Fifth Third Bancorp Buys New Shares in Paymentus Holdings, Inc. $PAY

Fifth Third Bancorp bought a new position in shares of Paymentus Holdings, Inc. (NYSE:PAY) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 40,964 shares of the business services provider’s stock, valued at approximately $1,040,000.

Several other large investors have also recently added to or reduced their stakes in PAY. Kornitzer Capital Management Inc. KS grew its holdings in Paymentus by 1.7% in the 1st quarter. Kornitzer Capital Management Inc. KS now owns 167,310 shares of the business services provider’s stock valued at $4,250,000 after buying an additional 2,800 shares during the period. LVZ Inc. increased its stake in shares of Paymentus by 5.5% during the 1st quarter. LVZ Inc. now owns 13,760 shares of the business services provider’s stock valued at $350,000 after acquiring an additional 713 shares during the last quarter. Cannon Global Investment Management LLC purchased a new position in shares of Paymentus during the 1st quarter worth about $257,000. OP Asset Management Ltd purchased a new position in shares of Paymentus during the 1st quarter worth about $215,000. Finally, Vident Advisory LLC boosted its position in shares of Paymentus by 20.5% in the fourth quarter. Vident Advisory LLC now owns 135,602 shares of the business services provider’s stock worth $4,284,000 after acquiring an additional 23,054 shares during the last quarter. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

Paymentus Price Performance

Shares of NYSE:PAY opened at $28.79 on Friday. The business has a 50-day moving average of $24.49 and a two-hundred day moving average of $25.70. The firm has a market capitalization of $3.62 billion, a PE ratio of 50.52 and a beta of 1.31. Paymentus Holdings, Inc. has a 12 month low of $20.11 and a 12 month high of $39.38.

Paymentus (NYSE:PAY) last released its quarterly earnings data on Monday, May 4th. The business services provider reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.04. Paymentus had a return on equity of 13.75% and a net margin of 5.78%.The business had revenue of $358.44 million for the quarter, compared to analyst estimates of $335.45 million. During the same period in the previous year, the company posted $0.14 EPS. The company’s revenue was up 30.2% compared to the same quarter last year. As a group, research analysts anticipate that Paymentus Holdings, Inc. will post 0.71 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PAY has been the subject of a number of recent analyst reports. Weiss Ratings downgraded shares of Paymentus from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Wedbush increased their price target on shares of Paymentus from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Finally, Robert W. Baird lifted their price target on shares of Paymentus from $30.00 to $34.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.20.

About Paymentus

Paymentus is a U.S.-based financial technology company that specializes in cloud-native bill payment and presentment solutions. Its platform enables businesses and government entities to manage the entire payment lifecycle, from electronic bill presentment and real-time payment processing to reconciliation and reporting. Through web portals, mobile applications, interactive voice response (IVR) systems and in-person channels, Paymentus helps clients streamline accounts receivable operations, enhance customer engagement and reduce operational costs.

Founded in 2004 and headquartered in Wilmington, Delaware, Paymentus has built a modular suite of services that can be tailored to the needs of various industries.