Zions Bancorporation N.A. Boosts Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Zions Bancorporation N.A. boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 114,182.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 26,285 shares of the business services provider’s stock after buying an additional 26,262 shares during the period. Zions Bancorporation N.A.’s holdings in Paychex were worth $3,527,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Meeder Asset Management Inc. boosted its position in shares of Paychex by 286.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after purchasing an additional 163 shares during the period. ORG Partners LLC lifted its stake in Paychex by 227.6% during the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock worth $29,000 after acquiring an additional 173 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in Paychex in the 2nd quarter valued at about $30,000. ESL Trust Services LLC purchased a new stake in Paychex during the first quarter worth about $31,000. Finally, American National Bank boosted its stake in shares of Paychex by 166.7% in the second quarter. American National Bank now owns 288 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 180 shares during the period. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PAYX shares. Stifel Nicolaus increased their target price on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their target price on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Jefferies Financial Group increased their price target on Paychex from $120.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, October 2nd. Citigroup upped their target price on shares of Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. Finally, Morgan Stanley lifted their price target on Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. Based on data from MarketBeat, Paychex currently has a consensus rating of “Hold” and a consensus price target of $130.77.

Paychex Price Performance

Shares of NASDAQ PAYX opened at $146.53 on Thursday. The stock has a market cap of $52.74 billion, a P/E ratio of 31.24, a P/E/G ratio of 4.07 and a beta of 0.99. Paychex, Inc. has a twelve month low of $114.72 and a twelve month high of $150.71. The stock has a 50 day moving average of $138.71 and a two-hundred day moving average of $128.85. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. Paychex had a net margin of 31.98% and a return on equity of 45.97%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the business earned $1.14 EPS. Paychex’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, research analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be given a $0.98 dividend. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a yield of 2.68%. Paychex’s dividend payout ratio (DPR) is 83.58%.

Insider Buying and Selling at Paychex

In other news, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total value of $1,852,685.25. Following the sale, the chief financial officer now owns 17,362 shares of the company’s stock, valued at $2,471,480.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Michael E. Gioja sold 14,731 shares of the stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $139.18, for a total value of $2,050,260.58. Following the completion of the transaction, the vice president now owns 14,515 shares in the company, valued at $2,020,197.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Robert L. Schrader sold 13,015 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the completion of the sale, the chief financial officer now owns 17,362 shares of the company’s stock, valued at $2,471,480.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,174 shares of company stock valued at $7,577,231. 11.40% of the stock is owned by company insiders.

Paychex Company Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.