Huntington National Bank Has $1.38 Million Stock Holdings in Paychex, Inc. (NASDAQ:PAYX)

Huntington National Bank decreased its position in Paychex, Inc. (NASDAQ:PAYX) by 9.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,249 shares of the business services provider’s stock after selling 1,069 shares during the period. Huntington National Bank’s holdings in Paychex were worth $1,375,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PAYX. Sei Investments Co. increased its stake in Paychex by 5.8% during the 1st quarter. Sei Investments Co. now owns 110,113 shares of the business services provider’s stock worth $13,522,000 after purchasing an additional 6,033 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its position in shares of Paychex by 4.0% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 5,623 shares of the business services provider’s stock worth $691,000 after acquiring an additional 216 shares in the last quarter. Nwam LLC raised its holdings in shares of Paychex by 3.8% during the first quarter. Nwam LLC now owns 3,528 shares of the business services provider’s stock worth $430,000 after acquiring an additional 128 shares during the period. Spirepoint Private Client LLC bought a new stake in Paychex in the 1st quarter valued at $579,000. Finally, Vanguard Group Inc. boosted its stake in Paychex by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 30,541,306 shares of the business services provider’s stock worth $3,750,472,000 after purchasing an additional 123,268 shares during the period. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Down 2.0 %

Paychex stock opened at $142.96 on Friday. Paychex, Inc. has a fifty-two week low of $114.72 and a fifty-two week high of $150.71. The firm has a market capitalization of $51.45 billion, a PE ratio of 30.48, a P/E/G ratio of 4.03 and a beta of 0.99. The company’s 50-day moving average is $139.03 and its 200-day moving average is $128.96. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the company earned $1.14 earnings per share. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. Sell-side analysts anticipate that Paychex, Inc. will post 4.98 earnings per share for the current year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be given a dividend of $0.98 per share. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a yield of 2.74%. Paychex’s dividend payout ratio (DPR) is 83.58%.

Wall Street Analysts Forecast Growth

PAYX has been the topic of several recent research reports. Morgan Stanley lifted their price target on Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. UBS Group boosted their target price on Paychex from $125.00 to $142.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. TD Cowen raised their price target on shares of Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus lifted their price objective on shares of Paychex from $130.00 to $141.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Finally, Barclays increased their target price on shares of Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $130.77.

Insider Buying and Selling at Paychex

In other news, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the completion of the sale, the chief financial officer now owns 17,362 shares of the company’s stock, valued at approximately $2,471,480.70. This trade represents a 42.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael E. Gioja sold 26,428 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the completion of the transaction, the vice president now owns 14,515 shares in the company, valued at $2,018,020.45. This trade represents a 64.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,174 shares of company stock worth $7,577,231 over the last ninety days. Insiders own 11.40% of the company’s stock.

About Paychex

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.