Global Payments’ (GPN) Overweight Rating Reiterated at KeyCorp
KeyCorp reaffirmed their overweight rating on shares of Global Payments (NYSE:GPN) in a report released on Friday. They currently have a $125.00 price objective on the business services provider’s stock, up from their previous price objective of $120.00.
A number of other equities analysts also recently weighed in on GPN. Cowen restated a buy rating and set a $127.00 target price on shares of Global Payments in a report on Thursday. Deutsche Bank boosted their target price on shares of Global Payments and gave the stock a buy rating in a report on Friday, February 16th. Nomura boosted their target price on shares of Global Payments from $85.00 to $92.00 and gave the stock a reduce rating in a report on Tuesday, February 13th. Stephens restated a buy rating and set a $125.00 target price on shares of Global Payments in a report on Tuesday, February 27th. Finally, SunTrust Banks restated a buy rating and set a $130.00 target price on shares of Global Payments in a report on Friday, February 16th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-three have given a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $109.40.
Shares of Global Payments (NYSE:GPN) traded down $1.61 during mid-day trading on Friday, hitting $111.84. 216,210 shares of the stock were exchanged, compared to its average volume of 1,157,776. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market capitalization of $18,061.91, a price-to-earnings ratio of 37.70, a PEG ratio of 1.48 and a beta of 1.09. Global Payments has a twelve month low of $76.47 and a twelve month high of $115.47.
Global Payments declared that its board has approved a stock buyback plan on Thursday, February 15th that allows the company to repurchase $600.00 million in outstanding shares. This repurchase authorization allows the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 16th will be paid a $0.01 dividend. The ex-dividend date is Thursday, March 15th. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. Global Payments’s dividend payout ratio (DPR) is presently 1.34%.
In related news, Director Alan M. Silberstein sold 600 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $114.34, for a total value of $68,604.00. Following the transaction, the director now directly owns 43,693 shares in the company, valued at $4,995,857.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 3,600 shares of company stock worth $378,918 over the last 90 days. 0.93% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB grew its stake in shares of Global Payments by 13.9% in the fourth quarter. Xact Kapitalforvaltning AB now owns 14,060 shares of the business services provider’s stock valued at $1,409,000 after acquiring an additional 1,718 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Global Payments by 16.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 26,499 shares of the business services provider’s stock valued at $2,657,000 after acquiring an additional 3,792 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Global Payments by 7.2% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 82,110 shares of the business services provider’s stock valued at $8,231,000 after acquiring an additional 5,500 shares in the last quarter. Alkeon Capital Management LLC grew its stake in shares of Global Payments by 10.2% in the fourth quarter. Alkeon Capital Management LLC now owns 1,322,766 shares of the business services provider’s stock valued at $132,594,000 after acquiring an additional 122,755 shares in the last quarter. Finally, SWS Partners acquired a new position in shares of Global Payments in the fourth quarter valued at about $163,000. Institutional investors and hedge funds own 96.11% of the company’s stock.
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About Global Payments
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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