Truist Financial Raises Global Payments (NYSE:GPN) Price Target to $160.00

Global Payments (NYSE:GPNGet Rating) had its price objective hoisted by Truist Financial from $150.00 to $160.00 in a research report report published on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the business services provider’s stock.

GPN has been the subject of several other reports. Oppenheimer dropped their target price on shares of Global Payments from $152.00 to $144.00 and set an outperform rating for the company in a research report on Tuesday. Citigroup dropped their target price on shares of Global Payments from $195.00 to $180.00 in a research report on Monday, April 25th. Barclays decreased their price target on shares of Global Payments from $182.00 to $160.00 in a research note on Tuesday, May 3rd. Morgan Stanley increased their price target on shares of Global Payments from $123.00 to $141.00 and gave the stock an equal weight rating in a research note on Tuesday. Finally, BMO Capital Markets increased their price target on shares of Global Payments from $217.00 to $232.00 in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, Global Payments presently has a consensus rating of Moderate Buy and a consensus price target of $175.03.

Global Payments Price Performance

Shares of NYSE:GPN opened at $128.60 on Tuesday. The company’s fifty day moving average price is $118.48 and its 200-day moving average price is $129.30. The firm has a market capitalization of $36.21 billion, a price-to-earnings ratio of 714.48, a PEG ratio of 0.78 and a beta of 1.04. Global Payments has a one year low of $105.52 and a one year high of $179.27. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.87 and a quick ratio of 1.06.

Global Payments (NYSE:GPNGet Rating) last announced its quarterly earnings data on Monday, August 1st. The business services provider reported $2.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.02. The company had revenue of $2.28 billion during the quarter, compared to analysts’ expectations of $2.09 billion. Global Payments had a net margin of 0.87% and a return on equity of 9.24%. The firm’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.92 EPS. On average, equities research analysts anticipate that Global Payments will post 9.05 earnings per share for the current fiscal year.

Global Payments Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date is Thursday, September 15th. Global Payments’s payout ratio is 555.59%.

Global Payments declared that its board has initiated a share repurchase program on Monday, August 1st that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the business services provider to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Global Payments news, EVP David Lawrence Green sold 16,252 shares of Global Payments stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $130.10, for a total transaction of $2,114,385.20. Following the transaction, the executive vice president now owns 97,818 shares of the company’s stock, valued at $12,726,121.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Global Payments

Several large investors have recently added to or reduced their stakes in the company. Nichols & Pratt Advisers LLP MA lifted its holdings in Global Payments by 15.0% during the second quarter. Nichols & Pratt Advisers LLP MA now owns 36,971 shares of the business services provider’s stock valued at $4,090,000 after purchasing an additional 4,829 shares in the last quarter. Asio Capital LLC purchased a new position in Global Payments during the second quarter valued at approximately $2,155,000. Aviva PLC lifted its holdings in Global Payments by 49.9% during the second quarter. Aviva PLC now owns 160,025 shares of the business services provider’s stock valued at $17,705,000 after purchasing an additional 53,283 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Global Payments by 5.3% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 157,513 shares of the business services provider’s stock valued at $17,427,000 after buying an additional 7,928 shares during the last quarter. Finally, Thoroughbred Financial Services LLC bought a new stake in shares of Global Payments during the second quarter valued at approximately $293,000. Hedge funds and other institutional investors own 84.53% of the company’s stock.

Global Payments Company Profile

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Global Payments Inc provides payment technology and software solutions for card, electronic, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through three segments: Merchant Solutions, Issuer Solutions, and Business and Consumer Solutions. The Merchant Solutions segment offers authorization services, settlement and funding services, customer support and help-desk functions, chargeback resolution, terminal rental, sales and deployment, payment security services, consolidated billing and statements, and on-line reporting services.

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