Fifth Third Bancorp Purchases 14,455 Shares of Paylocity Holding Corporation $PCTY

Key Points

• Fifth Third Bancorp increased its Paylocity stake by 271.1% in the first quarter, buying 14,455 additional shares and bringing its total holding to 19,787 shares worth about $2.14 million.
• Paylocity shares were down 2.7% in Wednesday trading, opening at $123.88, with the stock trading below its 52-week high of $197.78 but above its low of $92.99.
• Wall Street sentiment is mixed but generally constructive: analysts currently rate Paylocity “Moderate Buy” on average, with a consensus price target of $151.12, while an insider recently sold 899 shares in a pre-arranged transaction.

Fifth Third Bancorp increased its position in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 271.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,787 shares of the software maker's stock after acquiring an additional 14,455 shares during the period. Fifth Third Bancorp's holdings in Paylocity were worth $2,138,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Flagship Harbor Advisors LLC bought a new position in shares of Paylocity in the 4th quarter valued at $27,000. MassMutual Private Wealth & Trust FSB boosted its stake in Paylocity by 363.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 190 shares of the software maker's stock valued at $29,000 after buying an additional 149 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in Paylocity in the fourth quarter valued at about $30,000. Advisory Services Network LLC acquired a new position in Paylocity during the third quarter worth about $38,000. Finally, Parallel Advisors LLC raised its stake in Paylocity by 446.2% during the fourth quarter. Parallel Advisors LLC now owns 284 shares of the software maker's stock worth $43,000 after acquiring an additional 232 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Trading Down 2.7%

PCTY opened at $123.88 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.08 and a quick ratio of 1.08. Paylocity Holding Corporation has a fifty-two week low of $92.99 and a fifty-two week high of $197.78. The company's 50 day moving average price is $112.08 and its two-hundred day moving average price is $115.42. The firm has a market capitalization of $6.63 billion, a price-to-earnings ratio of 26.41 and a beta of 0.52.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings restated a "sell (d+)" rating on shares of Paylocity in a research note on Friday, April 24th. Stephens cut their target price on shares of Paylocity from $160.00 to $120.00 and set an "equal weight" rating on the stock in a research report on Friday, May 8th. BMO Capital Markets boosted their target price on shares of Paylocity from $135.00 to $143.00 and gave the stock an "outperform" rating in a research note on Friday, May 8th. Jefferies Financial Group set a $135.00 price target on shares of Paylocity in a report on Saturday, May 9th. Finally, Barclays increased their price target on Paylocity from $120.00 to $128.00 and gave the company an "equal weight" rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Paylocity currently has an average rating of "Moderate Buy" and an average price target of $151.12.

Insider Buying and Selling at Paylocity

In related news, SVP Andrew Cappotelli sold 899 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total value of $103,429.95. Following the completion of the sale, the senior vice president directly owned 17,679 shares in the company, valued at $2,033,968.95. This represents a 4.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is currently owned by corporate insiders.

Paylocity Profile

Paylocity NASDAQ: PCTY is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company's integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.

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