Groesbeck Investment Management Corp NJ lifted its stake in shares of Global Payments Inc (NYSE:GPN) by 16.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,810 shares of the business services provider’s stock after purchasing an additional 400 shares during the period. Groesbeck Investment Management Corp NJ’s holdings in Global Payments were worth $384,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Cornerstone Advisors Inc. grew its stake in Global Payments by 114.9% in the first quarter. Cornerstone Advisors Inc. now owns 202 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 108 shares in the last quarter. Executive Wealth Management LLC grew its stake in Global Payments by 82.3% in the first quarter. Executive Wealth Management LLC now owns 9,568 shares of the business services provider’s stock valued at $1,306,000 after purchasing an additional 4,319 shares in the last quarter. Comerica Bank grew its stake in Global Payments by 2.5% in the first quarter. Comerica Bank now owns 41,972 shares of the business services provider’s stock valued at $5,752,000 after purchasing an additional 1,035 shares in the last quarter. Pearl River Capital LLC purchased a new position in Global Payments in the first quarter valued at about $256,000. Finally, Candriam Luxembourg S.C.A. grew its stake in Global Payments by 182.2% in the first quarter. Candriam Luxembourg S.C.A. now owns 37,007 shares of the business services provider’s stock valued at $5,052,000 after purchasing an additional 23,893 shares in the last quarter. 99.63% of the stock is currently owned by institutional investors.
In related news, insider Cameron M. Bready sold 34,308 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $131.33, for a total transaction of $4,505,669.64. Following the completion of the transaction, the insider now owns 138,520 shares of the company’s stock, valued at approximately $18,191,831.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alan M. Silberstein sold 700 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $138.96, for a total value of $97,272.00. Following the transaction, the director now directly owns 40,355 shares of the company’s stock, valued at approximately $5,607,730.80. The disclosure for this sale can be found here. Insiders have sold a total of 210,329 shares of company stock valued at $27,306,584 in the last three months. 0.88% of the stock is owned by insiders.
Global Payments (NYSE:GPN) last released its quarterly earnings results on Thursday, May 2nd. The business services provider reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.12. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.04 billion. Global Payments had a return on equity of 19.83% and a net margin of 13.69%. The firm’s revenue was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.13 EPS. On average, equities research analysts forecast that Global Payments Inc will post 5.71 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.01 per share. The ex-dividend date is Thursday, June 13th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. Global Payments’s dividend payout ratio (DPR) is presently 0.77%.
A number of research analysts have commented on GPN shares. Zacks Investment Research upgraded Global Payments from a “sell” rating to a “hold” rating in a research note on Wednesday, January 16th. Nomura boosted their target price on Global Payments from $91.00 to $94.00 and gave the company a “reduce” rating in a research note on Monday, February 11th. ValuEngine upgraded Global Payments from a “hold” rating to a “buy” rating in a research note on Wednesday, February 13th. restated an “outperform” rating and issued a $143.00 target price (up previously from $130.00) on shares of Global Payments in a research note on Thursday, February 14th. Finally, KeyCorp boosted their target price on Global Payments from $130.00 to $135.00 and gave the company an “overweight” rating in a research note on Thursday, February 14th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $142.62.
About Global Payments
Global Payments Inc provides payment technology and software solutions for card, electronic, check, and digital-based payments. The company operates in three segments: North America, Europe, and Asia-Pacific. It 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 online reporting services.
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