Commerce Bank Lowers Stock Position in Corpay, Inc. (NYSE:CPAY)

Commerce Bank trimmed its holdings in shares of Corpay, Inc. (NYSE:CPAY) by 7.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 27,586 shares of the company’s stock after selling 2,095 shares during the period. Commerce Bank’s holdings in Corpay were worth $9,336,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its position in Corpay by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 7,752,799 shares of the company’s stock worth $2,623,702,000 after acquiring an additional 120,688 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Corpay by 2.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,287,311 shares of the company’s stock valued at $1,653,659,000 after purchasing an additional 120,578 shares in the last quarter. Boston Partners lifted its stake in shares of Corpay by 6.4% in the fourth quarter. Boston Partners now owns 2,045,398 shares of the company’s stock valued at $694,847,000 after purchasing an additional 122,380 shares during the period. Geode Capital Management LLC grew its position in Corpay by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 1,732,793 shares of the company’s stock worth $584,962,000 after buying an additional 54,894 shares during the period. Finally, Invesco Ltd. grew its position in Corpay by 163.7% during the fourth quarter. Invesco Ltd. now owns 1,686,665 shares of the company’s stock worth $570,801,000 after buying an additional 1,047,080 shares during the period. 98.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Morgan Stanley upped their price target on Corpay from $350.00 to $380.00 and gave the stock an “equal weight” rating in a report on Thursday, February 6th. Royal Bank of Canada upped their target price on Corpay from $354.00 to $400.00 and gave the company a “sector perform” rating in a report on Thursday, February 6th. Citigroup started coverage on Corpay in a research note on Tuesday, January 14th. They set a “buy” rating and a $430.00 price target for the company. Keefe, Bruyette & Woods increased their price objective on shares of Corpay from $415.00 to $445.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Finally, Barclays cut their target price on shares of Corpay from $440.00 to $400.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $400.38.

Insider Buying and Selling

In related news, Director Richard Macchia sold 2,427 shares of Corpay stock in a transaction on Monday, February 10th. The stock was sold at an average price of $375.23, for a total value of $910,683.21. Following the transaction, the director now owns 12,215 shares in the company, valued at approximately $4,583,434.45. This trade represents a 16.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 6.10% of the company’s stock.

Corpay Trading Up 0.5 %

Shares of CPAY opened at $308.39 on Friday. Corpay, Inc. has a fifty-two week low of $247.10 and a fifty-two week high of $400.81. The company has a market capitalization of $21.66 billion, a PE ratio of 22.06, a price-to-earnings-growth ratio of 1.32 and a beta of 1.11. The stock has a fifty day moving average of $341.13 and a two-hundred day moving average of $351.92. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.05 and a current ratio of 1.00.

Corpay (NYSE:CPAY) last released its earnings results on Wednesday, February 5th. The company reported $4.96 earnings per share for the quarter, missing the consensus estimate of $5.37 by ($0.41). Corpay had a return on equity of 41.46% and a net margin of 25.25%. As a group, analysts forecast that Corpay, Inc. will post 19.76 EPS for the current year.

Corpay Profile

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.