Granite Investment Partners LLC Takes $8.16 Million Position in Paymentus Holdings, Inc. $PAY

Granite Investment Partners LLC purchased a new stake in shares of Paymentus Holdings, Inc. (NYSE:PAY) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 266,499 shares of the business services provider’s stock, valued at approximately $8,155,000.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Paymentus by 33.0% during the 3rd quarter. Vanguard Group Inc. now owns 3,638,609 shares of the business services provider’s stock worth $111,341,000 after purchasing an additional 903,627 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Paymentus by 66.9% in the 2nd quarter. Invesco Ltd. now owns 1,755,271 shares of the business services provider’s stock valued at $57,485,000 after purchasing an additional 703,607 shares during the last quarter. Wasatch Advisors LP acquired a new stake in shares of Paymentus during the 2nd quarter worth approximately $49,582,000. TimesSquare Capital Management LLC grew its position in shares of Paymentus by 15.7% during the 2nd quarter. TimesSquare Capital Management LLC now owns 781,609 shares of the business services provider’s stock worth $25,598,000 after buying an additional 105,997 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Paymentus by 2.4% during the third quarter. JPMorgan Chase & Co. now owns 623,586 shares of the business services provider’s stock worth $19,082,000 after buying an additional 14,373 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Paymentus in a research note on Monday, December 29th. Raymond James Financial raised Paymentus from an “outperform” rating to a “strong-buy” rating and set a $35.00 price target on the stock in a research note on Friday. Wall Street Zen upgraded Paymentus from a “hold” rating to a “buy” rating in a research report on Sunday, February 8th. Finally, JPMorgan Chase & Co. lifted their price objective on Paymentus from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Thursday, December 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Paymentus Stock Performance

Shares of NYSE PAY opened at $26.05 on Monday. Paymentus Holdings, Inc. has a 52-week low of $22.65 and a 52-week high of $40.43. The stock has a market cap of $3.27 billion, a P/E ratio of 56.64 and a beta of 1.49. The firm has a 50 day moving average price of $28.34 and a 200 day moving average price of $32.02.

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.