Bank of Nova Scotia Has $10.58 Million Position in Corpay, Inc. (NYSE:CPAY)

Bank of Nova Scotia lowered its position in Corpay, Inc. (NYSE:CPAY - Free Report) by 23.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,258 shares of the company's stock after selling 9,357 shares during the period. Bank of Nova Scotia's holdings in Corpay were worth $10,578,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. FIL Ltd acquired a new position in shares of Corpay in the 4th quarter valued at $25,905,000. Invesco Ltd. grew its stake in shares of Corpay by 163.7% during the fourth quarter. Invesco Ltd. now owns 1,686,665 shares of the company's stock valued at $570,801,000 after acquiring an additional 1,047,080 shares in the last quarter. Cerity Partners LLC lifted its position in Corpay by 7.3% in the 4th quarter. Cerity Partners LLC now owns 31,443 shares of the company's stock valued at $10,542,000 after purchasing an additional 2,133 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Corpay by 6,150.0% in the 4th quarter. Federated Hermes Inc. now owns 250 shares of the company's stock valued at $85,000 after acquiring an additional 246 shares during the last quarter. Finally, Unigestion Holding SA acquired a new stake in Corpay during the 4th quarter worth about $846,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

Corpay Stock Down 0.6 %

Shares of CPAY stock traded down $1.98 on Wednesday, hitting $310.86. The company's stock had a trading volume of 55,009 shares, compared to its average volume of 480,925. Corpay, Inc. has a fifty-two week low of $247.10 and a fifty-two week high of $400.81. The firm's fifty day moving average price is $345.06 and its 200-day moving average price is $352.07. The stock has a market capitalization of $21.84 billion, a price-to-earnings ratio of 22.24, a P/E/G ratio of 1.32 and a beta of 1.11. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.00 and a quick ratio of 1.05.

Corpay (NYSE:CPAY - Get Free Report) last announced its earnings results on Wednesday, February 5th. The company reported $4.96 earnings per share (EPS) 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%. Research analysts anticipate that Corpay, Inc. will post 19.76 EPS for the current year.

Insider Buying and Selling at Corpay

In other Corpay news, Director Richard Macchia sold 2,427 shares of the company's 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 sale, the director now directly owns 12,215 shares of the company's stock, valued at approximately $4,583,434.45. This represents a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CPAY shares. Wells Fargo & Company boosted their target price 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. Royal Bank of Canada raised their price objective on shares of Corpay from $354.00 to $400.00 and gave the company a "sector perform" rating in a report on Thursday, February 6th. Keefe, Bruyette & Woods increased their price target on shares of Corpay from $415.00 to $445.00 and gave the company an "outperform" rating in a research report on Thursday, February 6th. Citigroup started coverage on Corpay in a research report on Tuesday, January 14th. They set a "buy" rating and a $430.00 price objective on the stock. Finally, Morgan Stanley boosted 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. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Corpay has a consensus rating of "Moderate Buy" and an average price target of $400.38.

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.