Zacks Investment Research upgraded shares of Green Dot (NYSE:GDOT) from a hold rating to a buy rating in a report published on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $52.00 price target on the financial services provider’s stock.
According to Zacks, “Green Dot’s long-term strategic plan to be a ‘New Kind of Bank’ is leading to impressive results. Strength across established product lines and BaaS platform programs act as key growth catalysts. The company’s Banking as a Service or BaaS platform programs are growing very quickly and contributing significantly to its GDV growth, active card growth and revenue growth. Its extended relationship with Walmart is another growth catalyst. Despite such positives, Green Dot faces tough competition from companies across financial services, financial technology services, retail banking, transaction processing and consumer technology industries. It experiences fluctuation in revenues due to seasonal factors. The company does not have any plans to pay cash dividends on common stock. Green Dot’s stock has declined in the past year.”
A number of other brokerages have also commented on GDOT. SunTrust Banks raised their price target on Match Group to $62.00 and gave the company a hold rating in a report on Thursday, May 9th. Needham & Company LLC reaffirmed a buy rating and set a $26.00 target price (down previously from $27.00) on shares of Nlight in a research note on Thursday, May 9th. Keefe, Bruyette & Woods raised Green Dot from a market perform rating to an outperform rating in a research note on Monday, April 1st. BTIG Research decreased their target price on Sailpoint Technologies from $27.00 to $20.00 and set a buy rating for the company in a research note on Thursday, May 9th. Finally, Citigroup raised Copa from a neutral rating to a buy rating in a research note on Thursday, May 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $81.21.
Green Dot (NYSE:GDOT) last issued its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.10. The company had revenue of $340.51 million for the quarter, compared to analyst estimates of $330.17 million. Green Dot had a return on equity of 15.74% and a net margin of 10.56%. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the company earned $1.40 earnings per share. On average, research analysts expect that Green Dot will post 2.11 earnings per share for the current fiscal year.
In related news, insider Konrad Alt sold 919 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $41.91, for a total value of $38,515.29. Following the completion of the transaction, the insider now owns 76,724 shares in the company, valued at approximately $3,215,502.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Glinda Bridgforth-Hodges sold 6,787 shares of the stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $47.43, for a total value of $321,907.41. Following the completion of the transaction, the director now owns 2,578 shares of the company’s stock, valued at approximately $122,274.54. The disclosure for this sale can be found here. Insiders sold a total of 21,657 shares of company stock valued at $1,177,363 in the last quarter. 7.80% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of GDOT. Eagle Asset Management Inc. grew its holdings in Green Dot by 0.3% in the 1st quarter. Eagle Asset Management Inc. now owns 1,316,949 shares of the financial services provider’s stock valued at $79,872,000 after buying an additional 4,426 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Green Dot by 33.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,186,853 shares of the financial services provider’s stock valued at $94,379,000 after buying an additional 297,348 shares during the last quarter. KAMES CAPITAL plc grew its holdings in Green Dot by 12.7% in the 2nd quarter. KAMES CAPITAL plc now owns 1,081,699 shares of the financial services provider’s stock valued at $52,884,000 after buying an additional 121,850 shares during the last quarter. Carillon Tower Advisers Inc. grew its holdings in Green Dot by 5.6% in the 1st quarter. Carillon Tower Advisers Inc. now owns 1,008,358 shares of the financial services provider’s stock valued at $61,157,000 after buying an additional 53,766 shares during the last quarter. Finally, Stephens Investment Management Group LLC grew its holdings in Green Dot by 31.8% in the 1st quarter. Stephens Investment Management Group LLC now owns 895,359 shares of the financial services provider’s stock valued at $54,304,000 after buying an additional 216,111 shares during the last quarter. 86.34% of the stock is owned by institutional investors.
Green Dot Company Profile
Green Dot Corporation operates as a financial technology and bank holding company in the United States. It operates in two segments, Account Services, and Processing and Settlement Services. The company offers deposit account programs, such network-branded reloadable prepaid debit cards under the consumer brand names of GPR cards, consumer and small business checking accounts, network-branded gift cards, secured credit cards, and other financial services.
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