Sterling Capital Management LLC Sells 28,848 Shares of Paymentus Holdings, Inc. $PAY

Sterling Capital Management LLC lessened its holdings in shares of Paymentus Holdings, Inc. (NYSE:PAY) by 45.4% in the 1st quarter, Holdings Channel reports. The institutional investor owned 34,665 shares of the business services provider’s stock after selling 28,848 shares during the quarter. Sterling Capital Management LLC’s holdings in Paymentus were worth $880,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PAY. Royal Bank of Canada grew its stake in shares of Paymentus by 26.8% during the first quarter. Royal Bank of Canada now owns 183,144 shares of the business services provider’s stock valued at $4,780,000 after buying an additional 38,731 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Paymentus by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,295 shares of the business services provider’s stock worth $425,000 after acquiring an additional 683 shares during the last quarter. Millennium Management LLC boosted its holdings in Paymentus by 4.2% during the 1st quarter. Millennium Management LLC now owns 243,860 shares of the business services provider’s stock valued at $6,365,000 after acquiring an additional 9,890 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Paymentus by 275.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 571,917 shares of the business services provider’s stock valued at $14,927,000 after acquiring an additional 419,736 shares during the period. Finally, Legal & General Group Plc grew its position in Paymentus by 34.7% in the 2nd quarter. Legal & General Group Plc now owns 25,668 shares of the business services provider’s stock valued at $841,000 after acquiring an additional 6,616 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.

Paymentus Stock Up 0.6%

Shares of NYSE:PAY opened at $24.16 on Wednesday. Paymentus Holdings, Inc. has a 52-week low of $20.11 and a 52-week high of $39.38. The stock has a market cap of $3.04 billion, a P/E ratio of 42.38 and a beta of 1.33. The business’s 50 day moving average is $24.00 and its 200 day moving average is $25.99.

Paymentus (NYSE:PAY) last issued its earnings results on Monday, May 4th. The business services provider reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $335.45 million. During the same period in the previous year, the company posted $0.14 EPS. Paymentus’s revenue was up 30.2% on a year-over-year basis. On average, sell-side analysts anticipate that Paymentus Holdings, Inc. will post 0.65 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Wedbush increased their target price on Paymentus from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Raymond James Financial restated a “strong-buy” rating and issued a $36.00 price target on shares of Paymentus in a report on Friday, March 6th. Weiss Ratings downgraded shares of Paymentus from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. Finally, Robert W. Baird lifted their price objective 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 investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $35.20.

Paymentus Company Profile

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.