PNC Financial Services Group Inc. Increases Stock Position in Corpay, Inc. (NYSE:CPAY)

PNC Financial Services Group Inc. boosted its stake in shares of Corpay, Inc. (NYSE:CPAY) by 5.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,678 shares of the company’s stock after buying an additional 344 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Corpay were worth $2,260,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CPAY. Janney Montgomery Scott LLC boosted its stake in Corpay by 4.0% during the third quarter. Janney Montgomery Scott LLC now owns 2,863 shares of the company’s stock worth $895,000 after buying an additional 111 shares during the period. Apollon Wealth Management LLC boosted its stake in shares of Corpay by 4.3% in the third quarter. Apollon Wealth Management LLC now owns 1,385 shares of the company’s stock valued at $433,000 after purchasing an additional 57 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Corpay by 0.9% in the third quarter. Victory Capital Management Inc. now owns 154,698 shares of the company’s stock valued at $48,383,000 after purchasing an additional 1,339 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in shares of Corpay by 66.7% in the third quarter. Oppenheimer Asset Management Inc. now owns 5,888 shares of the company’s stock valued at $1,842,000 after purchasing an additional 2,355 shares during the period. Finally, Huntington National Bank boosted its stake in shares of Corpay by 43.0% in the third quarter. Huntington National Bank now owns 133 shares of the company’s stock valued at $42,000 after purchasing an additional 40 shares during the period. Hedge funds and other institutional investors own 98.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CPAY. Wells Fargo & Company raised their price objective on shares of Corpay from $340.00 to $375.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Citigroup began coverage on shares of Corpay in a research note on Tuesday, January 14th. They issued a “buy” rating and a $430.00 price objective for the company. BMO Capital Markets raised their price objective on shares of Corpay from $400.00 to $440.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Raymond James lowered their price objective on shares of Corpay from $434.00 to $417.00 and set an “outperform” rating for the company in a research note on Thursday, February 6th. Finally, Morgan Stanley lifted their price target on shares of Corpay from $350.00 to $380.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $399.71.

Insiders Place Their Bets

In other news, Director Richard Macchia sold 2,427 shares of Corpay stock in a transaction on Monday, February 10th. The shares were sold at an average price of $375.23, for a total value of $910,683.21. Following the transaction, the director now directly owns 12,215 shares of the company’s stock, valued at $4,583,434.45. The trade was a 16.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 6.10% of the stock is owned by corporate insiders.

Corpay Stock Up 3.0 %

CPAY stock opened at $338.14 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.05 and a debt-to-equity ratio of 1.66. Corpay, Inc. has a twelve month low of $247.10 and a twelve month high of $400.81. The company’s 50 day moving average is $364.64 and its two-hundred day moving average is $348.54. The stock has a market cap of $23.75 billion, a P/E ratio of 24.19, a PEG ratio of 1.32 and a beta of 1.25.

Corpay (NYSE:CPAY) last released its quarterly earnings data on Wednesday, February 5th. The company reported $4.96 earnings per share for the quarter, missing analysts’ consensus estimates of $5.37 by ($0.41). Corpay had a return on equity of 41.46% and a net margin of 25.25%. Research analysts expect that Corpay, Inc. will post 19.76 earnings per share for the current fiscal year.

About Corpay

Corpay, Inc operates as a payments company that helps businesses and consumers manage vehicle-related expenses, lodging expenses, and corporate payments in the United States, Brazil, the United Kingdom, and internationally. The company offers vehicle payment solutions, which include fuel, tolls, parking, fleet maintenance, and long-haul transportation services, as well as prepaid food and transportation vouchers and cards.