Alpha Paradigm Partners LLC bought a new stake in shares of Global Payments Inc. (NYSE:GPN) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,434 shares of the business services provider’s stock, valued at approximately $269,000.
A number of other large investors have also made changes to their positions in the stock. Capital Asset Advisory Services LLC grew its stake in Global Payments by 5.0% during the 1st quarter. Capital Asset Advisory Services LLC now owns 1,116 shares of the business services provider’s stock valued at $225,000 after purchasing an additional 53 shares during the last quarter. Fulton Bank N.A. boosted its stake in shares of Global Payments by 0.5% in the second quarter. Fulton Bank N.A. now owns 11,613 shares of the business services provider’s stock worth $2,178,000 after buying an additional 54 shares during the last quarter. Ieq Capital LLC boosted its stake in shares of Global Payments by 2.7% in the second quarter. Ieq Capital LLC now owns 2,225 shares of the business services provider’s stock worth $417,000 after buying an additional 59 shares during the last quarter. Penserra Capital Management LLC boosted its stake in shares of Global Payments by 6.7% in the second quarter. Penserra Capital Management LLC now owns 959 shares of the business services provider’s stock worth $179,000 after buying an additional 60 shares during the last quarter. Finally, Connable Office Inc. boosted its stake in shares of Global Payments by 0.4% in the second quarter. Connable Office Inc. now owns 16,985 shares of the business services provider’s stock worth $3,185,000 after buying an additional 64 shares during the last quarter. 86.76% of the stock is currently owned by institutional investors.
In related news, Director Joia M. Johnson bought 590 shares of the firm’s stock in a transaction that occurred on Thursday, August 5th. The stock was purchased at an average cost of $170.40 per share, for a total transaction of $100,536.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Connie D. Mcdaniel bought 1,150 shares of the firm’s stock in a transaction that occurred on Tuesday, August 10th. The stock was bought at an average price of $173.48 per share, with a total value of $199,502.00. Following the completion of the acquisition, the director now owns 13,970 shares of the company’s stock, valued at approximately $2,423,515.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 4,686 shares of company stock valued at $800,475. Company insiders own 1.00% of the company’s stock.
Global Payments (NYSE:GPN) last issued its quarterly earnings data on Sunday, August 1st. The business services provider reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.14. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $1.86 billion. Global Payments had a return on equity of 7.70% and a net margin of 10.83%. The firm’s revenue for the quarter was up 40.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.31 earnings per share. Analysts forecast that Global Payments Inc. will post 7.82 EPS for the current year.
Global Payments announced that its board has authorized a share buyback plan on Monday, August 2nd that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the business services provider to purchase up to 3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, September 24th. Stockholders of record on Friday, September 10th were given a dividend of $0.25 per share. This is a positive change from Global Payments’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a dividend yield of 0.66%. The ex-dividend date of this dividend was Thursday, September 9th. Global Payments’s dividend payout ratio (DPR) is currently 16.64%.
A number of analysts have recently commented on the company. Barclays lowered their target price on Global Payments from $235.00 to $220.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 4th. Jefferies Financial Group assumed coverage on Global Payments in a research note on Tuesday, September 7th. They issued a “buy” rating and a $235.00 target price on the stock. Raymond James lowered their target price on Global Payments from $240.00 to $220.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 3rd. Wedbush reiterated an “outperform” rating on shares of Global Payments in a research report on Monday, August 2nd. Finally, BMO Capital Markets increased their price target on Global Payments from $206.00 to $217.00 and gave the stock an “outperform” rating in a research report on Thursday, September 9th. Four equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $219.35.
Global Payments Profile
Global Payments, Inc engages in the provision of payment technology and software solutions. It operates through the following segments: Merchant Solutions, Issuer Solutions and Business & Consumer Solutions. The Merchant Solutions segment provides payments technology and software solutions to customers globally.
Recommended Story: What is the Nikkei 225 index?
Receive News & Ratings for Global Payments Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Global Payments and related companies with MarketBeat.com's FREE daily email newsletter.