Bank of New York Mellon Corp Purchases 5,103 Shares of Paymentus Holdings, Inc. (NYSE:PAY)

Bank of New York Mellon Corp raised its position in Paymentus Holdings, Inc. (NYSE:PAY) by 12.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,935 shares of the business services provider’s stock after buying an additional 5,103 shares during the period. Bank of New York Mellon Corp’s holdings in Paymentus were worth $1,173,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Capital International Investors raised its position in Paymentus by 25.6% in the 4th quarter. Capital International Investors now owns 4,362,065 shares of the business services provider’s stock worth $142,509,000 after purchasing an additional 888,914 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of Paymentus in the 4th quarter valued at $24,568,000. Invesco Ltd. raised its position in shares of Paymentus by 246.2% during the fourth quarter. Invesco Ltd. now owns 579,459 shares of the business services provider’s stock worth $18,931,000 after acquiring an additional 412,095 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of Paymentus during the fourth quarter worth $12,064,000. Finally, Adams Street Partners LLC acquired a new position in shares of Paymentus during the fourth quarter valued at $8,953,000. Institutional investors and hedge funds own 78.38% of the company’s stock.

Paymentus Stock Performance

PAY opened at $27.88 on Friday. The firm’s fifty day moving average is $32.66 and its two-hundred day moving average is $31.17. The firm has a market cap of $3.49 billion, a PE ratio of 71.49 and a beta of 1.56. Paymentus Holdings, Inc. has a twelve month low of $17.70 and a twelve month high of $40.43.

Wall Street Analyst Weigh In

PAY has been the subject of a number of research reports. Wolfe Research upgraded Paymentus from a “peer perform” rating to an “outperform” rating in a research report on Tuesday, July 22nd. Robert W. Baird lifted their price target on shares of Paymentus from $36.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 4th. JPMorgan Chase & Co. increased their price objective on shares of Paymentus from $29.00 to $35.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Wedbush set a $40.00 price objective on shares of Paymentus and gave the company an “outperform” rating in a research note on Tuesday, May 6th. Finally, Wall Street Zen upgraded shares of Paymentus from a “hold” rating to a “buy” rating in a research report on Saturday, July 5th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $36.80.

Insider Activity at Paymentus

In other news, Director William Ingram sold 11,409 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $38.01, for a total transaction of $433,656.09. Following the sale, the director owned 73,963 shares of the company’s stock, valued at $2,811,333.63. This trade represents a 13.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 75.43% of the stock is currently owned by corporate insiders.

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.