Jack Henry & Associates, Inc. (JKHY) Downgraded to Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of Jack Henry & Associates, Inc. (NASDAQ:JKHY) from a hold rating to a sell rating in a research note published on Tuesday morning.
According to Zacks, “Jack Henry & Associates, Inc. is a leading provider of integrated technology solutions and data processing services for financial institutions. Jack Henry markets and supports its systems throughout the United States. A technology provider for the financial industry. That’s the simplest way to describe what they do. But it hardly describes what Jack Henry & Associates is really about. Jack Henry & Associates are about solutions and support. They’re about building relationships and making things work. The Company are about doing the right things for our customers, no matter what. It began as a vision, and it’s become our tradition. “
Several other research firms have also recently commented on JKHY. Stephens reissued an equal weight rating and issued a $97.00 price target (up from $93.00) on shares of Jack Henry & Associates in a report on Friday, August 18th. Cantor Fitzgerald started coverage on Jack Henry & Associates in a report on Monday. They set an overweight rating and a $112.00 price objective for the company. Finally, BidaskClub cut Jack Henry & Associates from a strong-buy rating to a buy rating in a report on Saturday, August 19th.
Shares of Jack Henry & Associates (NASDAQ:JKHY) opened at 101.08 on Tuesday. The firm’s 50-day moving average is $104.57 and its 200-day moving average is $99.38. Jack Henry & Associates has a one year low of $79.00 and a one year high of $109.67. The stock has a market capitalization of $7.83 billion, a price-to-earnings ratio of 32.19 and a beta of 0.75.
Jack Henry & Associates (NASDAQ:JKHY) last posted its quarterly earnings results on Tuesday, August 15th. The technology company reported $0.83 EPS for the quarter, meeting the consensus estimate of $0.83. The business had revenue of $383.77 million during the quarter, compared to analysts’ expectations of $372.98 million. Jack Henry & Associates had a return on equity of 24.65% and a net margin of 17.17%. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period last year, the firm earned $1.06 EPS. Equities research analysts forecast that Jack Henry & Associates will post $3.28 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Friday, September 8th will be issued a dividend of $0.31 per share. The ex-dividend date is Thursday, September 7th. This represents a $1.24 annualized dividend and a yield of 1.23%. Jack Henry & Associates’s dividend payout ratio is presently 39.49%.
In related news, insider John F. Prim sold 9,650 shares of Jack Henry & Associates stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $103.89, for a total transaction of $1,002,538.50. Following the completion of the transaction, the insider now directly owns 206,164 shares of the company’s stock, valued at $21,418,377.96. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.80% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Jack Henry & Associates by 11,657.7% in the first quarter. BlackRock Inc. now owns 6,171,400 shares of the technology company’s stock valued at $574,556,000 after buying an additional 6,118,912 shares in the last quarter. Janus Henderson Group PLC bought a new position in Jack Henry & Associates during the second quarter valued at $372,869,000. State Street Corp increased its position in Jack Henry & Associates by 28.7% in the second quarter. State Street Corp now owns 2,673,266 shares of the technology company’s stock valued at $277,675,000 after buying an additional 596,227 shares during the last quarter. Swiss National Bank increased its position in Jack Henry & Associates by 367.2% in the second quarter. Swiss National Bank now owns 603,200 shares of the technology company’s stock valued at $62,654,000 after buying an additional 474,100 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Jack Henry & Associates by 4.9% in the first quarter. Vanguard Group Inc. now owns 7,163,139 shares of the technology company’s stock valued at $666,889,000 after buying an additional 337,287 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.
Jack Henry & Associates Company Profile
Jack Henry & Associates, Inc is a provider of information processing solutions for community banks. The Company offers a range of products and services, including processing transactions, automating business processes, and managing information financial institutions and diverse corporate entities. It operates in two segments: bank systems and services (Bank) and credit union systems and services (Credit Union).
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