Sterling Capital Management LLC Cuts Holdings in Paymentus Holdings, Inc. $PAY

Sterling Capital Management LLC trimmed its position in Paymentus Holdings, Inc. (NYSE:PAY) by 45.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,665 shares of the business services provider’s stock after selling 28,848 shares during the quarter. Sterling Capital Management LLC’s holdings in Paymentus were worth $880,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Royal Bank of Canada increased its stake in Paymentus by 26.8% in the 1st quarter. Royal Bank of Canada now owns 183,144 shares of the business services provider’s stock worth $4,780,000 after acquiring an additional 38,731 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Paymentus by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,295 shares of the business services provider’s stock valued at $425,000 after acquiring an additional 683 shares during the last quarter. Millennium Management LLC boosted its position in shares of Paymentus by 4.2% during the 1st quarter. Millennium Management LLC now owns 243,860 shares of the business services provider’s stock valued at $6,365,000 after acquiring an additional 9,890 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Paymentus by 275.8% in the first quarter. Goldman Sachs Group Inc. now owns 571,917 shares of the business services provider’s stock valued at $14,927,000 after purchasing an additional 419,736 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Paymentus by 34.7% in the second quarter. Legal & General Group Plc now owns 25,668 shares of the business services provider’s stock valued at $841,000 after purchasing an additional 6,616 shares in the last quarter. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

Paymentus Stock Performance

NYSE PAY opened at $24.16 on Wednesday. The business’s 50 day moving average price is $24.00 and its 200-day moving average price is $25.99. Paymentus Holdings, Inc. has a fifty-two week low of $20.11 and a fifty-two week high of $39.38. The company has a market cap of $3.04 billion, a P/E ratio of 42.38 and a beta of 1.33.

Paymentus (NYSE:PAY) last issued its quarterly earnings results on Monday, May 4th. The business services provider reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.04. The company had revenue of $358.44 million during the quarter, compared to the consensus estimate of $335.45 million. Paymentus had a return on equity of 13.75% and a net margin of 5.78%.Paymentus’s revenue was up 30.2% on a year-over-year basis. During the same period last year, the company earned $0.14 earnings per share. As a group, equities analysts predict that Paymentus Holdings, Inc. will post 0.65 EPS for the current year.

Wall Street Analysts Forecast Growth

PAY has been the topic of a number of recent research reports. Robert W. Baird upped their price target on shares of Paymentus from $30.00 to $34.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Wedbush lifted their price objective on shares of Paymentus from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Weiss Ratings downgraded shares of Paymentus from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $36.00 target price on shares of Paymentus in a research report on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $35.20.

Paymentus Profile

Paymentus is a U.S.-based financial technology company that specializes in cloud-native bill payment and presentment solutions. Its platform enables businesses and government entities to manage the entire payment lifecycle, from electronic bill presentment and real-time payment processing to reconciliation and reporting. Through web portals, mobile applications, interactive voice response (IVR) systems and in-person channels, Paymentus helps clients streamline accounts receivable operations, enhance customer engagement and reduce operational costs.

Founded in 2004 and headquartered in Wilmington, Delaware, Paymentus has built a modular suite of services that can be tailored to the needs of various industries.