Paychex, Inc. (PAYX) Shares Sold by FTB Advisors Inc.

FTB Advisors Inc. trimmed its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 22.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,350 shares of the business services provider’s stock after selling 951 shares during the quarter. FTB Advisors Inc.’s holdings in Paychex were worth $1,977,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PAYX. IFM Investors Pty Ltd raised its holdings in Paychex by 46.7% in the 2nd quarter. IFM Investors Pty Ltd now owns 14,179 shares of the business services provider’s stock valued at $969,000 after acquiring an additional 4,515 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in Paychex by 58.6% in the 2nd quarter. State of Alaska Department of Revenue now owns 138,385 shares of the business services provider’s stock valued at $9,456,000 after acquiring an additional 51,150 shares in the last quarter. Trust Co. of Vermont raised its holdings in Paychex by 1.7% in the 2nd quarter. Trust Co. of Vermont now owns 58,030 shares of the business services provider’s stock valued at $3,967,000 after acquiring an additional 953 shares in the last quarter. Xact Kapitalforvaltning AB raised its holdings in Paychex by 10.4% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 60,790 shares of the business services provider’s stock valued at $4,155,000 after acquiring an additional 5,711 shares in the last quarter. Finally, Webster Bank N. A. raised its holdings in Paychex by 1,205.8% in the 2nd quarter. Webster Bank N. A. now owns 35,088 shares of the business services provider’s stock valued at $2,398,000 after acquiring an additional 32,401 shares in the last quarter. Hedge funds and other institutional investors own 67.22% of the company’s stock.

In other news, VP Jennifer R. Vossler sold 4,000 shares of Paychex stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $70.51, for a total value of $282,040.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John B. Gibson sold 47,250 shares of Paychex stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $73.50, for a total value of $3,472,875.00. The disclosure for this sale can be found here. Company insiders own 11.80% of the company’s stock.

Shares of PAYX opened at $69.00 on Friday. Paychex, Inc. has a 52-week low of $59.36 and a 52-week high of $76.02. The firm has a market capitalization of $24.12 billion, a PE ratio of 27.06, a price-to-earnings-growth ratio of 2.78 and a beta of 1.02.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.02. Paychex had a return on equity of 42.87% and a net margin of 27.71%. The company had revenue of $862.80 million for the quarter, compared to analyst estimates of $850.39 million. During the same quarter last year, the company posted $0.62 EPS. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, sell-side analysts expect that Paychex, Inc. will post 2.85 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st will be paid a $0.56 dividend. The ex-dividend date is Wednesday, October 31st. This represents a $2.24 annualized dividend and a dividend yield of 3.25%. Paychex’s payout ratio is 87.84%.

Several equities analysts have weighed in on the company. Moffett Nathanson assumed coverage on Paychex in a report on Thursday, October 4th. They issued a “neutral” rating and a $79.00 price objective for the company. Morgan Stanley lifted their price objective on Paychex from $67.00 to $73.00 and gave the company an “equal weight” rating in a report on Wednesday, October 3rd. Deutsche Bank lifted their price objective on Paychex from $68.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, October 3rd. Stifel Nicolaus lifted their price objective on Paychex from $69.00 to $73.00 and gave the company a “hold” rating in a report on Wednesday, October 3rd. Finally, Citigroup lifted their price objective on Paychex from $67.00 to $73.00 and gave the company a “neutral” rating in a report on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the stock. Paychex presently has an average rating of “Hold” and a consensus target price of $72.93.

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About Paychex

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

Further Reading: Understanding Market Liquidity

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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