Bank of America Corp DE reduced its stake in shares of Global Payments Inc. (NYSE:GPN) by 4.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 973,138 shares of the business services provider’s stock after selling 43,971 shares during the period. Bank of America Corp DE owned 0.64% of Global Payments worth $78,513,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the stock. Blenheim Capital Management BV bought a new position in Global Payments during the fourth quarter valued at about $230,000. Bain Capital Public Equity Management LLC acquired a new position in shares of Global Payments during the fourth quarter worth $10,210,000. Sandhill Capital Partners LLC increased its position in shares of Global Payments by 72.4% in the fourth quarter. Sandhill Capital Partners LLC now owns 213,597 shares of the business services provider’s stock worth $14,826,000 after buying an additional 89,690 shares during the period. Capstone Investment Advisors LLC acquired a new position in shares of Global Payments during the fourth quarter worth $1,332,000. Finally, Employees Retirement System of Texas increased its position in shares of Global Payments by 144.1% in the fourth quarter. Employees Retirement System of Texas now owns 75,000 shares of the business services provider’s stock worth $5,206,000 after buying an additional 44,271 shares during the period. 98.92% of the stock is owned by institutional investors.
Shares of Global Payments Inc. (NYSE GPN) traded up 0.66% on Friday, hitting $88.99. 864,656 shares of the stock traded hands. Global Payments Inc. has a 52-week low of $64.63 and a 52-week high of $93.52. The stock has a market cap of $13.57 billion, a P/E ratio of 70.02 and a beta of 1.09. The stock’s 50 day moving average price is $90.58 and its 200 day moving average price is $81.21.
Global Payments (NYSE:GPN) last announced its quarterly earnings data on Thursday, May 4th. The business services provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.75 by $0.10. Global Payments had a net margin of 6.22% and a return on equity of 17.38%. The business had revenue of $919.76 million during the quarter, compared to analysts’ expectations of $767.09 million. During the same period in the previous year, the business posted $0.64 EPS. The business’s quarterly revenue was up 46.9% compared to the same quarter last year. On average, equities analysts expect that Global Payments Inc. will post $3.91 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 23rd. Stockholders of record on Friday, June 9th were issued a dividend of $0.0133 per share. This represents a $0.05 annualized dividend and a dividend yield of 0.06%. This is a positive change from Global Payments’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend was Wednesday, June 7th. Global Payments’s payout ratio is 3.45%.
A number of equities research analysts have recently issued reports on the company. Zacks Investment Research upgraded Global Payments from a “hold” rating to a “buy” rating and set a $101.00 price objective for the company in a report on Thursday. Royal Bank Of Canada reiterated a “buy” rating and issued a $90.00 price target on shares of Global Payments in a research note on Friday. Wedbush restated an “outperform” rating and set a $107.25 target price (up from $85.00) on shares of Global Payments in a research note on Tuesday, June 6th. BMO Capital Markets upped their price target on shares of Global Payments from $91.00 to $93.00 and gave the stock an “outperform” rating in a report on Friday, May 5th. Finally, Instinet reiterated a “reduce” rating and set a $79.00 price target (up from $70.00) on shares of Global Payments in a report on Wednesday, May 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $90.01.
In related news, Director Robert H. B. Baldwin, Jr. sold 7,500 shares of the business’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $93.19, for a total value of $698,925.00. Following the completion of the sale, the director now owns 197,377 shares of the company’s stock, valued at approximately $18,393,562.63. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Alan M. Silberstein sold 600 shares of the company’s stock in a transaction on Tuesday, April 18th. The stock was sold at an average price of $78.21, for a total transaction of $46,926.00. Following the sale, the director now directly owns 47,893 shares of the company’s stock, valued at approximately $3,745,711.53. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 70,002 shares of company stock valued at $6,033,986. Insiders own 0.93% 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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