Paymentus Holdings, Inc. (NYSE:PAY) Position Lifted by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its stake in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 13.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,832 shares of the business services provider’s stock after acquiring an additional 4,571 shares during the quarter. Bank of New York Mellon Corp’s holdings in Paymentus were worth $1,301,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its position in shares of Paymentus by 13.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 709,650 shares of the business services provider’s stock worth $14,207,000 after buying an additional 81,853 shares during the last quarter. State Street Corp lifted its position in shares of Paymentus by 2.6% in the 3rd quarter. State Street Corp now owns 300,414 shares of the business services provider’s stock worth $6,014,000 after buying an additional 7,525 shares during the last quarter. FMR LLC lifted its position in shares of Paymentus by 32,191.6% in the 3rd quarter. FMR LLC now owns 227,979 shares of the business services provider’s stock worth $4,564,000 after buying an additional 227,273 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Paymentus by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 206,140 shares of the business services provider’s stock worth $4,129,000 after buying an additional 5,127 shares during the last quarter. Finally, Navellier & Associates Inc. lifted its position in shares of Paymentus by 24.6% in the 4th quarter. Navellier & Associates Inc. now owns 86,524 shares of the business services provider’s stock worth $2,827,000 after buying an additional 17,061 shares during the last quarter. 78.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Paymentus

In other news, General Counsel Andrew A. Gerber sold 3,070 shares of Paymentus stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $31.98, for a total value of $98,178.60. Following the transaction, the general counsel now owns 94,855 shares of the company’s stock, valued at $3,033,462.90. This trade represents a 3.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sanjay Kalra sold 15,794 shares of Paymentus stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $31.99, for a total transaction of $505,250.06. Following the completion of the transaction, the chief financial officer now directly owns 466,035 shares in the company, valued at approximately $14,908,459.65. This represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 87.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Robert W. Baird dropped their price objective on shares of Paymentus from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Tuesday, March 11th. StockNews.com raised shares of Paymentus from a “sell” rating to a “hold” rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. dropped their price objective on shares of Paymentus from $31.00 to $29.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Wells Fargo & Company increased their price objective on shares of Paymentus from $27.00 to $33.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $38.00 price objective on shares of Paymentus in a report on Wednesday, March 12th. Six equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $31.83.

Paymentus Stock Performance

PAY stock opened at $27.31 on Monday. The stock has a market cap of $3.40 billion, a P/E ratio of 88.10 and a beta of 1.68. The firm has a 50 day simple moving average of $29.59 and a 200 day simple moving average of $28.82. Paymentus Holdings, Inc. has a 52 week low of $16.94 and a 52 week high of $38.94.

Paymentus Profile

Paymentus Holdings, Inc provides cloud-based bill payment technology and solutions in the United States and internationally. The company offers electronic bill presentment and payment services, enterprise customer communication, and self-service revenue management to billers through a software-as-a-service technology platform.