Global Payments (GPN) Upgraded to “Overweight” by Piper Jaffray Companies
Piper Jaffray Companies upgraded shares of Global Payments (NYSE:GPN) from a neutral rating to an overweight rating in a research report sent to investors on Friday morning, MarketBeat Ratings reports.
Several other research analysts have also recently issued reports on the company. KeyCorp reissued an overweight rating and issued a $125.00 price objective (up previously from $120.00) on shares of Global Payments in a research note on Friday. Cowen reissued a buy rating and issued a $127.00 price objective on shares of Global Payments in a research note on Thursday. Stephens reissued a buy rating and issued a $125.00 price objective on shares of Global Payments in a research note on Tuesday, February 27th. Citigroup increased their price objective on Global Payments from $122.00 to $125.00 and gave the stock a buy rating in a research note on Friday, February 16th. Finally, SunTrust Banks reaffirmed a buy rating and set a $130.00 target price on shares of Global Payments in a research 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 stock. The company has an average rating of Buy and a consensus target price of $109.40.
Global Payments (GPN) opened at $113.45 on Friday. The company has a market capitalization of $18,050.00, a P/E ratio of 57.01, a PEG ratio of 1.48 and a beta of 1.09. Global Payments has a 52 week low of $76.47 and a 52 week high of $115.47. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.14 and a current ratio of 1.13.
Global Payments announced that its Board of Directors has approved a stock repurchase plan on Thursday, February 15th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the business services provider to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 16th will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, March 15th. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. Global Payments’s dividend payout ratio is presently 2.01%.
In other news, Director Alan M. Silberstein sold 600 shares of the stock in a transaction on Monday, December 18th. The stock was sold at an average price of $101.55, for a total transaction of $60,930.00. Following the completion of the sale, the director now owns 44,893 shares in the company, valued at approximately $4,558,884.15. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last quarter, insiders have sold 3,600 shares of company stock valued at $378,918. Company insiders own 0.93% of the company’s stock.
A number of hedge funds have recently modified their holdings of GPN. APG Asset Management N.V. raised its stake in Global Payments by 31.6% in the 3rd quarter. APG Asset Management N.V. now owns 69,982 shares of the business services provider’s stock worth $6,650,000 after acquiring an additional 16,800 shares during the last quarter. Nationwide Fund Advisors raised its stake in Global Payments by 0.7% in the 3rd quarter. Nationwide Fund Advisors now owns 261,387 shares of the business services provider’s stock worth $24,840,000 after acquiring an additional 1,815 shares during the last quarter. First Trust Advisors LP purchased a new position in Global Payments in the 3rd quarter worth $10,844,000. Crossmark Global Holdings Inc. purchased a new position in Global Payments in the 3rd quarter worth $843,000. Finally, Westpac Banking Corp grew its position in Global Payments by 29.1% during the 3rd quarter. Westpac Banking Corp now owns 17,628 shares of the business services provider’s stock worth $1,675,000 after purchasing an additional 3,973 shares during the period. Institutional investors own 95.74% of the company’s stock.
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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