Texas Capital Bank Wealth Management Services Inc Buys New Holdings in Paychex, Inc. (NASDAQ:PAYX)

Texas Capital Bank Wealth Management Services Inc acquired a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,787 shares of the business services provider’s stock, valued at approximately $508,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. State Street Corp increased its holdings in Paychex by 0.5% in the third quarter. State Street Corp now owns 13,230,236 shares of the business services provider’s stock valued at $1,775,365,000 after buying an additional 60,455 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Paychex by 3.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 9,524,870 shares of the business services provider’s stock valued at $1,278,142,000 after acquiring an additional 345,682 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Paychex by 19.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,356,262 shares of the business services provider’s stock worth $279,351,000 after purchasing an additional 384,184 shares during the period. Epoch Investment Partners Inc. raised its holdings in shares of Paychex by 6.8% during the second quarter. Epoch Investment Partners Inc. now owns 1,790,377 shares of the business services provider’s stock worth $212,267,000 after purchasing an additional 113,856 shares during the period. Finally, Bahl & Gaynor Inc. lifted its position in shares of Paychex by 7.2% in the 2nd quarter. Bahl & Gaynor Inc. now owns 1,703,913 shares of the business services provider’s stock worth $202,016,000 after buying an additional 114,132 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Stock Down 1.1 %

Shares of NASDAQ:PAYX opened at $142.40 on Friday. Paychex, Inc. has a 12 month low of $114.72 and a 12 month high of $150.71. The firm has a market cap of $51.25 billion, a P/E ratio of 30.36, a P/E/G ratio of 3.97 and a beta of 0.99. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The company’s 50-day moving average price is $142.25 and its two-hundred day moving average price is $131.27.

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

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th were paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend was Thursday, November 7th. Paychex’s dividend payout ratio is currently 83.58%.

Insider Activity at Paychex

In other news, CFO Robert L. Schrader sold 13,015 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. This trade represents a 42.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael E. Gioja sold 14,731 shares of the stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $139.18, for a total transaction of $2,050,260.58. Following the sale, the vice president now owns 14,515 shares in the company, valued at $2,020,197.70. The trade was a 50.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,174 shares of company stock valued at $7,577,231. 11.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Royal Bank of Canada upped their price target on shares of Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 2nd. Barclays boosted their price target on shares of Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Monday, September 23rd. TD Cowen raised their price objective on shares of Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus increased their price target on Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a research note on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. raised their price objective on Paychex from $133.00 to $139.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 19th. Two investment analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $131.62.

Paychex 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.