Truist Financial Corp Sells 25,745 Shares of Paychex, Inc. $PAYX

Truist Financial Corp cut its holdings in Paychex, Inc. (NASDAQ:PAYX) by 14.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 156,168 shares of the business services provider’s stock after selling 25,745 shares during the quarter. Truist Financial Corp’s holdings in Paychex were worth $19,796,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the stock. EPG Wealth Management LLC increased its stake in shares of Paychex by 6.5% during the third quarter. EPG Wealth Management LLC now owns 10,747 shares of the business services provider’s stock valued at $1,362,000 after purchasing an additional 660 shares in the last quarter. Paragon Private Wealth Management LLC boosted its position in shares of Paychex by 19.3% during the third quarter. Paragon Private Wealth Management LLC now owns 10,202 shares of the business services provider’s stock valued at $1,293,000 after buying an additional 1,650 shares during the last quarter. Bank of Jackson Hole Trust boosted its holdings in shares of Paychex by 11.7% during the 3rd quarter. Bank of Jackson Hole Trust now owns 6,437 shares of the business services provider’s stock valued at $816,000 after acquiring an additional 674 shares during the last quarter. LBP AM SA boosted its holdings in Paychex by 1.2% in the third quarter. LBP AM SA now owns 17,990 shares of the business services provider’s stock worth $2,280,000 after purchasing an additional 221 shares during the last quarter. Finally, Cullen Frost Bankers Inc. boosted its stake in shares of Paychex by 18.6% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 2,994 shares of the business services provider’s stock worth $380,000 after buying an additional 469 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Trading Up 0.9%

Shares of Paychex stock opened at $103.13 on Friday. The firm has a market capitalization of $37.02 billion, a price-to-earnings ratio of 23.39 and a beta of 0.91. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 1.17. The firm’s 50 day simple moving average is $111.26 and its two-hundred day simple moving average is $123.74. Paychex, Inc. has a 12-month low of $101.04 and a 12-month high of $161.24.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Friday, December 19th. The business services provider reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.03. Paychex had a return on equity of 46.38% and a net margin of 26.45%.The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.55 billion. During the same quarter last year, the business posted $1.14 EPS. The company’s revenue was up 18.3% on a year-over-year basis. Paychex has set its FY 2026 guidance at 5.480-5.530 EPS. Analysts predict that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex announced that its board has initiated a share repurchase plan on Friday, January 16th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the business services provider to buy up to 2.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Wednesday, January 28th will be given a $1.08 dividend. The ex-dividend date is Wednesday, January 28th. This represents a $4.32 dividend on an annualized basis and a yield of 4.2%. Paychex’s payout ratio is currently 97.96%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PAYX shares. Citigroup dropped their price target on shares of Paychex from $139.00 to $120.00 and set a “neutral” rating on the stock in a research note on Monday, December 22nd. JPMorgan Chase & Co. cut their price objective on shares of Paychex from $140.00 to $125.00 and set an “underweight” rating for the company in a report on Monday, December 22nd. BMO Capital Markets cut their price objective on Paychex from $140.00 to $121.00 and set a “market perform” rating for the company in a research report on Tuesday, December 9th. Cantor Fitzgerald raised shares of Paychex to a “strong sell” rating in a report on Tuesday. Finally, Wolfe Research dropped their price target on Paychex from $130.00 to $115.00 and set an “underperform” rating for the company in a research report on Wednesday, December 10th. One research analyst has rated the stock with a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $123.94.

Paychex Company Profile

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.