Global Payments Inc. (GPN) Releases Quarterly Earnings Results
Global Payments Inc. (NYSE:GPN) released its quarterly earnings results on Wednesday. The company reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.03. The business earned $939.50 million during the quarter, compared to analyst estimates of $814.12 million. Global Payments had a net margin of 9.37% and a return on equity of 27.99%. The company’s quarterly revenue was up 52.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.79 earnings per share. Global Payments updated its FY17 guidance to $3.45-3.55 EPS.
Global Payments (NYSE:GPN) opened at 79.04 on Thursday. Global Payments has a one year low of $51.29 and a one year high of $79.93. The firm has a 50-day moving average price of $75.71 and a 200-day moving average price of $73.87. The stock has a market cap of $12.14 billion, a price-to-earnings ratio of 38.75 and a beta of 1.09.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 11th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Tuesday, November 8th. This represents a $0.04 dividend on an annualized basis and a yield of 0.05%. Global Payments’s payout ratio is currently 1.95%.
In other news, Director Robert H. B. Baldwin, Jr. sold 6,500 shares of the company’s stock in a transaction that occurred on Monday, July 18th. The stock was sold at an average price of $76.61, for a total transaction of $497,965.00. Following the completion of the sale, the director now owns 362,063 shares in the company, valued at $27,737,646.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William I. Jacobs sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $75.80, for a total value of $45,480.00. Following the sale, the director now owns 44,716 shares of the company’s stock, valued at approximately $3,389,472.80. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Acrospire Investment Management LLC raised its position in shares of Global Payments by 77.8% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the company’s stock worth $114,000 after buying an additional 700 shares in the last quarter. Financial Architects Inc raised its position in shares of Global Payments by 1,305.2% in the second quarter. Financial Architects Inc now owns 1,616 shares of the company’s stock worth $115,000 after buying an additional 1,501 shares in the last quarter. PineBridge Investments L.P. acquired a new position in shares of Global Payments during the second quarter worth $139,000. IFP Advisors Inc raised its position in shares of Global Payments by 39.1% in the second quarter. IFP Advisors Inc now owns 2,263 shares of the company’s stock worth $162,000 after buying an additional 636 shares in the last quarter. Finally, Mizuho Asset Management Co. Ltd. acquired a new position in shares of Global Payments during the second quarter worth $168,000. 96.56% of the stock is currently owned by hedge funds and other institutional investors.
GPN has been the subject of several analyst reports. Credit Suisse Group AG reissued a “buy” rating on shares of Global Payments in a research report on Monday, June 27th. Zacks Investment Research raised shares of Global Payments from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a research report on Wednesday, June 29th. Barclays PLC decreased their price target on shares of Global Payments from $78.00 to $73.00 and set an “equal weight” rating for the company in a research report on Thursday, July 7th. Deutsche Bank AG reissued a “buy” rating and set a $79.00 price target (up from $72.00) on shares of Global Payments in a research report on Tuesday, July 12th. Finally, Nomura increased their price target on shares of Global Payments from $64.00 to $66.00 in a research report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eighteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $77.75.
Global Payments Company Profile
Global Payments Inc is a provider of payment technology services. The Company provides payment and digital commerce solutions. The Company operates in two segments: North America merchant services and International merchant services. The Company’s North America merchant services and International merchant services segments primarily provide payment solutions for credit cards, debit cards, electronic payments and check-related services.
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