Earnest Partners LLC lowered its stake in shares of Global Payments Inc (NYSE:GPN) by 19.2% during the second quarter, HoldingsChannel reports. The firm owned 483,911 shares of the business services provider’s stock after selling 115,162 shares during the quarter. Earnest Partners LLC’s holdings in Global Payments were worth $77,489,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its stake in Global Payments by 4.3% in the 2nd quarter. BlackRock Inc. now owns 11,019,167 shares of the business services provider’s stock valued at $1,764,501,000 after acquiring an additional 452,606 shares during the period. Caldera Capital LLC raised its stake in Global Payments by 149.1% in the 2nd quarter. Caldera Capital LLC now owns 26,410 shares of the business services provider’s stock valued at $4,229,000 after acquiring an additional 15,809 shares during the period. HighTower Advisors LLC raised its stake in Global Payments by 0.8% in the 2nd quarter. HighTower Advisors LLC now owns 9,445 shares of the business services provider’s stock valued at $1,508,000 after acquiring an additional 74 shares during the period. Pinebridge Investments L.P. bought a new stake in Global Payments in the 2nd quarter valued at $35,000. Finally, Breakline Capital LLC raised its stake in Global Payments by 52.0% in the 2nd quarter. Breakline Capital LLC now owns 37,720 shares of the business services provider’s stock valued at $6,040,000 after acquiring an additional 12,911 shares during the period. Institutional investors own 97.07% of the company’s stock.
A number of research firms recently weighed in on GPN. BMO Capital Markets cut Global Payments from an “outperform” rating to a “market perform” rating and increased their price target for the company from $164.00 to $173.00 in a research note on Wednesday, May 29th. Wells Fargo & Co increased their price target on Global Payments from $180.00 to $185.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Piper Jaffray Companies set a $195.00 price target on Global Payments and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Barclays increased their price target on Global Payments from $180.00 to $195.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Finally, Robert W. Baird increased their price target on Global Payments from $174.00 to $182.00 and gave the company an “outperform” rating in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nineteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $167.70.
In other news, Director Alan M. Silberstein sold 700 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $156.18, for a total transaction of $109,326.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William I. Jacobs sold 10,980 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $175.27, for a total value of $1,924,464.60. Following the sale, the director now directly owns 40,568 shares in the company, valued at $7,110,353.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,710 shares of company stock worth $5,556,969. 0.88% of the stock is currently owned by insiders.
GPN opened at $167.55 on Friday. The firm has a market cap of $26.25 billion, a P/E ratio of 32.28, a price-to-earnings-growth ratio of 1.68 and a beta of 1.02. Global Payments Inc has a 52-week low of $94.81 and a 52-week high of $175.95. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01. The business’s fifty day moving average is $163.30 and its 200-day moving average is $151.22.
Global Payments (NYSE:GPN) last released its earnings results on Tuesday, July 30th. The business services provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.11 billion. Global Payments had a return on equity of 20.36% and a net margin of 13.62%. Global Payments’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.29 EPS. On average, research analysts predict that Global Payments Inc will post 5.82 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.02%. The ex-dividend date of this dividend is Thursday, September 12th. Global Payments’s dividend payout ratio (DPR) is currently 0.77%.
Global Payments Profile
Global Payments Inc provides payment technology and software solutions for card, electronic, check, and digital-based payments. The company operates in three segments: North America, Europe, and Asia-Pacific. It offers authorization services, settlement and funding services, customer support and help-desk functions, chargeback resolution, terminal rental, sales and deployment, payment security services, consolidated billing and statements, and online reporting services.
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