Bank of America Corp DE Buys 880,058 Shares of SS&C Technologies Holdings, Inc. (NASDAQ:SSNC)

Bank of America Corp DE lifted its holdings in SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) by 64.9% during the 4th quarter, Holdings Channel reports. The fund owned 2,235,142 shares of the technology company’s stock after acquiring an additional 880,058 shares during the quarter. Bank of America Corp DE’s holdings in SS&C Technologies were worth $169,379,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SSNC. Steward Partners Investment Advisory LLC raised its position in shares of SS&C Technologies by 16.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 885 shares of the technology company’s stock worth $67,000 after purchasing an additional 123 shares during the period. Global Retirement Partners LLC lifted its holdings in SS&C Technologies by 11.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,417 shares of the technology company’s stock valued at $107,000 after purchasing an additional 149 shares during the last quarter. Farther Finance Advisors LLC lifted its position in SS&C Technologies by 15.7% during the fourth quarter. Farther Finance Advisors LLC now owns 1,163 shares of the technology company’s stock worth $88,000 after acquiring an additional 158 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of SS&C Technologies by 5.3% during the fourth quarter. Wellington Management Group LLP now owns 3,193 shares of the technology company’s stock worth $242,000 after buying an additional 161 shares in the last quarter. Finally, Legacy Capital Group California Inc. raised its position in shares of SS&C Technologies by 5.8% in the fourth quarter. Legacy Capital Group California Inc. now owns 3,003 shares of the technology company’s stock valued at $228,000 after buying an additional 164 shares in the last quarter. 96.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SSNC. Raymond James lowered their price target on SS&C Technologies from $95.00 to $90.00 and set a “strong-buy” rating for the company in a report on Friday, April 25th. DA Davidson reduced their target price on SS&C Technologies from $100.00 to $94.00 and set a “buy” rating on the stock in a report on Monday, April 28th. UBS Group raised their target price on SS&C Technologies from $92.00 to $93.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Royal Bank of Canada boosted their target price on SS&C Technologies from $86.00 to $96.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, Needham & Company LLC dropped their price objective on SS&C Technologies from $105.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $91.86.

Insider Activity at SS&C Technologies

In other SS&C Technologies news, Director Jonathan E. Michael acquired 2,700 shares of the business’s stock in a transaction dated Thursday, May 1st. The stock was bought at an average price of $75.53 per share, with a total value of $203,931.00. Following the completion of the acquisition, the director now owns 72,776 shares of the company’s stock, valued at $5,496,771.28. This trade represents a 3.85 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Michael Jay Zamkow sold 23,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $88.39, for a total transaction of $2,032,970.00. Following the completion of the sale, the director now directly owns 23,200 shares in the company, valued at $2,050,648. This represents a 49.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 16.40% of the stock is owned by corporate insiders.

SS&C Technologies Price Performance

SSNC opened at $77.61 on Friday. The company has a market capitalization of $19.14 billion, a price-to-earnings ratio of 25.87 and a beta of 1.24. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average price of $78.87 and a 200-day moving average price of $78.60. SS&C Technologies Holdings, Inc. has a twelve month low of $60.01 and a twelve month high of $89.73.

SS&C Technologies (NASDAQ:SSNC) last issued its earnings results on Thursday, April 24th. The technology company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.50 billion. SS&C Technologies had a net margin of 12.93% and a return on equity of 18.30%. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 EPS. Equities analysts expect that SS&C Technologies Holdings, Inc. will post 5.35 EPS for the current year.

SS&C Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.29%. SS&C Technologies’s dividend payout ratio (DPR) is currently 31.06%.

SS&C Technologies Profile

SS&C Technologies Holdings, Inc engages in the development and provision of software solutions to the financial services and healthcare industries. It operates through the following geographical segments: United States, Europe, Middle East and Africa, Asia Pacific and Japan, Canada, and the Americas, excluding the United States and Canada.