Comerica Bank Has $5.09 Million Stock Holdings in Dayforce, Inc. $DAY

Key Points

• Comerica Bank increased its stake in Dayforce, Inc. by 17.8% in the first quarter, now owning approximately 0.05% of the company valued at $5,089,000.
• Dayforce recently reported a quarterly earnings per share (EPS) of $0.61, beating analysts' estimates of $0.52, with revenue of $464.70 million, a 9.8% year-over-year increase.
• Wells Fargo upgraded Dayforce from a "strong sell" to "equal weight" with a new price target of $70.00, while Citigroup also raised their target from $68.00 to $70.00, reflecting positive market sentiments.

Comerica Bank grew its holdings in Dayforce, Inc. (NYSE:DAY - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 87,251 shares of the company's stock after purchasing an additional 13,186 shares during the period. Comerica Bank owned approximately 0.05% of Dayforce worth $5,089,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Campbell & CO Investment Adviser LLC increased its stake in shares of Dayforce by 92.0% in the 1st quarter. Campbell & CO Investment Adviser LLC now owns 84,731 shares of the company's stock valued at $4,942,000 after purchasing an additional 40,604 shares during the last quarter. Quantitative Investment Management LLC bought a new position in shares of Dayforce in the 1st quarter valued at $1,038,000. SVB Wealth LLC bought a new position in shares of Dayforce in the 1st quarter valued at $30,000. Groupe la Francaise bought a new stake in Dayforce during the 1st quarter worth $143,000. Finally, AlphaQuest LLC grew its position in Dayforce by 719.6% during the 1st quarter. AlphaQuest LLC now owns 8,548 shares of the company's stock worth $499,000 after acquiring an additional 7,505 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Citigroup boosted their price objective on Dayforce from $68.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Piper Sandler upgraded Dayforce to a "strong-buy" rating in a research report on Tuesday, August 19th. Mizuho set a $70.00 price objective on Dayforce in a research report on Friday, August 22nd. Jefferies Financial Group boosted their price objective on Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research report on Thursday, August 21st. Finally, William Blair lowered Dayforce from an "outperform" rating to a "hold" rating in a research report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $71.43.

Dayforce Trading Up 0.0%

DAY traded up $0.02 during midday trading on Thursday, hitting $69.56. 1,408,972 shares of the company were exchanged, compared to its average volume of 3,372,182. The firm has a market capitalization of $11.11 billion, a P/E ratio of 231.88, a P/E/G ratio of 2.59 and a beta of 1.14. Dayforce, Inc. has a 1-year low of $48.01 and a 1-year high of $82.69. The firm's 50 day moving average price is $59.62 and its 200-day moving average price is $58.38. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23.

Dayforce (NYSE:DAY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.52 by $0.09. The firm had revenue of $464.70 million for the quarter, compared to the consensus estimate of $457.83 million. Dayforce had a return on equity of 7.37% and a net margin of 2.65%.The business's quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 EPS. As a group, equities analysts forecast that Dayforce, Inc. will post 1.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other Dayforce news, EVP Samer Alkharrat sold 4,659 shares of Dayforce stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $59.69, for a total transaction of $278,095.71. Following the transaction, the executive vice president directly owned 127,632 shares of the company's stock, valued at approximately $7,618,354.08. The trade was a 3.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total value of $110,020.00. Following the transaction, the chief operating officer directly owned 190,811 shares in the company, valued at $10,496,513.11. The trade was a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,382 shares of company stock valued at $539,860. 4.50% of the stock is currently owned by company insiders.

Dayforce Company Profile

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.