Fifth Third Bancorp Takes Position in Paymentus Holdings, Inc. $PAY

Key Points

• Fifth Third Bancorp opened a new position in Paymentus during the first quarter, buying 40,964 shares valued at about $1.04 million.
• Several other large institutional investors also increased their stakes, and institutions now own 78.38% of Paymentus shares.
• Paymentus recently beat earnings expectations, posting $0.21 EPS versus $0.17 expected and $358.44 million in revenue, up 30.2% year over year.

Fifth Third Bancorp purchased a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 40,964 shares of the business services provider's stock, valued at approximately $1,040,000.

A number of other institutional investors and hedge funds have also modified their holdings of PAY. Royal Bank of Canada boosted its position in Paymentus by 26.8% during the first quarter. Royal Bank of Canada now owns 183,144 shares of the business services provider's stock worth $4,780,000 after purchasing an additional 38,731 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Paymentus by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,295 shares of the business services provider's stock valued at $425,000 after buying an additional 683 shares in the last quarter. Millennium Management LLC raised its stake in shares of Paymentus by 4.2% during the 1st quarter. Millennium Management LLC now owns 243,860 shares of the business services provider's stock worth $6,365,000 after buying an additional 9,890 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Paymentus by 275.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 571,917 shares of the business services provider's stock worth $14,927,000 after buying an additional 419,736 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Paymentus by 34.7% in the 2nd quarter. Legal & General Group Plc now owns 25,668 shares of the business services provider's stock worth $841,000 after buying an additional 6,616 shares in the last quarter. Institutional investors and hedge funds own 78.38% of the company's stock.

Paymentus Stock Up 0.1%

PAY opened at $28.79 on Friday. The firm has a market cap of $3.62 billion, a P/E ratio of 50.52 and a beta of 1.31. The business's fifty day simple moving average is $24.49 and its 200 day simple moving average is $25.70. Paymentus Holdings, Inc. has a 52 week low of $20.11 and a 52 week high of $39.38.

Paymentus (NYSE:PAY - Get Free Report) last announced its earnings results on Monday, May 4th. The business services provider reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.04. Paymentus had a net margin of 5.78% and a return on equity of 13.75%. The firm had revenue of $358.44 million during the quarter, compared to the consensus estimate of $335.45 million. During the same quarter in the previous year, the company posted $0.14 EPS. The firm's revenue for the quarter was up 30.2% on a year-over-year basis. As a group, equities analysts expect that Paymentus Holdings, Inc. will post 0.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Weiss Ratings cut shares of Paymentus from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, June 11th. Robert W. Baird lifted their target price on shares of Paymentus from $30.00 to $34.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 5th. Finally, Wedbush upped their price target on shares of Paymentus from $32.00 to $36.00 and gave the company an "outperform" rating in a report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Paymentus currently has an average rating of "Moderate Buy" and a consensus price target of $35.20.

About Paymentus

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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