Kestra Private Wealth Services LLC trimmed its position in shares of Global Payments Inc. (NYSE:GPN – Get Rating) by 9.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,806 shares of the business services provider’s stock after selling 185 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Global Payments were worth $247,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. MUFG Americas Holdings Corp acquired a new stake in Global Payments in the 1st quarter valued at about $25,000. MCF Advisors LLC purchased a new stake in shares of Global Payments in the first quarter valued at about $27,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of Global Payments in the first quarter valued at approximately $27,000. Western Pacific Wealth Management LP purchased a new position in shares of Global Payments during the 4th quarter worth approximately $29,000. Finally, Glassman Wealth Services raised its position in shares of Global Payments by 99.1% during the 4th quarter. Glassman Wealth Services now owns 225 shares of the business services provider’s stock worth $30,000 after purchasing an additional 112 shares during the last quarter. Hedge funds and other institutional investors own 85.61% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on the company. Raymond James lowered their target price on Global Payments from $190.00 to $174.00 and set an “outperform” rating on the stock in a report on Tuesday, August 2nd. Royal Bank of Canada reduced their target price on shares of Global Payments from $197.00 to $194.00 and set an “outperform” rating on the stock in a report on Tuesday, August 2nd. Keefe, Bruyette & Woods decreased their price target on shares of Global Payments from $175.00 to $155.00 in a research note on Monday, July 11th. Credit Suisse Group lowered shares of Global Payments from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $180.00 to $145.00 in a research report on Wednesday, August 3rd. Finally, Wells Fargo & Company lowered their target price on shares of Global Payments from $156.00 to $150.00 and set an “overweight” rating for the company in a research note on Thursday, September 8th. Six investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Global Payments currently has a consensus rating of “Moderate Buy” and a consensus price target of $173.36.
Global Payments Trading Down 2.8 %
Global Payments (NYSE:GPN – Get Rating) last posted its quarterly earnings results on Monday, August 1st. The business services provider reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.02. Global Payments had a return on equity of 9.24% and a net margin of 0.87%. The business had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same period in the prior year, the company posted $1.92 EPS. The business’s revenue was up 6.7% compared to the same quarter last year. On average, analysts anticipate that Global Payments Inc. will post 9 earnings per share for the current fiscal year.
Global Payments Dividend Announcement
The firm also recently disclosed 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. The ex-dividend date is Thursday, September 15th. This represents a $1.00 annualized dividend and a yield of 0.83%. Global Payments’s dividend payout ratio (DPR) is 555.59%.
Global Payments declared that its Board of Directors has initiated a stock repurchase plan on Monday, August 1st that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the business services provider to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
Insiders Place Their Bets
In other news, CAO David M. Sheffield sold 3,500 shares of the stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $133.20, for a total transaction of $466,200.00. Following the sale, the chief accounting officer now directly owns 28,737 shares in the company, valued at approximately $3,827,768.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.19% of the stock is currently owned by corporate 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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