Zacks Investment Research upgraded shares of Green Dot (NYSE:GDOT) from a hold rating to a buy rating in a research note published on Friday morning, Zacks.com reports. The firm currently has $73.00 price target on the financial services provider’s stock.
According to Zacks, “Green Dot’s long-term strategic plan to be a ‘New Kind of Bank’ is leading to impressive results. Strength across established product lines and BaaS platform programs act as key growth catalysts. The company’s Banking as a Service or BaaS platform programs are growing very quickly and contributing significantly to its GDV growth, active card growth and revenue growth. Its extended relationship with Walmart is another growth catalyst. Despite such positives, the stock has underperformed its industry in the past year. Green Dot faces tough competition from companies across financial services, financial technology services, retail banking, transaction processing and consumer technology industries. It experiences fluctuation in revenues due to seasonal factors. Further, the company does not have any plans to pay cash dividends on common stock.”
GDOT has been the topic of several other research reports. BTIG Research raised shares of Green Dot from a neutral rating to a buy rating and set a $94.00 target price on the stock in a report on Thursday, January 3rd. ValuEngine lowered shares of Green Dot from a buy rating to a hold rating in a report on Saturday, February 23rd. SunTrust Banks lowered their target price on shares of Green Dot to $90.00 and set a buy rating on the stock in a report on Thursday, March 14th. Keefe, Bruyette & Woods raised shares of Green Dot from a market perform rating to an outperform rating in a report on Monday, April 1st. Finally, Needham & Company LLC began coverage on shares of Green Dot in a report on Friday, April 12th. They issued a buy rating and a $75.00 target price on the stock. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $91.07.
Shares of GDOT stock opened at $65.27 on Friday. Green Dot has a 52-week low of $56.23 and a 52-week high of $93.00. The firm has a market capitalization of $3.53 billion, a PE ratio of 25.80 and a beta of 0.74.
Green Dot (NYSE:GDOT) last announced its quarterly earnings data on Wednesday, February 20th. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.25. Green Dot had a net margin of 11.39% and a return on equity of 15.88%. The company had revenue of $237.83 million during the quarter, compared to analysts’ expectations of $235.80 million. During the same quarter in the prior year, the company posted $0.29 EPS. The business’s revenue was up 11.7% on a year-over-year basis. Sell-side analysts forecast that Green Dot will post 2.81 earnings per share for the current year.
In other Green Dot news, insider Konrad Alt sold 919 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.15, for a total transaction of $58,953.85. Following the sale, the insider now owns 77,643 shares of the company’s stock, valued at approximately $4,980,798.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark L. Shifke sold 6,250 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $65.00, for a total transaction of $406,250.00. Following the sale, the chief financial officer now directly owns 592,990 shares in the company, valued at approximately $38,544,350. The disclosure for this sale can be found here. In the last ninety days, insiders sold 106,177 shares of company stock worth $6,530,668. 7.80% of the stock is owned by insiders.
Large investors have recently modified their holdings of the business. Ffcm LLC bought a new stake in Green Dot during the 4th quarter worth about $27,000. Legacy Financial Advisors Inc. bought a new stake in Green Dot during the 4th quarter worth about $29,000. Pearl River Capital LLC bought a new stake in Green Dot during the 4th quarter worth about $40,000. Ipswich Investment Management Co. Inc. bought a new stake in Green Dot during the 4th quarter worth about $70,000. Finally, FNY Investment Advisers LLC grew its holdings in Green Dot by 708.8% during the 1st quarter. FNY Investment Advisers LLC now owns 1,100 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 964 shares during the last quarter. 87.90% of the stock is currently owned by hedge funds and other institutional investors.
Green Dot Company Profile
Green Dot Corporation operates as a financial technology and bank holding company in the United States. It operates in two segments, Account Services, and Processing and Settlement Services. The company offers deposit account programs, such network-branded reloadable prepaid debit cards under the consumer brand names of GPR cards, consumer and small business checking accounts, network-branded gift cards, secured credit cards, and other financial services.
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