Cowen Reiterates Buy Rating for Global Payments (GPN)
Cowen reaffirmed their buy rating on shares of Global Payments (NYSE:GPN) in a report issued on Thursday morning. Cowen currently has a $127.00 price objective on the business services provider’s stock.
A number of other analysts also recently weighed in on GPN. Morgan Stanley raised their price target on shares of Global Payments from $98.00 to $106.00 and gave the stock an equal weight rating in a research report on Thursday, November 2nd. Piper Jaffray Companies raised their price objective on Global Payments to $105.00 and gave the stock a neutral rating in a research note on Wednesday, November 8th. Stifel Nicolaus restated a buy rating and set a $121.00 price objective (up from $103.00) on shares of Global Payments in a research note on Thursday, November 9th. Credit Suisse Group restated an outperform rating and set a $108.00 price objective (up from $100.00) on shares of Global Payments in a research note on Thursday, November 9th. They noted that the move was a valuation call. Finally, BMO Capital Markets raised their price objective on Global Payments from $103.00 to $115.00 and gave the stock a positive rating in a research note on Thursday, November 9th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-three have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $109.40.
Global Payments (NYSE GPN) traded up $2.00 during mid-day trading on Thursday, hitting $113.45. 1,440,874 shares of the stock were exchanged, compared to its average volume of 1,336,504. Global Payments has a twelve month low of $76.47 and a twelve month high of $115.47. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.13 and a quick ratio of 1.14. The firm has a market capitalization of $18,061.92, a P/E ratio of 38.07, a P/E/G ratio of 1.48 and a beta of 1.09.
Global Payments announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 15th that authorizes the company to buyback $600.00 million in outstanding shares. This buyback authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 16th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.04%. The ex-dividend date of this dividend is Thursday, March 15th. Global Payments’s payout ratio is 1.34%.
In related news, Director Alan M. Silberstein sold 600 shares of Global Payments stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $101.55, for a total transaction of $60,930.00. Following the sale, the director now directly owns 44,893 shares in the company, valued at $4,558,884.15. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 3,600 shares of company stock worth $378,918. Company insiders own 0.93% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Global Payments during the fourth quarter valued at about $120,000. SWS Partners bought a new stake in shares of Global Payments during the fourth quarter valued at about $163,000. Tower Research Capital LLC TRC raised its stake in shares of Global Payments by 2,412.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,658 shares of the business services provider’s stock valued at $166,000 after purchasing an additional 1,592 shares in the last quarter. Klingenstein Fields & Co. LLC bought a new stake in shares of Global Payments during the fourth quarter valued at about $204,000. Finally, Quantbot Technologies LP bought a new stake in shares of Global Payments during the third quarter valued at about $198,000. Institutional investors and hedge funds own 95.74% of the company’s stock.
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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 through three segments: North America, Europe and Asia-Pacific. The Company’s segments primarily provide payment solutions for credit cards, debit cards, electronic payments and check-related services.
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