Summit Securities Group LLC Purchases New Stake in Paymentus Holdings, Inc. $PAY

Summit Securities Group LLC purchased a new stake in Paymentus Holdings, Inc. (NYSE:PAY) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,807 shares of the business services provider’s stock, valued at approximately $47,000.

A number of other large investors have also added to or reduced their stakes in PAY. Geode Capital Management LLC raised its stake in Paymentus by 8.1% in the 4th quarter. Geode Capital Management LLC now owns 222,760 shares of the business services provider’s stock valued at $7,281,000 after acquiring an additional 16,620 shares during the period. Wells Fargo & Company MN raised its stake in Paymentus by 374.5% in the 4th quarter. Wells Fargo & Company MN now owns 39,633 shares of the business services provider’s stock valued at $1,295,000 after acquiring an additional 31,280 shares during the period. Invesco Ltd. raised its stake in Paymentus by 246.2% in the 4th quarter. Invesco Ltd. now owns 579,459 shares of the business services provider’s stock valued at $18,931,000 after acquiring an additional 412,095 shares during the period. Legal & General Group Plc raised its stake in Paymentus by 40.1% in the 4th quarter. Legal & General Group Plc now owns 19,052 shares of the business services provider’s stock valued at $622,000 after acquiring an additional 5,452 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Paymentus in the 4th quarter valued at $3,109,000. Institutional investors own 78.38% of the company’s stock.

Paymentus Stock Performance

Shares of NYSE PAY opened at $37.46 on Monday. Paymentus Holdings, Inc. has a 52 week low of $19.53 and a 52 week high of $40.43. The stock has a market capitalization of $4.69 billion, a P/E ratio of 87.12 and a beta of 1.54. The stock’s fifty day moving average is $31.86 and its 200 day moving average is $31.43.

Paymentus (NYSE:PAY) last issued its quarterly earnings results on Monday, August 4th. The business services provider reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Paymentus had a return on equity of 12.63% and a net margin of 5.37%. The company had revenue of $280.08 million for the quarter, compared to analysts’ expectations of $262.78 million. During the same quarter last year, the business earned $0.12 earnings per share. Paymentus’s revenue was up 41.9% on a year-over-year basis. Equities research analysts forecast that Paymentus Holdings, Inc. will post 0.39 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PAY shares. Wedbush set a $40.00 price target on Paymentus and gave the company an “outperform” rating in a research note on Tuesday, May 6th. Wells Fargo & Company increased their price objective on Paymentus from $30.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 7th. The Goldman Sachs Group increased their price objective on Paymentus from $28.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Robert W. Baird increased their price objective on Paymentus from $36.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 4th. Finally, Wall Street Zen upgraded Paymentus from a “hold” rating to a “buy” rating in a research report on Saturday, July 5th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Paymentus currently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

About Paymentus

Paymentus Holdings, Inc provides cloud-based bill payment technology and solutions in the United States and internationally. The company offers electronic bill presentment and payment services, enterprise customer communication, and self-service revenue management to billers through a software-as-a-service technology platform.