Paycom Software, Inc. $PAYC Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its position in shares of Paycom Software, Inc. (NYSE:PAYC) by 20.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,366 shares of the software maker’s stock after acquiring an additional 1,240 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Paycom Software were worth $1,705,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PAYC. SouthState Corp purchased a new stake in shares of Paycom Software during the first quarter worth approximately $27,000. S Bank Fund Management Ltd purchased a new stake in shares of Paycom Software during the first quarter worth $37,000. Assetmark Inc. raised its position in shares of Paycom Software by 651.9% in the second quarter. Assetmark Inc. now owns 203 shares of the software maker’s stock valued at $47,000 after buying an additional 176 shares during the last quarter. Brooklyn Investment Group lifted its stake in shares of Paycom Software by 19.4% in the first quarter. Brooklyn Investment Group now owns 240 shares of the software maker’s stock worth $52,000 after buying an additional 39 shares in the last quarter. Finally, Putney Financial Group LLC boosted its position in Paycom Software by 77.0% during the second quarter. Putney Financial Group LLC now owns 338 shares of the software maker’s stock worth $78,000 after acquiring an additional 147 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Paycom Software Trading Down 0.2%

Shares of PAYC opened at $160.94 on Thursday. The company’s 50-day moving average price is $196.59 and its 200 day moving average price is $222.86. Paycom Software, Inc. has a 12-month low of $156.50 and a 12-month high of $267.76. The firm has a market cap of $9.06 billion, a P/E ratio of 20.02, a price-to-earnings-growth ratio of 1.76 and a beta of 0.88.

Paycom Software (NYSE:PAYC) last announced its earnings results on Wednesday, November 5th. The software maker reported $1.94 earnings per share for the quarter, missing the consensus estimate of $1.96 by ($0.02). The company had revenue of $493.30 million for the quarter, compared to analysts’ expectations of $492.62 million. Paycom Software had a return on equity of 24.79% and a net margin of 22.65%.The company’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same period last year, the business earned $1.67 EPS. Paycom Software has set its FY 2025 guidance at EPS. Equities research analysts forecast that Paycom Software, Inc. will post 7.15 earnings per share for the current year.

Paycom Software Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 8th. Shareholders of record on Monday, November 24th will be given a $0.375 dividend. The ex-dividend date of this dividend is Monday, November 24th. This represents a $1.50 dividend on an annualized basis and a yield of 0.9%. Paycom Software’s payout ratio is presently 18.66%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Barclays cut their price objective on shares of Paycom Software from $225.00 to $210.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. JPMorgan Chase & Co. cut their price target on Paycom Software from $235.00 to $220.00 and set a “neutral” rating for the company in a report on Thursday, November 6th. Guggenheim began coverage on Paycom Software in a research report on Friday, September 26th. They set a “buy” rating and a $270.00 price objective on the stock. BMO Capital Markets upped their target price on Paycom Software from $244.00 to $258.00 and gave the company a “market perform” rating in a report on Thursday, August 7th. Finally, Jefferies Financial Group cut their target price on Paycom Software from $225.00 to $190.00 and set a “hold” rating for the company in a research note on Thursday, November 6th. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $225.77.

Insider Buying and Selling

In other Paycom Software news, insider Bradley Scott Smith sold 1,500 shares of the company’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $223.27, for a total transaction of $334,905.00. Following the transaction, the insider directly owned 24,533 shares in the company, valued at $5,477,482.91. This represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 10.90% of the stock is owned by company insiders.

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.