 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. The Goldman Sachs Group upped their target price on Paymentus from $32.00 to $40.00 and gave the company a "neutral" rating in a research report on Tuesday, August 4th. Finally, Wedbush increased their price target on shares of Paymentus from $32.00 to $36.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $38.67.

Paymentus Profile

Paymentus is a U.S.-based financial technology company that specializes in cloud-native bill payment and presentment solutions. Its platform enables businesses and government entities to manage the entire payment lifecycle, from electronic bill presentment and real-time payment processing to reconciliation and reporting. Through web portals, mobile applications, interactive voice response (IVR) systems and in-person channels, Paymentus helps clients streamline accounts receivable operations, enhance customer engagement and reduce operational costs.

Founded in 2004 and headquartered in Wilmington, Delaware, Paymentus has built a modular suite of services that can be tailored to the needs of various industries.

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