First Business Financial Services Inc. Buys 1,549 Shares of Paychex, Inc. (PAYX)
First Business Financial Services Inc. boosted its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 16.1% in the 4th quarter, HoldingsChannel reports. The fund owned 11,179 shares of the business services provider’s stock after buying an additional 1,549 shares during the period. First Business Financial Services Inc.’s holdings in Paychex were worth $761,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in PAYX. Field & Main Bank purchased a new position in Paychex during the fourth quarter valued at approximately $101,000. Acadian Asset Management LLC purchased a new position in Paychex during the fourth quarter valued at approximately $109,000. Calton & Associates Inc. purchased a new position in Paychex during the fourth quarter valued at approximately $151,000. Bank of Nova Scotia Trust Co. purchased a new position in Paychex during the third quarter valued at approximately $188,000. Finally, Cpwm LLC purchased a new position in Paychex during the fourth quarter valued at approximately $205,000. Institutional investors own 67.98% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ PAYX) opened at $64.16 on Friday. The company has a market capitalization of $22,219.22, a P/E ratio of 27.54, a PEG ratio of 3.32 and a beta of 0.94. Paychex, Inc. has a 12-month low of $54.20 and a 12-month high of $73.10.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Wednesday, January 31st. Paychex’s dividend payout ratio (DPR) is presently 85.84%.
Several research analysts recently weighed in on PAYX shares. Royal Bank of Canada reiterated a “sell” rating and set a $57.00 price target on shares of Paychex in a research report on Wednesday, November 15th. Citigroup upgraded Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target for the company in a research report on Monday, December 4th. Bank of America lifted their price target on Paychex from $68.00 to $73.00 and gave the company a “buy” rating in a research report on Tuesday, December 5th. BidaskClub upgraded Paychex from a “buy” rating to a “strong-buy” rating in a research report on Thursday, December 7th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $68.00 price target on shares of Paychex in a research report on Friday, December 22nd. Two equities research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $62.77.
In other news, insider Michael E. Gioja sold 34,311 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total value of $2,364,371.01. Following the completion of the sale, the insider now directly owns 63,374 shares in the company, valued at $4,367,102.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jennifer R. Vossler sold 10,000 shares of Paychex stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total value of $682,900.00. Following the completion of the sale, the vice president now directly owns 31,578 shares in the company, valued at $2,156,461.62. The disclosure for this sale can be found here. 11.70% of the stock is owned by insiders.
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Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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