Cerity Partners LLC acquired a new stake in Global Payments Inc. (NYSE:GPN – Get Rating) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,358 shares of the business services provider’s stock, valued at approximately $371,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of GPN. SG Americas Securities LLC raised its stake in Global Payments by 81.1% in the first quarter. SG Americas Securities LLC now owns 17,175 shares of the business services provider’s stock valued at $2,350,000 after buying an additional 7,689 shares during the period. Atria Investments LLC raised its stake in Global Payments by 67.6% in the first quarter. Atria Investments LLC now owns 21,477 shares of the business services provider’s stock valued at $2,939,000 after buying an additional 8,660 shares during the period. Metis Global Partners LLC raised its stake in Global Payments by 79.0% in the first quarter. Metis Global Partners LLC now owns 4,589 shares of the business services provider’s stock valued at $628,000 after buying an additional 2,026 shares during the period. Mount Yale Investment Advisors LLC raised its stake in Global Payments by 48.6% in the first quarter. Mount Yale Investment Advisors LLC now owns 10,117 shares of the business services provider’s stock valued at $1,384,000 after buying an additional 3,311 shares during the period. Finally, C WorldWide Group Holding A S raised its stake in Global Payments by 11.9% in the first quarter. C WorldWide Group Holding A S now owns 34,589 shares of the business services provider’s stock valued at $4,733,000 after buying an additional 3,671 shares during the period. Institutional investors own 85.61% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have issued reports on GPN. Credit Suisse Group dropped their price objective on Global Payments from $145.00 to $135.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 1st. KeyCorp lowered their target price on Global Payments from $165.00 to $140.00 and set an “overweight” rating on the stock in a research note on Friday, September 23rd. Moffett Nathanson lowered their target price on Global Payments to $135.00 in a research note on Friday, November 4th. Wells Fargo & Company lowered their target price on Global Payments from $156.00 to $150.00 and set an “overweight” rating on the stock in a research note on Thursday, September 8th. Finally, Morgan Stanley lowered their target price on Global Payments from $128.00 to $124.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 1st. Nine investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $158.63.
Global Payments Trading Up 0.4 %
Global Payments (NYSE:GPN – Get Rating) last issued its earnings results on Monday, October 31st. The business services provider reported $2.48 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.48. Global Payments had a return on equity of 9.85% and a net margin of 0.79%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter last year, the business posted $2.00 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. Equities analysts predict that Global Payments Inc. will post 8.9 EPS for the current fiscal year.
Global Payments Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Friday, December 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date is Thursday, December 15th. Global Payments’s payout ratio is 454.57%.
Global Payments declared that its Board of Directors has initiated a stock buyback program on Monday, August 1st that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the business services provider to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In other news, Director M Troy Woods purchased 5,247 shares of the company’s stock in a transaction dated Friday, November 4th. The stock was bought at an average cost of $95.26 per share, for a total transaction of $499,829.22. Following the purchase, the director now owns 287,688 shares of the company’s stock, valued at $27,405,158.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.19% of the stock is owned by corporate insiders.
Global Payments Company Profile
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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