Automatic Data Processing (NASDAQ:ADP) Shares Sold by First American Bank

First American Bank cut its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 1.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,078 shares of the business services provider’s stock after selling 298 shares during the period. First American Bank’s holdings in Automatic Data Processing were worth $3,815,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ADP. Enterprise Financial Services Corp lifted its position in shares of Automatic Data Processing by 2.0% in the 1st quarter. Enterprise Financial Services Corp now owns 3,215 shares of the business services provider’s stock valued at $514,000 after acquiring an additional 64 shares in the last quarter. Bank of The West increased its stake in Automatic Data Processing by 1.4% in the 1st quarter. Bank of The West now owns 4,649 shares of the business services provider’s stock valued at $743,000 after buying an additional 66 shares during the period. BTR Capital Management Inc. increased its stake in Automatic Data Processing by 1.3% in the 1st quarter. BTR Capital Management Inc. now owns 5,252 shares of the business services provider’s stock valued at $839,000 after buying an additional 67 shares during the period. Berman Capital Advisors LLC increased its stake in Automatic Data Processing by 2.5% in the 1st quarter. Berman Capital Advisors LLC now owns 2,780 shares of the business services provider’s stock valued at $443,000 after buying an additional 67 shares during the period. Finally, Ellevest Inc. increased its stake in Automatic Data Processing by 34.6% in the 1st quarter. Ellevest Inc. now owns 276 shares of the business services provider’s stock valued at $44,000 after buying an additional 71 shares during the period. 79.80% of the stock is owned by institutional investors and hedge funds.

In other news, VP Dermot J. O’brien sold 1,771 shares of the stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $162.04, for a total transaction of $286,972.84. Following the transaction, the vice president now owns 14,896 shares in the company, valued at approximately $2,413,747.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.33% of the company’s stock.

Several research analysts have weighed in on ADP shares. BidaskClub lowered shares of Walgreens Boots Alliance from a “sell” rating to a “strong sell” rating in a research note on Monday, June 24th. Zacks Investment Research lowered shares of Gold Resource from a “hold” rating to a “sell” rating in a research note on Friday, June 21st. Sanford C. Bernstein lowered shares of Encana from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 30th. Citigroup lowered shares of BCE from a “buy” rating to a “neutral” rating in a research note on Thursday, May 2nd. Finally, Barclays upped their price objective on shares of WEX from $222.00 to $238.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $167.00.

Automatic Data Processing stock traded up $4.23 during trading hours on Wednesday, hitting $169.23. The company had a trading volume of 1,691,048 shares, compared to its average volume of 2,348,168. The firm has a market capitalization of $73.67 billion, a price-to-earnings ratio of 38.90, a P/E/G ratio of 2.16 and a beta of 0.90. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.38. The company’s fifty day moving average is $166.00. Automatic Data Processing has a fifty-two week low of $121.40 and a fifty-two week high of $170.45.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, July 31st. The business services provider reported $1.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.01. Automatic Data Processing had a net margin of 13.76% and a return on equity of 50.53%. The company had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.50 billion. During the same quarter in the prior year, the business posted $0.99 EPS. Automatic Data Processing’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, analysts expect that Automatic Data Processing will post 5.44 EPS for the current year.

Automatic Data Processing Profile

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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