PNC Financial Services Group Inc. Acquires 1,546 Shares of Corpay, Inc. (NYSE:CPAY)

PNC Financial Services Group Inc. lifted its position in Corpay, Inc. (NYSE:CPAY) by 32.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,334 shares of the company’s stock after purchasing an additional 1,546 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Corpay were worth $1,981,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Swedbank AB increased its holdings in shares of Corpay by 26.9% in the second quarter. Swedbank AB now owns 127,217 shares of the company’s stock worth $33,892,000 after purchasing an additional 27,000 shares during the period. DekaBank Deutsche Girozentrale bought a new position in shares of Corpay in the first quarter worth $10,171,000. Janus Henderson Group PLC bought a new position in shares of Corpay in the first quarter worth $2,827,000. iA Global Asset Management Inc. bought a new position in shares of Corpay in the first quarter worth $1,881,000. Finally, TCW Group Inc. increased its holdings in shares of Corpay by 75.2% in the second quarter. TCW Group Inc. now owns 17,579 shares of the company’s stock worth $4,683,000 after purchasing an additional 7,543 shares during the period. Institutional investors own 98.84% of the company’s stock.

Insider Buying and Selling

In other Corpay news, Director Joseph W. Farrelly sold 2,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $375.18, for a total transaction of $1,116,160.50. Following the completion of the transaction, the director now owns 10,530 shares of the company’s stock, valued at approximately $3,950,645.40. This trade represents a 22.03 % 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 link. Also, CAO Alissa B. Vickery sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $370.04, for a total transaction of $2,960,320.00. Following the transaction, the chief accounting officer now directly owns 1,797 shares of the company’s stock, valued at $664,961.88. This represents a 81.66 % decrease in their position. The disclosure for this sale can be found here. 6.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Corpay from $285.00 to $320.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Jefferies Financial Group upped their target price on shares of Corpay from $375.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods upped their target price on shares of Corpay from $380.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Morgan Stanley upped their target price on shares of Corpay from $325.00 to $350.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $310.00 target price on shares of Corpay in a research report on Thursday, August 8th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $363.93.

Corpay Stock Performance

Corpay stock opened at $382.04 on Wednesday. Corpay, Inc. has a 1-year low of $230.68 and a 1-year high of $385.30. The firm has a market cap of $26.63 billion, a P/E ratio of 27.25, a P/E/G ratio of 1.49 and a beta of 1.21. The firm has a 50-day moving average of $341.36 and a 200-day moving average of $302.59. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.69.

Corpay Profile

Corpay, Inc operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards.