Truist Financial Corp Buys 28,426 Shares of Paycom Software, Inc. (NYSE:PAYC)

Truist Financial Corp grew its stake in Paycom Software, Inc. (NYSE:PAYC) by 43.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 93,353 shares of the software maker’s stock after purchasing an additional 28,426 shares during the period. Truist Financial Corp owned about 0.16% of Paycom Software worth $13,353,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sylebra Capital LLC grew its stake in shares of Paycom Software by 53.9% during the second quarter. Sylebra Capital LLC now owns 1,957,468 shares of the software maker’s stock worth $279,996,000 after buying an additional 685,190 shares during the last quarter. Quarry LP acquired a new stake in shares of Paycom Software during the 2nd quarter valued at $100,000. NewEdge Advisors LLC grew its position in Paycom Software by 191.9% during the 2nd quarter. NewEdge Advisors LLC now owns 11,394 shares of the software maker’s stock worth $1,630,000 after acquiring an additional 7,491 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Paycom Software by 3.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 14,962 shares of the software maker’s stock worth $2,140,000 after purchasing an additional 489 shares in the last quarter. Finally, Creative Planning raised its position in Paycom Software by 13.2% in the second quarter. Creative Planning now owns 5,951 shares of the software maker’s stock valued at $851,000 after purchasing an additional 692 shares during the last quarter. 87.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on PAYC. Barclays boosted their price target on Paycom Software from $161.00 to $167.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. Citigroup cut their price target on shares of Paycom Software from $193.00 to $162.00 and set a “neutral” rating on the stock in a report on Tuesday, June 18th. TD Cowen raised their target price on Paycom Software from $171.00 to $188.00 and gave the stock a “hold” rating in a research report on Monday, September 23rd. Needham & Company LLC reissued a “hold” rating on shares of Paycom Software in a research note on Thursday, August 1st. Finally, StockNews.com downgraded Paycom Software from a “buy” rating to a “hold” rating in a research report on Monday, July 15th. Seventeen investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Paycom Software currently has an average rating of “Hold” and an average target price of $179.75.

Paycom Software Stock Up 0.9 %

Paycom Software stock opened at $167.98 on Friday. The company has a market capitalization of $9.76 billion, a PE ratio of 20.46, a PEG ratio of 2.37 and a beta of 1.17. Paycom Software, Inc. has a 12-month low of $139.50 and a 12-month high of $279.96. The firm’s fifty day moving average is $163.73 and its 200 day moving average is $167.17.

Paycom Software (NYSE:PAYC) last released its quarterly earnings data on Wednesday, July 31st. The software maker reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.07. Paycom Software had a net margin of 26.55% and a return on equity of 33.36%. The company had revenue of $437.51 million for the quarter, compared to analysts’ expectations of $436.19 million. Sell-side analysts expect that Paycom Software, Inc. will post 6.67 EPS for the current fiscal year.

Paycom Software Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were paid a dividend of $0.375 per share. The ex-dividend date was Monday, August 26th. This represents a $1.50 dividend on an annualized basis and a yield of 0.89%. Paycom Software’s dividend payout ratio (DPR) is presently 18.27%.

Insiders Place Their Bets

In other news, insider Bradley Scott Smith sold 1,524 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $157.62, for a total value of $240,212.88. Following the transaction, the insider now owns 14,769 shares in the company, valued at $2,327,889.78. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Chad R. Richison sold 1,950 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $140.20, for a total value of $273,390.00. Following the transaction, the chief executive officer now owns 3,023,708 shares in the company, valued at $423,923,861.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bradley Scott Smith sold 1,524 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $157.62, for a total value of $240,212.88. Following the sale, the insider now directly owns 14,769 shares of the company’s stock, valued at $2,327,889.78. The trade was 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 73,856 shares of company stock worth $11,841,695. Insiders own 14.50% of the company’s stock.

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.