Bank of Nova Scotia Trims Position in Corpay, Inc $CPAY

Bank of Nova Scotia trimmed its stake in shares of Corpay, Inc (NYSE:CPAY) by 17.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,755 shares of the corporate payments company’s stock after selling 1,394 shares during the quarter. Bank of Nova Scotia’s holdings in Corpay were worth $1,966,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Moran Wealth Management LLC lifted its position in Corpay by 77.9% in the first quarter. Moran Wealth Management LLC now owns 37,869 shares of the corporate payments company’s stock valued at $11,020,000 after purchasing an additional 16,586 shares during the period. Louisiana State Employees Retirement System acquired a new position in Corpay during the 1st quarter worth approximately $1,048,000. M&T Bank Corp increased its position in Corpay by 4,657.7% during the 4th quarter. M&T Bank Corp now owns 1,044,074 shares of the corporate payments company’s stock worth $314,193,000 after purchasing an additional 1,022,129 shares during the period. Procyon Advisors LLC raised its stake in shares of Corpay by 78.0% during the 1st quarter. Procyon Advisors LLC now owns 6,357 shares of the corporate payments company’s stock worth $1,850,000 after buying an additional 2,786 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Corpay by 6.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,734,927 shares of the corporate payments company’s stock worth $1,424,882,000 after buying an additional 307,355 shares in the last quarter. 98.84% of the stock is currently owned by hedge funds and other institutional investors.

Corpay Price Performance

NYSE:CPAY opened at $391.92 on Thursday. Corpay, Inc has a 12-month low of $252.84 and a 12-month high of $395.49. The firm has a market cap of $25.62 billion, a price-to-earnings ratio of 23.45, a price-to-earnings-growth ratio of 1.04 and a beta of 0.88. The company’s 50-day moving average is $352.47 and its two-hundred day moving average is $335.18. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.86.

Corpay (NYSE:CPAY) last issued its quarterly earnings results on Thursday, May 14th. The corporate payments company reported ($0.01) earnings per share for the quarter. The business had revenue of $5.63 million during the quarter. Corpay had a net margin of 24.60% and a return on equity of 38.68%. Research analysts expect that Corpay, Inc will post 25.49 EPS for the current year.

Insiders Place Their Bets

In other Corpay news, insider Armando Lins Netto sold 70,476 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $352.13, for a total transaction of $24,816,713.88. Following the completion of the sale, the insider owned 11,274 shares of the company’s stock, valued at approximately $3,969,913.62. The trade was a 86.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven T. Stull sold 1,000 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $360.78, for a total value of $360,780.00. Following the sale, the director owned 28,241 shares of the company’s stock, valued at $10,188,787.98. This represents a 3.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 88,677 shares of company stock worth $31,304,091 in the last quarter. 5.19% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Morgan Stanley raised their target price on Corpay from $400.00 to $415.00 and gave the company an “overweight” rating in a report on Tuesday. Wolfe Research reiterated an “outperform” rating and issued a $450.00 price target on shares of Corpay in a report on Wednesday, June 3rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corpay in a research note on Friday, July 24th. Loop Capital started coverage on shares of Corpay in a research note on Monday, May 18th. They issued a “buy” rating and a $406.00 price objective for the company. Finally, Oppenheimer reissued an “outperform” rating and set a $388.00 price objective on shares of Corpay in a report on Friday, May 8th. Twelve equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $383.69.

Corpay Company Profile

Corpay is a global corporate payments company that provides businesses with a range of payment and expense management solutions. Its services are designed to help organizations manage payables, card programs, travel and fleet-related expenses, and cross-border transactions more efficiently.

The company serves customers across a variety of industries and geographies, offering software and payment tools that streamline accounts payable, vendor payments, and workforce payments. Corpay also provides specialized solutions for fleet management and international payments, helping businesses control costs and simplify financial operations.

Corpay operates as part of the broader financial technology and payment processing sector.