Northern Trust Corp Increases Holdings in Paymentus Holdings, Inc. (NYSE:PAY)

Northern Trust Corp raised its stake in Paymentus Holdings, Inc. (NYSE:PAY - Free Report) by 7.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 107,824 shares of the business services provider's stock after buying an additional 7,342 shares during the quarter. Northern Trust Corp owned 0.09% of Paymentus worth $3,523,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PAY. Swiss National Bank grew its stake in Paymentus by 2.7% in the 4th quarter. Swiss National Bank now owns 37,400 shares of the business services provider's stock valued at $1,222,000 after buying an additional 1,000 shares during the last quarter. TimesSquare Capital Management LLC acquired a new stake in shares of Paymentus during the 4th quarter worth about $35,000. R Squared Ltd acquired a new stake in shares of Paymentus during the 4th quarter worth about $43,000. Arcadia Investment Management Corp MI acquired a new stake in Paymentus in the 4th quarter valued at about $134,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Paymentus during the 4th quarter worth approximately $137,000. Institutional investors and hedge funds own 78.38% of the company's stock.

Paymentus Stock Performance

Shares of Paymentus stock traded up $1.37 during midday trading on Thursday, reaching $38.23. 663,778 shares of the company's stock traded hands, compared to its average volume of 362,790. The stock has a 50 day moving average of $31.92 and a 200-day moving average of $31.85. The company has a market cap of $4.78 billion, a PE ratio of 123.32 and a beta of 1.61. Paymentus Holdings, Inc. has a 12 month low of $16.94 and a 12 month high of $40.43.

Analyst Ratings Changes

PAY has been the topic of several recent analyst reports. The Goldman Sachs Group lifted their price objective on shares of Paymentus from $28.00 to $34.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. upped their price target on shares of Paymentus from $29.00 to $35.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Robert W. Baird increased their target price on shares of Paymentus from $30.00 to $36.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Wells Fargo & Company raised their price objective on shares of Paymentus from $30.00 to $35.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Finally, Wedbush set a $40.00 price objective on shares of Paymentus and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Five analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Paymentus has an average rating of "Moderate Buy" and an average target price of $36.00.

Insider Activity

In other Paymentus news, Director William Ingram sold 11,409 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $38.01, for a total value of $433,656.09. Following the completion of the transaction, the director now owns 73,963 shares of the company's stock, valued at approximately $2,811,333.63. The trade was a 13.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 75.43% of the company's stock.

Paymentus Company Profile

Paymentus Holdings, Inc provides cloud-based bill payment technology and solutions in the United States and internationally. The company offers electronic bill presentment and payment services, enterprise customer communication, and self-service revenue management to billers through a software-as-a-service technology platform.