OLD National Bancorp IN Buys Shares of 4,459 SS&C Technologies Holdings, Inc. (NASDAQ:SSNC)

OLD National Bancorp IN purchased a new position in SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) during the third quarter, HoldingsChannel.com reports. The fund purchased 4,459 shares of the technology company’s stock, valued at approximately $331,000.

Other large investors also recently modified their holdings of the company. Pzena Investment Management LLC lifted its stake in SS&C Technologies by 0.3% in the 1st quarter. Pzena Investment Management LLC now owns 14,519,103 shares of the technology company’s stock worth $934,595,000 after purchasing an additional 46,211 shares in the last quarter. Diamond Hill Capital Management Inc. increased its holdings in shares of SS&C Technologies by 0.7% in the second quarter. Diamond Hill Capital Management Inc. now owns 7,798,723 shares of the technology company’s stock worth $488,746,000 after purchasing an additional 53,080 shares during the period. Burgundy Asset Management Ltd. increased its holdings in shares of SS&C Technologies by 4.3% in the second quarter. Burgundy Asset Management Ltd. now owns 4,942,374 shares of the technology company’s stock worth $309,739,000 after purchasing an additional 201,632 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of SS&C Technologies by 0.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,860,256 shares of the technology company’s stock worth $248,485,000 after buying an additional 25,183 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in SS&C Technologies by 49.2% during the second quarter. Millennium Management LLC now owns 3,399,874 shares of the technology company’s stock valued at $213,070,000 after buying an additional 1,120,961 shares during the period. 96.95% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SSNC has been the topic of several recent analyst reports. Needham & Company LLC raised their price target on SS&C Technologies from $81.00 to $90.00 and gave the company a “buy” rating in a report on Thursday, September 19th. DA Davidson restated a “buy” rating and issued a $92.00 price objective on shares of SS&C Technologies in a research report on Thursday, October 10th. Finally, Royal Bank of Canada lifted their target price on shares of SS&C Technologies from $75.00 to $86.00 and gave the company an “outperform” rating in a research report on Thursday, September 19th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, SS&C Technologies has a consensus rating of “Moderate Buy” and an average target price of $73.75.

SS&C Technologies Stock Down 0.9 %

Shares of SSNC opened at $75.48 on Wednesday. SS&C Technologies Holdings, Inc. has a 1 year low of $46.61 and a 1 year high of $77.02. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.16 and a quick ratio of 1.16. The stock has a 50 day simple moving average of $74.29 and a two-hundred day simple moving average of $67.55. The firm has a market cap of $18.52 billion, a P/E ratio of 27.45 and a beta of 1.38.

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

SS&C Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a positive change from SS&C Technologies’s previous quarterly dividend of $0.24. SS&C Technologies’s payout ratio is 36.36%.

SS&C Technologies declared that its Board of Directors has initiated a share repurchase plan on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at SS&C Technologies

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

SS&C Technologies 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.