Fifth Third Bancorp Reduces Position in Paycom Software, Inc. (NYSE:PAYC)

Fifth Third Bancorp reduced its holdings in Paycom Software, Inc. (NYSE:PAYC) by 54.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,278 shares of the software maker’s stock after selling 2,725 shares during the period. Fifth Third Bancorp’s holdings in Paycom Software were worth $326,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Liberty One Investment Management LLC lifted its stake in Paycom Software by 90.6% in the 2nd quarter. Liberty One Investment Management LLC now owns 1,283 shares of the software maker’s stock worth $184,000 after purchasing an additional 610 shares in the last quarter. Pallas Capital Advisors LLC acquired a new stake in shares of Paycom Software in the second quarter valued at approximately $298,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Paycom Software during the second quarter worth approximately $71,000. Neo Ivy Capital Management acquired a new position in Paycom Software during the second quarter worth $824,000. Finally, Raymond James & Associates grew its holdings in Paycom Software by 769.2% in the 2nd quarter. Raymond James & Associates now owns 201,366 shares of the software maker’s stock valued at $28,803,000 after buying an additional 178,198 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Paycom Software news, EVP Amy Vickroy sold 1,381 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $143.39, for a total transaction of $198,021.59. Following the transaction, the executive vice president now owns 19,962 shares of the company’s stock, valued at $2,862,351.18. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Chad R. Richison sold 1,950 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $140.20, for a total value of $273,390.00. Following the completion of the sale, the chief executive officer now directly owns 3,023,708 shares of the company’s stock, valued at $423,923,861.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Amy Vickroy sold 1,381 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $143.39, for a total value of $198,021.59. Following the sale, the executive vice president now directly owns 19,962 shares of the company’s stock, valued at $2,862,351.18. The disclosure for this sale can be found here. Insiders have sold 78,093 shares of company stock worth $11,942,223 in the last ninety days. 14.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Citigroup lowered their price target on shares of Paycom Software from $193.00 to $162.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 18th. BMO Capital Markets cut their price target on shares of Paycom Software from $200.00 to $190.00 and set a “market perform” rating for the company in a report on Thursday, May 2nd. Mizuho decreased their price objective on Paycom Software from $185.00 to $170.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. StockNews.com lowered Paycom Software from a “buy” rating to a “hold” rating in a research report on Monday, July 15th. Finally, TD Cowen lifted their target price on Paycom Software from $147.00 to $171.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Seventeen equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $178.33.

Paycom Software Trading Up 1.9 %

Shares of NYSE PAYC opened at $163.23 on Friday. The business’s fifty day simple moving average is $153.21 and its 200-day simple moving average is $171.26. The stock has a market cap of $9.49 billion, a P/E ratio of 19.88, a PEG ratio of 2.22 and a beta of 1.16. Paycom Software, Inc. has a 12-month low of $139.50 and a 12-month high of $299.00.

Paycom Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Monday, August 26th will be given a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date of this dividend is Monday, August 26th. Paycom Software’s dividend payout ratio (DPR) is 18.27%.

Paycom Software Company 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.