Green Dot (NYSE:GDOT) Upgraded to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Green Dot (NYSE:GDOT) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $29.00 target price on the financial services provider’s stock.

According to Zacks, “Green Dot’s second-quarter 2019 earnings and revenues beat the Zacks Consensus Estimate. The company's long-term strategic plan to be a ‘New Kind of Bank’ is leading to impressive results. Its Banking as a Service or BaaS platform programs are growing very quickly and contributing significantly to GDV and active card growth. The company's long-lasting relationship with Walmart is a key driver of operating revenues. Despite such positives, tough competition from companies across financial services, financial technology services, retail banking, transaction processing and consumer technology industries remains a concern for Green Dot. It experiences fluctuation in revenues due to seasonal factors. The company does not have any plans to pay cash dividends on common stock. Green Dot’s stock has declined in the past year.”

Several other brokerages have also weighed in on GDOT. Craig Hallum decreased their price objective on Green Dot from $100.00 to $50.00 and set a buy rating for the company in a report on Thursday, August 8th. Needham & Company LLC decreased their price objective on Green Dot to $42.00 and set a buy rating for the company in a report on Thursday, August 8th. Guggenheim raised Green Dot from a neutral rating to a buy rating in a report on Friday, August 9th. Citigroup lowered Green Dot from a buy rating to a neutral rating in a report on Thursday, May 9th. Finally, Loop Capital reissued a buy rating and issued a $75.00 price objective on shares of Green Dot in a report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. Green Dot currently has a consensus rating of Hold and an average price target of $58.82.

Shares of Green Dot stock opened at $29.22 on Tuesday. Green Dot has a 1 year low of $24.19 and a 1 year high of $93.00. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 11.55 and a beta of 0.96. The company’s fifty day simple moving average is $46.28. The company has a current ratio of 1.01, a quick ratio of 1.04 and a debt-to-equity ratio of 0.03.

Green Dot (NYSE:GDOT) last announced its earnings results on Wednesday, August 7th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.33. Green Dot had a return on equity of 16.77% and a net margin of 10.81%. The firm had revenue of $278.33 million during the quarter, compared to analyst estimates of $266.93 million. During the same period last year, the firm posted $0.74 EPS. The business’s revenue was up 5.5% compared to the same quarter last year. As a group, equities analysts forecast that Green Dot will post 2.09 EPS for the current fiscal year.

In other news, CRO Brett Narlinger sold 5,532 shares of Green Dot stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $48.87, for a total transaction of $270,348.84. Following the completion of the sale, the executive now owns 81,554 shares in the company, valued at approximately $3,985,543.98. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Konrad Alt sold 919 shares of Green Dot stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $41.91, for a total value of $38,515.29. Following the sale, the insider now owns 76,724 shares of the company’s stock, valued at approximately $3,215,502.84. The disclosure for this sale can be found here. Insiders have sold a total of 13,238 shares of company stock valued at $630,772 in the last ninety days. Insiders own 7.80% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Green Dot by 6.4% during the 2nd quarter. BlackRock Inc. now owns 6,140,997 shares of the financial services provider’s stock valued at $300,294,000 after acquiring an additional 370,866 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Green Dot by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,945,275 shares of the financial services provider’s stock valued at $95,124,000 after acquiring an additional 159,771 shares during the last quarter. Eagle Asset Management Inc. boosted its position in shares of Green Dot by 0.3% during the 1st quarter. Eagle Asset Management Inc. now owns 1,316,949 shares of the financial services provider’s stock valued at $79,872,000 after acquiring an additional 4,426 shares during the last quarter. Stephens Investment Management Group LLC boosted its position in shares of Green Dot by 23.6% during the 2nd quarter. Stephens Investment Management Group LLC now owns 1,106,376 shares of the financial services provider’s stock valued at $54,102,000 after acquiring an additional 211,017 shares during the last quarter. Finally, KAMES CAPITAL plc boosted its position in shares of Green Dot by 12.7% during the 2nd quarter. KAMES CAPITAL plc now owns 1,081,699 shares of the financial services provider’s stock valued at $52,884,000 after acquiring an additional 121,850 shares during the last quarter. Hedge funds and other institutional investors own 87.62% of the company’s stock.

About Green Dot

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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