Deluxe (NYSE:DLX) Hits New 52-Week High After Analyst Upgrade

Deluxe Co. (NYSE:DLX - Get Free Report) reached a new 52-week high on Wednesday after TD Cowen raised their price target on the stock from $33.00 to $35.00. TD Cowen currently has a buy rating on the stock. Deluxe traded as high as $24.00 and last traded at $23.41, with a volume of 14336 shares changing hands. The stock had previously closed at $23.65.

Separately, Northcoast Research assumed coverage on Deluxe in a research report on Friday, April 19th. They set a "buy" rating and a $27.00 price target on the stock.

Insider Activity

In related news, CEO Barry C. Mccarthy bought 2,666 shares of the company's stock in a transaction on Wednesday, March 13th. The shares were bought at an average price of $19.25 per share, with a total value of $51,320.50. Following the transaction, the chief executive officer now owns 173,410 shares in the company, valued at $3,338,142.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.23% of the company's stock.

Hedge Funds Weigh In On Deluxe

Hedge funds have recently made changes to their positions in the company. Texas Permanent School Fund Corp boosted its holdings in shares of Deluxe by 1.5% in the 1st quarter. Texas Permanent School Fund Corp now owns 38,246 shares of the business services provider's stock valued at $787,000 after acquiring an additional 552 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in Deluxe by 10.7% in the first quarter. Lazard Asset Management LLC now owns 12,532 shares of the business services provider's stock valued at $257,000 after purchasing an additional 1,211 shares during the last quarter. New York State Common Retirement Fund grew its position in Deluxe by 3.5% during the 4th quarter. New York State Common Retirement Fund now owns 36,782 shares of the business services provider's stock worth $789,000 after purchasing an additional 1,253 shares during the period. Swiss National Bank raised its stake in shares of Deluxe by 1.4% during the 3rd quarter. Swiss National Bank now owns 95,500 shares of the business services provider's stock valued at $1,804,000 after buying an additional 1,300 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of Deluxe by 14.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 14,169 shares of the business services provider's stock valued at $292,000 after buying an additional 1,740 shares during the period. 93.90% of the stock is owned by institutional investors and hedge funds.

Deluxe Stock Down 1.7 %

The stock has a market cap of $1.02 billion, a PE ratio of 30.20, a P/E/G ratio of 0.69 and a beta of 1.48. The business has a 50 day moving average price of $20.33 and a 200 day moving average price of $19.75. The company has a quick ratio of 0.88, a current ratio of 0.97 and a debt-to-equity ratio of 2.53.

Deluxe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, May 17th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 5.16%. Deluxe's payout ratio is 155.85%.

About Deluxe

Deluxe Corporation provides technology-enabled solutions to enterprises, small businesses, and financial institutions in the United States, Canada, and Australia. It operates through Merchant Services, B2B Payments, Data Solutions, and Print segments. The Merchant Services offers credit and debit card authorization and payment systems, as well as processing services primarily to small and medium-sized retail and service businesses.