Amalgamated Bank Trims Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Amalgamated Bank decreased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,744 shares of the business services provider’s stock after selling 1,566 shares during the period. Amalgamated Bank’s holdings in Automatic Data Processing were worth $20,944,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of ADP. Gryphon Financial Partners LLC increased its stake in shares of Automatic Data Processing by 105.2% in the fourth quarter. Gryphon Financial Partners LLC now owns 2,017 shares of the business services provider’s stock worth $467,000 after purchasing an additional 1,034 shares in the last quarter. Norges Bank purchased a new position in Automatic Data Processing during the fourth quarter valued at approximately $308,321,000. Gladstone Institutional Advisory LLC lifted its position in Automatic Data Processing by 22.6% during the fourth quarter. Gladstone Institutional Advisory LLC now owns 5,231 shares of the business services provider’s stock valued at $1,219,000 after purchasing an additional 966 shares during the last quarter. Corient Private Wealth LLC lifted its position in Automatic Data Processing by 0.7% during the fourth quarter. Corient Private Wealth LLC now owns 539,551 shares of the business services provider’s stock valued at $125,704,000 after purchasing an additional 3,666 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in Automatic Data Processing during the fourth quarter valued at approximately $793,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, CEO Maria Black sold 19,147 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total transaction of $5,253,553.86. Following the transaction, the chief executive officer now directly owns 92,807 shares of the company’s stock, valued at approximately $25,464,384.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Maria Black sold 19,147 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $5,253,553.86. Following the sale, the chief executive officer now directly owns 92,807 shares of the company’s stock, valued at approximately $25,464,384.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the sale, the director now directly owns 36,741 shares in the company, valued at $9,899,862.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 58,817 shares of company stock valued at $15,999,208. 0.26% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have issued reports on ADP. Stifel Nicolaus lifted their target price on shares of Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Royal Bank of Canada reiterated a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a research report on Thursday, August 1st. Bank of America lifted their target price on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Jefferies Financial Group lifted their target price on shares of Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Finally, StockNews.com upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Monday, September 9th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $265.36.

Automatic Data Processing Trading Up 0.3 %

NASDAQ:ADP opened at $279.41 on Wednesday. The company has a fifty day moving average of $262.31 and a 200 day moving average of $250.94. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $281.54. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $114.36 billion, a P/E ratio of 31.18, a P/E/G ratio of 3.02 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.89 EPS. On average, research analysts predict that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Friday, September 13th. Automatic Data Processing’s payout ratio is currently 62.50%.

About Automatic Data Processing

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.