Amalgamated Bank Increases Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Amalgamated Bank raised its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 88,011 shares of the business services provider’s stock after acquiring an additional 267 shares during the quarter. Amalgamated Bank’s holdings in Automatic Data Processing were worth $24,355,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Kiely Wealth Advisory Group Inc. bought a new stake in Automatic Data Processing in the second quarter valued at $27,000. Keener Financial Planning LLC raised its position in shares of Automatic Data Processing by 230.3% in the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after acquiring an additional 76 shares in the last quarter. Hexagon Capital Partners LLC lifted its stake in shares of Automatic Data Processing by 78.5% in the 3rd quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 51 shares during the period. Crewe Advisors LLC bought a new stake in shares of Automatic Data Processing during the first quarter valued at approximately $33,000. Finally, Pathway Financial Advisers LLC purchased a new stake in Automatic Data Processing in the first quarter worth $36,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Carlos A. Rodriguez sold 9,203 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the sale, the director now directly owns 36,741 shares in the company, valued at $9,899,862.45. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the sale, the director now owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Maria Black sold 19,147 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total transaction of $5,253,553.86. Following the completion of the sale, the chief executive officer now directly owns 92,807 shares in the company, valued at $25,464,384.66. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,817 shares of company stock worth $15,999,208. Insiders own 0.21% of the company’s stock.

Automatic Data Processing Price Performance

NASDAQ:ADP opened at $289.86 on Tuesday. The business’s 50-day simple moving average is $281.94 and its two-hundred day simple moving average is $260.46. Automatic Data Processing, Inc. has a 52 week low of $218.63 and a 52 week high of $294.18. The stock has a market cap of $118.21 billion, a PE ratio of 30.93, a P/E/G ratio of 3.35 and a beta of 0.79. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.12. The firm had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.77 billion. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.08 earnings per share. As a group, analysts forecast that Automatic Data Processing, Inc. will post 9.94 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date was Friday, September 13th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 59.77%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. TD Cowen boosted their price objective on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research note on Friday. Citigroup increased their target price on Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. Bank of America upped their price target on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Royal Bank of Canada raised their price objective on shares of Automatic Data Processing from $267.00 to $315.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. Finally, StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Automatic Data Processing currently has a consensus rating of “Hold” and an average target price of $289.91.

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.