Eastern Bank Has $19.71 Million Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Eastern Bank increased its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 2,645.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 71,207 shares of the business services provider’s stock after buying an additional 68,613 shares during the period. Eastern Bank’s holdings in Automatic Data Processing were worth $19,705,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in ADP. Kiely Wealth Advisory Group Inc. acquired a new position in shares of Automatic Data Processing in the second quarter valued at $27,000. Keener Financial Planning LLC increased its holdings in shares of Automatic Data Processing by 230.3% in the first quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 76 shares during the last quarter. Hexagon Capital Partners LLC grew its stake in shares of Automatic Data Processing by 78.5% in the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 51 shares in the last quarter. Crewe Advisors LLC acquired a new position in shares of Automatic Data Processing in the first quarter valued at about $33,000. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Automatic Data Processing in the first quarter valued at about $36,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on ADP. JPMorgan Chase & Co. upped their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. UBS Group upped their price objective on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research report on Tuesday. StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Stifel Nicolaus upped their price objective on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Finally, Bank of America upped their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $275.33.

Insider Transactions at Automatic Data Processing

In related news, VP David Kwon sold 846 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the transaction, the vice president now directly owns 10,410 shares in the company, valued at $2,816,946. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Michael A. Bonarti sold 26,442 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the completion of the sale, the vice president now owns 88,426 shares in the company, valued at approximately $23,959,908.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP David Kwon sold 846 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.60, for a total transaction of $228,927.60. Following the sale, the vice president now owns 10,410 shares of the company’s stock, valued at $2,816,946. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 58,817 shares of company stock valued at $15,999,208 in the last quarter. 0.26% of the stock is currently owned by company insiders.

Automatic Data Processing Trading Up 0.1 %

NASDAQ:ADP traded up $0.18 on Tuesday, reaching $291.09. 331,439 shares of the stock traded hands, compared to its average volume of 1,626,942. The firm has a market capitalization of $119.14 billion, a price-to-earnings ratio of 32.26, a price-to-earnings-growth ratio of 3.13 and a beta of 0.79. The company’s 50 day moving average is $277.27 and its 200-day moving average is $257.33. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $294.18.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, topping the consensus estimate of $2.06 by $0.03. The company had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.89 EPS. Equities research analysts anticipate that Automatic Data Processing, Inc. will post 10.04 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, September 13th. Automatic Data Processing’s dividend payout ratio (DPR) is 62.50%.

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.