First Niagara Bank buys $5,043,346 stake in Automatic Data Processing (ADP)

Automatic Data Processing (ADP) : First Niagara Bank scooped up 4,637 additional shares in Automatic Data Processing during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 25, 2016. The investment management firm now holds a total of 53,127 shares of Automatic Data Processing which is valued at $5,043,346.Automatic Data Processing makes up approximately 1.41% of First Niagara Bank’s portfolio.

Other Hedge Funds, Including , Greylin Investment Mangement Inc reduced its stake in ADP by selling 300 shares or 10.45% in the most recent quarter. The Hedge Fund company now holds 2,570 shares of ADP which is valued at $243,970. Automatic Data Processing makes up approx 0.05% of Greylin Investment Mangement Inc’s portfolio.Middleton Co Incma reduced its stake in ADP by selling 215 shares or 4.43% in the most recent quarter. The Hedge Fund company now holds 4,636 shares of ADP which is valued at $442,460. Automatic Data Processing makes up approx 0.10% of Middleton Co Incma’s portfolio.Mechanics Bank Trust Department reduced its stake in ADP by selling 860 shares or 4.58% in the most recent quarter. The Hedge Fund company now holds 17,898 shares of ADP which is valued at $1,707,290. Automatic Data Processing makes up approx 0.61% of Mechanics Bank Trust Department’s portfolio.Regentatlantic Capital reduced its stake in ADP by selling 80 shares or 0.68% in the most recent quarter. The Hedge Fund company now holds 11,660 shares of ADP which is valued at $1,112,247. Automatic Data Processing makes up approx 0.10% of Regentatlantic Capital’s portfolio.

Automatic Data Processing closed down -2.78 points or -3.03% at $88.95 with 38,99,670 shares getting traded on Friday. Post opening the session at $91.38, the shares hit an intraday low of $88.925 and an intraday high of $91.38 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Automatic Data Processing reported $0.69 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.67. The company had revenue of $2898.20 million for the quarter, compared to analysts expectations of $2934.72 million. The company’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 EPS.

Many Wall Street Analysts have commented on Automatic Data Processing. Robert W. Baird Downgraded Automatic Data Processing on Jul 29, 2016 to ” Neutral”, Price Target of the shares are set at $94.Company shares were Upgraded by Bernstein on Jul 11, 2016 to ” Outperform”, Firm has raised the Price Target to $ 110 from a previous price target of $97 .Company shares were Reiterated by RBC Capital Mkts on May 2, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 90 from a previous price target of $87 .

Automatic Data Processing Inc. (ADP) is a provider of human capital management (HCM) solutions and business process outsourcing. The Company operates through two segments: Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of business outsourcing and technology-enabled HCM solutions. These offerings include payroll services benefits administration recruiting and talent management human resources management insurance services retirement services and payment and compliance solutions. The Company’s PEO business ADP TotalSource offers small and mid-sized businesses human resources (HR) outsourcing solution through a co-employment model. ADP TotalSource includes HR management and employee benefits functions including HR administration employee benefits and employer liability management into a single-source solution including HR administration employee benefits and employer liability management.

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