Fifth Third Bancorp Has $2.14 Million Stake in Paylocity Holding Corporation $PCTY

Fifth Third Bancorp lifted its position in shares of Paylocity Holding Corporation (NASDAQ:PCTY) by 271.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 19,787 shares of the software maker’s stock after purchasing an additional 14,455 shares during the quarter. Fifth Third Bancorp’s holdings in Paylocity were worth $2,138,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PCTY. Flagship Harbor Advisors LLC bought a new stake in shares of Paylocity during the 4th quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB increased its holdings in Paylocity by 363.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 190 shares of the software maker’s stock worth $29,000 after purchasing an additional 149 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Paylocity in the fourth quarter worth approximately $30,000. Advisory Services Network LLC acquired a new position in Paylocity in the third quarter valued at approximately $38,000. Finally, Parallel Advisors LLC lifted its stake in Paylocity by 446.2% in the fourth quarter. Parallel Advisors LLC now owns 284 shares of the software maker’s stock valued at $43,000 after buying an additional 232 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

Insiders Place Their Bets

In other Paylocity news, SVP Andrew Cappotelli sold 899 shares of Paylocity stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total transaction of $103,429.95. Following the completion of the transaction, the senior vice president owned 17,679 shares in the company, valued at approximately $2,033,968.95. The trade was a 4.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 19.40% of the company’s stock.

Paylocity Stock Down 2.7%

Paylocity stock opened at $123.88 on Wednesday. The firm has a market capitalization of $6.63 billion, a price-to-earnings ratio of 26.41 and a beta of 0.52. The firm’s fifty day moving average price is $112.08 and its two-hundred day moving average price is $115.42. Paylocity Holding Corporation has a 1-year low of $92.99 and a 1-year high of $197.78. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.07.

Analysts Set New Price Targets

PCTY has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Paylocity from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Truist Financial cut their target price on shares of Paylocity from $180.00 to $165.00 and set a “buy” rating on the stock in a research note on Monday, June 29th. TD Cowen decreased their price target on shares of Paylocity from $155.00 to $137.00 and set a “buy” rating for the company in a research note on Friday, June 26th. Citigroup upped their price objective on shares of Paylocity from $133.00 to $136.00 and gave the company a “buy” rating in a report on Monday, May 11th. Finally, KeyCorp cut their price objective on shares of Paylocity from $190.00 to $172.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and an average target price of $151.12.

About Paylocity

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.