Paycom Software, Inc. (NYSE:PAYC) Shares Bought by Bank of America Corp DE

Bank of America Corp DE grew its position in shares of Paycom Software, Inc. (NYSE:PAYC) by 22.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 272,784 shares of the software maker’s stock after purchasing an additional 50,357 shares during the quarter. Bank of America Corp DE’s holdings in Paycom Software were worth $55,912,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Private Trust Co. NA increased its position in Paycom Software by 9.3% in the 4th quarter. Private Trust Co. NA now owns 575 shares of the software maker’s stock valued at $118,000 after acquiring an additional 49 shares during the period. Oppenheimer & Co. Inc. increased its stake in Paycom Software by 1.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 2,939 shares of the software maker’s stock valued at $602,000 after buying an additional 51 shares during the period. Benjamin Edwards Inc. lifted its stake in shares of Paycom Software by 1.1% in the 4th quarter. Benjamin Edwards Inc. now owns 5,502 shares of the software maker’s stock worth $1,128,000 after acquiring an additional 60 shares during the period. Valley National Advisers Inc. increased its stake in shares of Paycom Software by 0.7% during the fourth quarter. Valley National Advisers Inc. now owns 10,702 shares of the software maker’s stock worth $2,192,000 after acquiring an additional 72 shares during the period. Finally, Asset Management One Co. Ltd. lifted its position in Paycom Software by 0.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 20,240 shares of the software maker’s stock valued at $4,184,000 after purchasing an additional 79 shares during the period. Institutional investors and hedge funds own 87.77% of the company’s stock.

Insider Transactions at Paycom Software

In related news, CEO Chad R. Richison sold 120,000 shares of the stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $243.52, for a total transaction of $29,222,400.00. Following the transaction, the chief executive officer now directly owns 3,307,249 shares in the company, valued at approximately $805,381,276.48. This represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Bradley Scott Smith sold 3,000 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $201.01, for a total value of $603,030.00. Following the completion of the sale, the insider now directly owns 28,733 shares in the company, valued at approximately $5,775,620.33. The trade was a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,100 shares of company stock worth $30,698,424 over the last quarter. 10.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PAYC. StockNews.com cut Paycom Software from a “buy” rating to a “hold” rating in a report on Tuesday, March 4th. Citigroup dropped their target price on shares of Paycom Software from $234.00 to $221.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Piper Sandler raised their price objective on Paycom Software from $224.00 to $246.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. KeyCorp raised their price target on Paycom Software from $245.00 to $270.00 and gave the company an “overweight” rating in a research report on Thursday, May 8th. Finally, Stifel Nicolaus lifted their target price on shares of Paycom Software from $187.00 to $215.00 and gave the stock a “hold” rating in a research report on Thursday, May 8th. Eleven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $226.90.

Paycom Software Trading Up 0.7%

NYSE:PAYC opened at $260.25 on Wednesday. Paycom Software, Inc. has a 12-month low of $139.50 and a 12-month high of $261.64. The firm has a market cap of $15.06 billion, a price-to-earnings ratio of 29.24, a price-to-earnings-growth ratio of 2.40 and a beta of 0.80. The company’s 50-day moving average is $219.78 and its two-hundred day moving average is $216.28.

Paycom Software (NYSE:PAYC) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $2.80 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.18. Paycom Software had a net margin of 26.66% and a return on equity of 33.53%. The business had revenue of $530.50 million during the quarter, compared to analyst estimates of $522.92 million. During the same quarter in the previous year, the business posted $2.59 earnings per share. The company’s revenue was up 6.1% on a year-over-year basis. On average, equities research analysts forecast that Paycom Software, Inc. will post 7.15 earnings per share for the current fiscal year.

Paycom Software Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be issued a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 0.58%. The ex-dividend date is Tuesday, May 27th. Paycom Software’s dividend payout ratio (DPR) is 21.40%.

About Paycom Software

Paycom Software, Inc provides cloud-based human capital management (HCM) solution delivered as software-as-a-service for small to mid-sized companies in the United States. It offers functionality and data analytics that businesses need to manage the employment life cycle from recruitment to retirement.