Highlander Capital Management LLC lowered its holdings in Global Payments Inc. (NYSE:GPN – Get Rating) by 26.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,300 shares of the business services provider’s stock after selling 475 shares during the period. Highlander Capital Management LLC’s holdings in Global Payments were worth $178,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. MUFG Americas Holdings Corp purchased a new stake in Global Payments during the 1st quarter worth $25,000. Bell Investment Advisors Inc grew its position in shares of Global Payments by 128.6% during the fourth quarter. Bell Investment Advisors Inc now owns 192 shares of the business services provider’s stock worth $26,000 after acquiring an additional 108 shares during the last quarter. MCF Advisors LLC bought a new position in shares of Global Payments during the first quarter worth about $27,000. Hazlett Burt & Watson Inc. acquired a new position in shares of Global Payments during the first quarter worth approximately $27,000. Finally, Western Pacific Wealth Management LP acquired a new position in shares of Global Payments during the fourth quarter worth approximately $29,000. 84.53% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
GPN has been the topic of a number of recent research reports. Credit Suisse Group downgraded shares of Global Payments from an “outperform” rating to a “neutral” rating and cut their price target for the company from $180.00 to $145.00 in a report on Wednesday. Wolfe Research lowered their price objective on shares of Global Payments from $200.00 to $160.00 in a research note on Wednesday, July 20th. Raymond James decreased their target price on Global Payments from $190.00 to $174.00 and set an “outperform” rating on the stock in a research report on Tuesday. The Goldman Sachs Group began coverage on Global Payments in a research report on Tuesday, May 17th. They set a “neutral” rating and a $151.00 price objective on the stock. Finally, Morgan Stanley boosted their price target on shares of Global Payments from $123.00 to $141.00 and gave the company an “equal weight” rating in a report on Tuesday. Six research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $175.03.
Global Payments Stock Down 0.5 %
Global Payments (NYSE:GPN – Get Rating) last issued its quarterly earnings data on Monday, August 1st. The business services provider reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.34 by $0.02. The business had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.09 billion. Global Payments had a return on equity of 9.24% and a net margin of 0.87%. Global Payments’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.92 EPS. Equities analysts expect that Global Payments Inc. will post 9 earnings per share for the current fiscal year.
Global Payments Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend is Thursday, September 15th. Global Payments’s dividend payout ratio is presently 555.59%.
Global Payments declared that its Board of Directors has initiated a share repurchase plan on Monday, August 1st that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the business services provider to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Insider Buying and Selling
In related news, EVP David Lawrence Green sold 16,252 shares of the firm’s stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $130.10, for a total transaction of $2,114,385.20. Following the completion of the sale, the executive vice president now owns 97,818 shares of the company’s stock, valued at $12,726,121.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.19% of the stock is owned by insiders.
Global Payments Company Profile
Global Payments Inc provides payment technology and software solutions for card, electronic, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through three segments: Merchant Solutions, Issuer Solutions, and Business and Consumer Solutions. The Merchant Solutions segment 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 on-line reporting services.
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