CIBC Asset Management Inc grew its holdings in Global Payments Inc. (NYSE:GPN – Get Rating) by 6.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,864 shares of the business services provider’s stock after purchasing an additional 2,383 shares during the quarter. CIBC Asset Management Inc’s holdings in Global Payments were worth $5,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently made changes to their positions in GPN. MUFG Americas Holdings Corp acquired a new position in shares of Global Payments in the 1st quarter valued at about $25,000. Bell Investment Advisors Inc lifted its stake in shares of Global Payments by 128.6% in the 4th quarter. Bell Investment Advisors Inc now owns 192 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 108 shares during the period. MCF Advisors LLC acquired a new position in shares of Global Payments in the 1st quarter valued at about $27,000. Hazlett Burt & Watson Inc. bought a new stake in Global Payments in the 1st quarter valued at about $27,000. Finally, Western Pacific Wealth Management LP bought a new stake in Global Payments in the 4th quarter valued at about $29,000. 84.53% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
GPN has been the subject of a number of research analyst reports. Mizuho decreased their target price on Global Payments from $148.00 to $132.00 and set a “neutral” rating for the company in a research report on Wednesday. Credit Suisse Group lowered Global Payments from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $180.00 to $145.00 in a research report on Wednesday. Raymond James decreased their target price on Global Payments from $190.00 to $174.00 and set an “outperform” rating for the company in a research report on Tuesday. Keefe, Bruyette & Woods decreased their target price on Global Payments from $175.00 to $155.00 in a research report on Monday, July 11th. Finally, Citigroup decreased their target price on Global Payments from $195.00 to $180.00 in a research report on Monday, April 25th. Six analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $175.03.
Global Payments Price Performance
Global Payments (NYSE:GPN – Get Rating) last posted its quarterly earnings data on Monday, August 1st. The business services provider reported $2.36 EPS for the quarter, beating the consensus estimate of $2.34 by $0.02. Global Payments had a return on equity of 9.24% and a net margin of 0.87%. The business had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the prior year, the business earned $1.92 earnings per share. Global Payments’s revenue for the quarter was up 6.7% on a year-over-year basis. Sell-side analysts forecast that Global Payments Inc. will post 9 EPS for the current year.
Global Payments Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $1.00 annualized dividend and a dividend yield of 0.78%. Global Payments’s dividend payout ratio is currently 555.59%.
Global Payments declared that its board has approved a share buyback plan on Monday, August 1st that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the business services provider to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Insiders Place Their Bets
In related news, EVP David Lawrence Green sold 16,252 shares of the stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $130.10, for a total value of $2,114,385.20. Following the sale, the executive vice president now owns 97,818 shares in the company, valued at $12,726,121.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.19% of the company’s stock.
About Global Payments
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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