Paycom Software, Inc. (NYSE:PAYC) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE raised its holdings in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 22.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 272,784 shares of the software maker's stock after buying an additional 50,357 shares during the quarter. Bank of America Corp DE owned about 0.47% of Paycom Software worth $55,912,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Glass Jacobson Investment Advisors llc grew its holdings in shares of Paycom Software by 746.7% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 127 shares of the software maker's stock valued at $26,000 after purchasing an additional 112 shares during the period. Murphy & Mullick Capital Management Corp acquired a new position in Paycom Software in the fourth quarter valued at approximately $30,000. IFP Advisors Inc lifted its holdings in Paycom Software by 635.7% in the fourth quarter. IFP Advisors Inc now owns 206 shares of the software maker's stock valued at $43,000 after acquiring an additional 178 shares during the last quarter. Parvin Asset Management LLC purchased a new position in Paycom Software in the fourth quarter worth approximately $61,000. Finally, Blue Trust Inc. grew its position in Paycom Software by 33.3% in the fourth quarter. Blue Trust Inc. now owns 352 shares of the software maker's stock worth $72,000 after acquiring an additional 88 shares during the period. 87.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Barclays upped their price target on Paycom Software from $221.00 to $240.00 and gave the company an "equal weight" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. increased their target price on shares of Paycom Software from $185.00 to $200.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. BMO Capital Markets boosted their price target on shares of Paycom Software from $215.00 to $244.00 and gave the company a "market perform" rating in a research note on Thursday, May 8th. Piper Sandler increased their price objective on shares of Paycom Software from $224.00 to $246.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Finally, Stifel Nicolaus lifted their target price on shares of Paycom Software from $187.00 to $215.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Eleven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Paycom Software presently has an average rating of "Hold" and an average target price of $226.90.

Paycom Software Stock Up 0.7%

Paycom Software stock opened at $260.25 on Wednesday. Paycom Software, Inc. has a 52-week low of $139.50 and a 52-week high of $261.64. The firm has a market cap of $15.06 billion, a PE ratio of 29.24, a price-to-earnings-growth ratio of 2.40 and a beta of 0.80. The company's 50 day moving average is $219.78 and its two-hundred day moving average is $216.28.

Paycom Software (NYSE:PAYC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.18. Paycom Software had a return on equity of 33.53% and a net margin of 26.66%. The business had revenue of $530.50 million for the quarter, compared to analysts' expectations of $522.92 million. During the same period last year, the firm earned $2.59 earnings per share. The company's revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities research analysts anticipate that Paycom Software, Inc. will post 7.15 earnings per share for the current fiscal year.

Paycom Software Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be paid a dividend of $0.375 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.58%. Paycom Software's payout ratio is 21.40%.

Insider Buying and Selling

In related news, CEO Chad R. Richison sold 120,000 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $243.52, for a total transaction of $29,222,400.00. Following the completion of the sale, the chief executive officer now owns 3,307,249 shares in the company, valued at $805,381,276.48. The trade was a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Randall Peck sold 3,600 shares of the company's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $212.19, for a total value of $763,884.00. Following the completion of the transaction, the chief operating officer now directly owns 50,665 shares of the company's stock, valued at $10,750,606.35. This trade represents a 6.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,100 shares of company stock worth $30,698,424 over the last 90 days. 10.90% of the stock is owned by insiders.

Paycom Software Profile

Paycom Software, Inc provides cloud-based human capital management (HCM) solution delivered as software-as-a-service for small to mid-sized companies in the United States. It offers functionality and data analytics that businesses need to manage the employment life cycle from recruitment to retirement.

Want to see what other hedge funds are holding PAYC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paycom Software, Inc. (NYSE:PAYC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.