Zacks Investment Research upgraded shares of Global Payments Inc. (NYSE:GPN) from a hold rating to a buy rating in a research note published on Wednesday. Zacks Investment Research currently has $110.00 price objective on the business services provider’s stock.
According to Zacks, “Global Payments' shares have outperformed its industry year to date. The company’s investment in future growth, efforts to progress with the Heartland integration and successfully refinancing its credit facilities bode well for the long term. The company is witnessing sustained growth in business from Europe, Asia Pacific and North America. Following the company’s strong second-quarter earnings, Heartland integration as well as the recent refinancing, the company raised its projections for 2017. Nevertheless, the company suffers from high debt and exposure to currency volatility.”
A number of other research firms also recently weighed in on GPN. Deutsche Bank AG restated a buy rating and issued a $115.00 target price (up previously from $100.00) on shares of Global Payments in a research report on Tuesday. Stifel Nicolaus restated a buy rating and issued a $103.00 target price (up previously from $102.00) on shares of Global Payments in a research report on Friday, August 4th. J P Morgan Chase & Co boosted their target price on Global Payments from $106.00 to $107.00 and gave the stock an overweight rating in a research report on Tuesday, September 12th. Bank of America Corporation assumed coverage on Global Payments in a research report on Tuesday, September 12th. They issued a buy rating and a $110.00 target price for the company. Finally, Cowen and Company restated a buy rating and issued a $102.00 target price on shares of Global Payments in a research report on Friday, September 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-two have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $101.01.
Shares of Global Payments (NYSE:GPN) traded down 0.01% on Wednesday, reaching $99.06. 731,508 shares of the company were exchanged. The stock’s 50-day moving average is $95.84 and its 200 day moving average is $90.35. The firm has a market capitalization of $15.11 billion, a PE ratio of 76.85 and a beta of 1.11. Global Payments has a 12-month low of $64.63 and a 12-month high of $100.34.
Global Payments (NYSE:GPN) last released its earnings results on Thursday, August 3rd. The business services provider reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.07. The company had revenue of $847.90 million during the quarter, compared to the consensus estimate of $837.76 million. Global Payments had a return on equity of 18.32% and a net margin of 6.65%. Global Payments’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 EPS. On average, analysts forecast that Global Payments will post $3.95 EPS for the current year.
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The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were paid a $0.01 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.04 annualized dividend and a yield of 0.04%. Global Payments’s payout ratio is 2.45%.
In related news, Director Alan M. Silberstein sold 600 shares of the company’s stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $90.94, for a total value of $54,564.00. Following the sale, the director now directly owns 47,893 shares of the company’s stock, valued at $4,355,389.42. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robert H. B. Baldwin, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $95.00, for a total value of $950,000.00. Following the completion of the sale, the director now directly owns 183,177 shares in the company, valued at $17,401,815. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 136,949 shares of company stock worth $12,989,511. 0.93% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. Lord Abbett & CO. LLC grew its stake in Global Payments by 50.0% in the second quarter. Lord Abbett & CO. LLC now owns 420,429 shares of the business services provider’s stock worth $37,973,000 after purchasing an additional 140,109 shares during the period. Toronto Dominion Bank grew its stake in Global Payments by 25.7% in the second quarter. Toronto Dominion Bank now owns 51,654 shares of the business services provider’s stock worth $4,665,000 after purchasing an additional 10,551 shares during the period. Dynamic Technology Lab Private Ltd grew its stake in Global Payments by 9.4% in the second quarter. Dynamic Technology Lab Private Ltd now owns 3,283 shares of the business services provider’s stock worth $297,000 after purchasing an additional 283 shares during the period. Sterling Capital Management LLC grew its stake in Global Payments by 3.1% in the second quarter. Sterling Capital Management LLC now owns 120,209 shares of the business services provider’s stock worth $10,857,000 after purchasing an additional 3,621 shares during the period. Finally, Ameritas Investment Partners Inc. grew its stake in Global Payments by 0.4% in the second quarter. Ameritas Investment Partners Inc. now owns 17,368 shares of the business services provider’s stock worth $1,567,000 after purchasing an additional 65 shares during the period. 97.84% of the stock is currently owned by institutional investors.
About Global Payments
Global Payments Inc is a provider of payment technology services. The Company provides payment and digital commerce solutions. The Company operates through three segments: North America, Europe and Asia-Pacific. The Company’s segments primarily provide payment solutions for credit cards, debit cards, electronic payments and check-related services.
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