Citizens Financial Group Inc. RI Has $2.17 Million Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• Citizens Financial Group Inc. RI reduced its stake in Automatic Data Processing, Inc. by 67.0% during the first quarter, holding 7,078 shares valued at $2,173,000 after selling 14,365 shares.
• The company reported a quarterly earnings per share of $2.26, surpassing estimates, with revenue of $5.13 billion, a 6.3% year-over-year increase.
• ADP's upcoming quarterly dividend of $1.54 will be paid on October 1st, representing an annual yield of 2.0% with a payout ratio of 61.72%.

Citizens Financial Group Inc. RI lessened its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 67.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,078 shares of the business services provider's stock after selling 14,365 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Automatic Data Processing were worth $2,173,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. von Borstel & Associates Inc. bought a new position in Automatic Data Processing during the 1st quarter worth approximately $30,000. Main Street Group LTD boosted its position in shares of Automatic Data Processing by 50.7% during the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock worth $33,000 after purchasing an additional 38 shares in the last quarter. Abound Wealth Management grew its holdings in shares of Automatic Data Processing by 58.1% in the 1st quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock valued at $36,000 after buying an additional 43 shares during the period. Banque de Luxembourg S.A. acquired a new position in shares of Automatic Data Processing in the 4th quarter valued at $37,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Automatic Data Processing in the 4th quarter valued at $37,000. 80.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on ADP shares. Royal Bank Of Canada reissued a "sector perform" rating and issued a $315.00 target price on shares of Automatic Data Processing in a research note on Thursday, June 5th. TD Securities boosted their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research report on Wednesday, May 21st. Stifel Nicolaus raised their target price on shares of Automatic Data Processing from $305.00 to $318.00 and gave the stock a "hold" rating in a report on Thursday, July 31st. BMO Capital Markets raised shares of Automatic Data Processing to a "hold" rating and set a $340.00 price target on the stock in a research note on Thursday, July 10th. Finally, Mizuho increased their price objective on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $314.33.

Automatic Data Processing Stock Down 0.8%

Shares of ADP stock traded down $2.31 during trading on Monday, reaching $303.50. The company's stock had a trading volume of 310,721 shares, compared to its average volume of 1,744,007. Automatic Data Processing, Inc. has a one year low of $258.63 and a one year high of $329.93. The business has a fifty day moving average price of $308.13 and a 200-day moving average price of $305.54. The company has a market cap of $122.93 billion, a price-to-earnings ratio of 30.43, a price-to-earnings-growth ratio of 2.80 and a beta of 0.81. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.64.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The business services provider reported $2.26 EPS for the quarter, topping the consensus estimate of $2.23 by $0.03. Automatic Data Processing had a net margin of 19.84% and a return on equity of 72.84%. The firm had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.05 billion. During the same period in the previous year, the firm posted $2.09 EPS. The company's revenue for the quarter was up 6.3% on a year-over-year basis. Analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, September 12th. Automatic Data Processing's dividend payout ratio (DPR) is currently 61.72%.

About Automatic Data Processing

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.