Exchange Bank Boosts Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Exchange Bank grew its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,810 shares of the business services provider’s stock after buying an additional 76 shares during the period. Automatic Data Processing accounts for approximately 1.4% of Exchange Bank’s investment portfolio, making the stock its 21st largest position. Exchange Bank’s holdings in Automatic Data Processing were worth $1,775,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC lifted its holdings in shares of Automatic Data Processing by 92.1% in the 4th quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider’s stock worth $2,935,000 after acquiring an additional 4,808 shares during the last quarter. Savant Capital LLC lifted its holdings in shares of Automatic Data Processing by 5.6% in the 4th quarter. Savant Capital LLC now owns 11,191 shares of the business services provider’s stock worth $3,276,000 after acquiring an additional 597 shares during the last quarter. Wingate Wealth Advisors Inc. acquired a new position in shares of Automatic Data Processing in the 4th quarter worth approximately $37,000. Portfolio Design Labs LLC lifted its holdings in shares of Automatic Data Processing by 47.1% in the 4th quarter. Portfolio Design Labs LLC now owns 2,759 shares of the business services provider’s stock worth $808,000 after acquiring an additional 884 shares during the last quarter. Finally, David Wealth Management LLC acquired a new position in shares of Automatic Data Processing in the 4th quarter worth approximately $489,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Buying and Selling at Automatic Data Processing

In related news, VP Christopher D’ambrosio sold 478 shares of the stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $293.14, for a total value of $140,120.92. Following the transaction, the vice president now directly owns 7,364 shares of the company’s stock, valued at $2,158,682.96. This trade represents a 6.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Brian L. Michaud sold 1,500 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total transaction of $458,070.00. Following the completion of the transaction, the vice president now directly owns 12,073 shares in the company, valued at $3,686,852.74. This trade represents a 11.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Automatic Data Processing Trading Down 0.7%

Shares of NASDAQ:ADP opened at $312.36 on Thursday. Automatic Data Processing, Inc. has a 52 week low of $231.27 and a 52 week high of $329.93. The company’s 50 day moving average is $306.89 and its two-hundred day moving average is $302.88. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. The company has a market cap of $126.79 billion, a PE ratio of 32.57, a P/E/G ratio of 3.62 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.09. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. The company had revenue of $5.55 billion for the quarter, compared to the consensus estimate of $5.49 billion. During the same period in the prior year, the firm posted $2.88 EPS. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. Equities analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date is Friday, June 13th. Automatic Data Processing’s dividend payout ratio is presently 63.05%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on ADP shares. Royal Bank of Canada restated a “sector perform” rating and issued a $315.00 price objective on shares of Automatic Data Processing in a report on Thursday, June 5th. UBS Group increased their target price on shares of Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. TD Securities increased their target price on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a “hold” rating in a report on Wednesday, May 21st. Finally, Stifel Nicolaus increased their target price on shares of Automatic Data Processing to $305.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $305.64.

About Automatic Data Processing

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.