Logan Capital Management Inc. grew its stake in Global Payments Inc. (NYSE:GPN – Get Rating) by 5.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,871 shares of the business services provider’s stock after purchasing an additional 1,600 shares during the period. Logan Capital Management Inc.’s holdings in Global Payments were worth $4,224,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in GPN. Norges Bank acquired a new stake in shares of Global Payments in the 4th quarter valued at approximately $352,599,000. Rivulet Capital LLC acquired a new stake in Global Payments during the 4th quarter worth approximately $114,903,000. Lyrical Asset Management LP acquired a new stake in Global Payments during the 1st quarter worth approximately $94,865,000. Pendal Group Ltd boosted its position in Global Payments by 1,318.9% during the 1st quarter. Pendal Group Ltd now owns 704,788 shares of the business services provider’s stock worth $96,443,000 after buying an additional 655,117 shares during the period. Finally, Greenlight Capital Inc. acquired a new stake in Global Payments during the 4th quarter worth approximately $68,401,000. 85.61% of the stock is currently owned by institutional investors and hedge funds.
Global Payments Price Performance
GPN opened at $132.63 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market capitalization of $36.76 billion, a price-to-earnings ratio of 736.87, a P/E/G ratio of 0.90 and a beta of 1.02. The firm’s fifty day moving average price is $124.08 and its two-hundred day moving average price is $126.67. Global Payments Inc. has a 1 year low of $105.52 and a 1 year high of $173.89.
Global Payments Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date is Thursday, September 15th. Global Payments’s dividend payout ratio is 555.59%.
Global Payments declared that its Board of Directors has authorized a share buyback program on Monday, August 1st that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the business services provider to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
Analysts Set New Price Targets
Several equities research analysts recently commented on GPN shares. Wolfe Research cut their target price on shares of Global Payments from $200.00 to $160.00 in a research report on Wednesday, July 20th. Keefe, Bruyette & Woods cut their target price on shares of Global Payments from $175.00 to $155.00 in a research report on Monday, July 11th. Oppenheimer cut their target price on shares of Global Payments from $152.00 to $144.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 2nd. Royal Bank of Canada cut their target price on shares of Global Payments from $197.00 to $194.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 2nd. Finally, Mizuho lowered their price target on shares of Global Payments from $148.00 to $132.00 and set a “neutral” rating for the company in a report on Wednesday, August 3rd. Six investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. According to MarketBeat.com, Global Payments has a consensus rating of “Moderate Buy” and a consensus target price of $173.36.
Insiders Place Their Bets
In related news, CAO David M. Sheffield sold 3,500 shares of the business’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $133.20, for a total value of $466,200.00. Following the transaction, the chief accounting officer now directly owns 28,737 shares of the company’s stock, valued at approximately $3,827,768.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.19% of the company’s stock.
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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