Global Payments (NYSE:GPN) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Global Payments (NYSE:GPN) posted its quarterly earnings data on Wednesday. The business services provider reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.03, RTT News reports. Global Payments had a net margin of 13.40% and a return on equity of 11.72%. The company had revenue of $2.57 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the prior year, the company posted $2.48 earnings per share. Global Payments’s revenue for the quarter was up 4.7% compared to the same quarter last year. Global Payments updated its FY24 guidance to $11.54-11.70 EPS and its FY 2024 guidance to 11.540-11.700 EPS.

Global Payments Stock Performance

GPN stock traded down $2.00 during mid-day trading on Friday, hitting $102.06. The company had a trading volume of 2,125,447 shares, compared to its average volume of 2,308,252. The firm has a market cap of $26.05 billion, a PE ratio of 20.25, a price-to-earnings-growth ratio of 0.63 and a beta of 0.98. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.92 and a current ratio of 0.92. Global Payments has a 12 month low of $91.60 and a 12 month high of $141.77. The stock’s fifty day moving average price is $97.48 and its two-hundred day moving average price is $115.28.

Global Payments Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend is Friday, September 13th. Global Payments’s payout ratio is currently 19.84%.

Insiders Place Their Bets

In other Global Payments news, CAO David M. Sheffield sold 1,651 shares of Global Payments stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $100.73, for a total value of $166,305.23. Following the sale, the chief accounting officer now owns 20,531 shares of the company’s stock, valued at $2,068,087.63. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GPN. Wells Fargo & Company began coverage on shares of Global Payments in a research report on Wednesday, June 12th. They set an “equal weight” rating and a $100.00 price objective for the company. Barclays reduced their price target on shares of Global Payments from $160.00 to $145.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. JPMorgan Chase & Co. reduced their price target on shares of Global Payments from $119.00 to $111.00 and set a “neutral” rating for the company in a report on Thursday. Susquehanna reduced their price target on shares of Global Payments from $157.00 to $147.00 and set a “positive” rating for the company in a report on Thursday. Finally, KeyCorp reduced their price target on shares of Global Payments from $155.00 to $145.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $142.04.

Global Payments Company Profile

Global Payments Inc provides payment technology and software solutions for card, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through two segments, Merchant Solutions and Issuer Solutions. The Merchant Solutions segment offers authorization, settlement and funding, customer support, chargeback resolution, terminal rental, sales and deployment, payment security, and consolidated billing and reporting services.