Global Payments Inc. (GPN) Stake Increased by Pitcairn Co.
Pitcairn Co. increased its stake in Global Payments Inc. (NYSE:GPN) by 74.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,630 shares of the company’s stock after buying an additional 5,836 shares during the period. Pitcairn Co.’s holdings in Global Payments were worth $973,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of Montreal Can bought a new position in shares of Global Payments during the second quarter valued at $7,668,000. Financial Architects Inc raised its position in shares of Global Payments by 1,305.2% in the second quarter. Financial Architects Inc now owns 1,616 shares of the company’s stock valued at $115,000 after buying an additional 1,501 shares during the last quarter. Shell Asset Management Co. raised its position in shares of Global Payments by 13.7% in the second quarter. Shell Asset Management Co. now owns 41,721 shares of the company’s stock valued at $2,978,000 after buying an additional 5,033 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Global Payments by 5.7% in the second quarter. Daiwa Securities Group Inc. now owns 68,908 shares of the company’s stock valued at $4,919,000 after buying an additional 3,720 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its position in shares of Global Payments by 79.9% in the second quarter. Meeder Asset Management Inc. now owns 9,267 shares of the company’s stock valued at $661,000 after buying an additional 4,117 shares during the last quarter. Institutional investors own 96.74% of the company’s stock.
Global Payments Inc. (NYSE:GPN) traded down 0.01% during midday trading on Tuesday, reaching $74.43. 749,903 shares of the company were exchanged. Global Payments Inc. has a one year low of $51.29 and a one year high of $79.93. The firm’s 50-day moving average is $74.92 and its 200-day moving average is $72.61. The firm has a market cap of $11.43 billion, a P/E ratio of 36.49 and a beta of 1.16.
Global Payments (NYSE:GPN) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.73 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. The firm had revenue of $747.10 million for the quarter, compared to analyst estimates of $568.81 million. Global Payments had a net margin of 9.37% and a return on equity of 27.99%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.22 EPS. On average, equities analysts expect that Global Payments Inc. will post $3.47 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 12th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.05%. The ex-dividend date of this dividend was Wednesday, August 10th. Global Payments’s payout ratio is 1.95%.
Several analysts have recently commented on the stock. Goldman Sachs Group Inc. upgraded shares of Global Payments from a “neutral” rating to a “buy” rating and increased their price target for the company from $80.00 to $88.00 in a research report on Thursday, September 15th. Wedbush reiterated an “outperform” rating and issued a $85.00 price target on shares of Global Payments in a research report on Thursday, September 8th. Robert W. Baird reiterated an “outperform” rating and issued a $85.00 price target on shares of Global Payments in a research report on Tuesday, September 6th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $83.00 price target on shares of Global Payments in a research report on Friday, July 29th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Global Payments from $88.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, July 29th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seventeen have given a buy rating to the company. Global Payments has an average rating of “Buy” and a consensus target price of $76.87.
In other news, EVP David Lawrence Green sold 5,702 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $75.06, for a total value of $427,992.12. Following the sale, the executive vice president now owns 29,610 shares of the company’s stock, valued at approximately $2,222,526.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director William I. Jacobs sold 600 shares of the company’s stock in a transaction dated Tuesday, September 13th. The stock was sold at an average price of $73.62, for a total transaction of $44,172.00. Following the completion of the sale, the director now directly owns 43,516 shares in the company, valued at approximately $3,203,647.92. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by insiders.
Global Payments Company Profile
Global Payments Inc is a provider of payment technology services. The Company provides payment and digital commerce solutions. The Company operates in two segments: North America merchant services and International merchant services. The Company’s North America merchant services and International merchant services segments primarily provide payment solutions for credit cards, debit cards, electronic payments and check-related services.
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