Commerce Bank Cuts Stock Holdings in Corpay, Inc. (NYSE:CPAY)

Key Points

• Commerce Bank reduced its stake in Corpay, Inc. by 7.7%, owning 25,467 shares worth approximately $8.88 million after selling 2,119 shares in Q1.
• Corpay reported quarterly earnings of $4.51 EPS, slightly surpassing estimates, with revenues of $1.01 billion, reflecting a 7.5% year-over-year increase.
• Brokerage ratings for Corpay vary, with targets adjusted down by firms like UBS and Wells Fargo, while the consensus price target is currently set at $401.07, indicating a moderate buy outlook.

Commerce Bank cut its stake in shares of Corpay, Inc. (NYSE:CPAY - Free Report) by 7.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,467 shares of the company's stock after selling 2,119 shares during the quarter. Commerce Bank's holdings in Corpay were worth $8,881,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in CPAY. Invesco Ltd. increased its stake in shares of Corpay by 163.7% in the 4th quarter. Invesco Ltd. now owns 1,686,665 shares of the company's stock valued at $570,801,000 after acquiring an additional 1,047,080 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Corpay by 20.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,840,818 shares of the company's stock worth $1,976,651,000 after buying an additional 1,000,699 shares during the last quarter. GAMMA Investing LLC raised its position in Corpay by 38,235.3% during the first quarter. GAMMA Investing LLC now owns 559,696 shares of the company's stock worth $195,177,000 after acquiring an additional 558,236 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Corpay by 4,811.9% during the 1st quarter. Bessemer Group Inc. now owns 557,252 shares of the company's stock valued at $194,326,000 after purchasing an additional 545,907 shares during the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. acquired a new stake in Corpay during the 4th quarter valued at $116,179,000. 98.84% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CPAY has been the subject of a number of analyst reports. Wall Street Zen raised Corpay from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Deutsche Bank Aktiengesellschaft started coverage on Corpay in a research note on Thursday, July 17th. They issued a "buy" rating and a $390.00 price objective for the company. Oppenheimer began coverage on shares of Corpay in a research report on Monday, April 28th. They set a "market perform" rating for the company. Barclays reduced their price objective on shares of Corpay from $440.00 to $400.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Finally, Wells Fargo & Company reduced their price objective on shares of Corpay from $375.00 to $339.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $399.60.

Corpay Stock Performance

Corpay stock traded down $0.33 during midday trading on Thursday, reaching $314.74. The stock had a trading volume of 142,807 shares, compared to its average volume of 488,027. Corpay, Inc. has a 12 month low of $269.02 and a 12 month high of $400.81. The firm's 50-day moving average price is $330.17 and its 200 day moving average price is $339.56. The firm has a market capitalization of $22.19 billion, a PE ratio of 21.98, a P/E/G ratio of 1.21 and a beta of 0.96. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.69.

Corpay (NYSE:CPAY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $5.13 earnings per share for the quarter, beating the consensus estimate of $5.11 by $0.02. Corpay had a return on equity of 41.61% and a net margin of 25.15%. The firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.09 billion. During the same period in the prior year, the business posted $4.55 earnings per share. The company's revenue was up 12.9% on a year-over-year basis. As a group, research analysts predict that Corpay, Inc. will post 19.76 earnings per share for the current fiscal year.

About Corpay

Corpay, Inc operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards.