Northern Trust Corp Buys 7,342 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Northern Trust Corp raised its stake in Paymentus Holdings, Inc. (NYSE:PAY) by 7.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 107,824 shares of the business services provider’s stock after buying an additional 7,342 shares during the period. Northern Trust Corp owned about 0.09% of Paymentus worth $3,523,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Capital International Investors lifted its stake in shares of Paymentus by 25.6% in the 4th quarter. Capital International Investors now owns 4,362,065 shares of the business services provider’s stock valued at $142,509,000 after purchasing an additional 888,914 shares during the period. Invesco Ltd. lifted its stake in shares of Paymentus by 246.2% in the 4th quarter. Invesco Ltd. now owns 579,459 shares of the business services provider’s stock valued at $18,931,000 after purchasing an additional 412,095 shares during the period. Price T Rowe Associates Inc. MD acquired a new position in shares of Paymentus in the 4th quarter valued at about $12,064,000. Vanguard Group Inc. lifted its stake in shares of Paymentus by 17.9% in the 4th quarter. Vanguard Group Inc. now owns 1,796,659 shares of the business services provider’s stock valued at $58,697,000 after purchasing an additional 273,027 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Paymentus by 23.8% in the 4th quarter. JPMorgan Chase & Co. now owns 878,887 shares of the business services provider’s stock valued at $28,713,000 after purchasing an additional 169,237 shares during the period. Institutional investors own 78.38% of the company’s stock.

Insider Buying and Selling

In related news, Director William Ingram sold 11,409 shares of Paymentus stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $38.01, for a total transaction of $433,656.09. Following the transaction, the director now owns 73,963 shares of the company’s stock, valued at $2,811,333.63. The trade was a 13.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 75.43% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PAY. Wall Street Zen raised Paymentus from a “sell” rating to a “hold” rating in a research note on Thursday, May 1st. The Goldman Sachs Group boosted their price objective on Paymentus from $28.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. boosted their price objective on Paymentus from $29.00 to $35.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Wells Fargo & Company boosted their price objective on Paymentus from $30.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. Finally, Robert W. Baird boosted their price objective on Paymentus from $30.00 to $36.00 and gave the company an “outperform” rating in a research note on Tuesday, May 6th. Five equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Paymentus currently has an average rating of “Moderate Buy” and a consensus target price of $36.00.

Paymentus Stock Performance

PAY stock opened at $37.15 on Friday. The stock’s 50 day simple moving average is $31.13 and its 200 day simple moving average is $31.56. Paymentus Holdings, Inc. has a fifty-two week low of $16.94 and a fifty-two week high of $40.43. The company has a market cap of $4.65 billion, a P/E ratio of 119.83 and a beta of 1.61.

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.