Truist Financial Corp Cuts Stock Position in SS&C Technologies Holdings, Inc. (NASDAQ:SSNC)

Truist Financial Corp cut its position in shares of SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) by 24.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 200,661 shares of the technology company’s stock after selling 64,737 shares during the period. Truist Financial Corp’s holdings in SS&C Technologies were worth $12,575,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Swedbank AB acquired a new position in shares of SS&C Technologies in the 1st quarter valued at $94,939,000. Millennium Management LLC raised its holdings in shares of SS&C Technologies by 49.2% during the 2nd quarter. Millennium Management LLC now owns 3,399,874 shares of the technology company’s stock worth $213,070,000 after acquiring an additional 1,120,961 shares during the period. Junto Capital Management LP increased its holdings in shares of SS&C Technologies by 183.0% during the 4th quarter. Junto Capital Management LP now owns 1,471,190 shares of the technology company’s stock worth $89,904,000 after buying an additional 951,269 shares during the last quarter. AQR Capital Management LLC increased its position in shares of SS&C Technologies by 82.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,267,057 shares of the technology company’s stock worth $78,900,000 after purchasing an additional 571,334 shares during the last quarter. Finally, Capital International Investors boosted its position in shares of SS&C Technologies by 111.1% during the 1st quarter. Capital International Investors now owns 1,071,540 shares of the technology company’s stock worth $68,975,000 after purchasing an additional 564,017 shares during the period. 96.95% of the stock is currently owned by institutional investors.

SS&C Technologies Stock Up 0.2 %

Shares of SSNC opened at $73.77 on Friday. The company has a 50-day moving average price of $73.30 and a two-hundred day moving average price of $66.53. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.01. SS&C Technologies Holdings, Inc. has a 12 month low of $46.61 and a 12 month high of $76.94. The stock has a market cap of $18.10 billion, a price-to-earnings ratio of 29.39 and a beta of 1.38.

SS&C Technologies (NASDAQ:SSNC) last posted its quarterly earnings data on Thursday, July 25th. The technology company reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.07. SS&C Technologies had a return on equity of 17.43% and a net margin of 12.33%. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the business earned $0.96 EPS. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. Equities analysts predict that SS&C Technologies Holdings, Inc. will post 4.66 EPS for the current fiscal year.

SS&C Technologies announced that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

SS&C Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, September 3rd. This is a boost from SS&C Technologies’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 1.36%. SS&C Technologies’s payout ratio is 39.84%.

Insider Activity

In related news, Director Smita Conjeevaram sold 48,500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $70.82, for a total transaction of $3,434,770.00. Following the transaction, the director now directly owns 9,576 shares of the company’s stock, valued at approximately $678,172.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Rahul Kanwar sold 412,190 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $73.13, for a total value of $30,143,454.70. Following the sale, the chief operating officer now owns 57,642 shares in the company, valued at $4,215,359.46. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Smita Conjeevaram sold 48,500 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $70.82, for a total value of $3,434,770.00. Following the sale, the director now owns 9,576 shares of the company’s stock, valued at $678,172.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 609,690 shares of company stock valued at $44,821,055. 15.40% of the stock is owned by company insiders.

Analyst Ratings Changes

SSNC has been the subject of several analyst reports. Needham & Company LLC boosted their price target on shares of SS&C Technologies from $81.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Royal Bank of Canada boosted their price objective on shares of SS&C Technologies from $75.00 to $86.00 and gave the stock an “outperform” rating in a report on Thursday, September 19th. Finally, DA Davidson lifted their price target on SS&C Technologies from $88.00 to $92.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, SS&C Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $73.75.

SS&C Technologies Company Profile

SS&C Technologies Holdings, Inc, together with its subsidiaries, provides software products and software-enabled services to financial services and healthcare industries. The company owns and operates technology stack across securities accounting; front-office functions, such as trading and modeling; middle-office functions comprising portfolio management and reporting; back-office functions, such as accounting, performance measurement, reconciliation, reporting, processing and clearing, and compliance and tax reporting; and healthcare solutions consisting of claims adjudication, benefit management, care management, and business intelligence solutions.