Guggenheim Capital LLC Raises Stake in Global Payments Inc (GPN)
Guggenheim Capital LLC raised its holdings in shares of Global Payments Inc (NYSE:GPN) by 46.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 807,566 shares of the business services provider’s stock after acquiring an additional 254,315 shares during the quarter. Guggenheim Capital LLC’s holdings in Global Payments were worth $80,951,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. Nationwide Fund Advisors grew its stake in shares of Global Payments by 0.7% in the third quarter. Nationwide Fund Advisors now owns 261,387 shares of the business services provider’s stock valued at $24,840,000 after buying an additional 1,815 shares in the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of Global Payments in the third quarter valued at $843,000. Andra AP fonden grew its stake in shares of Global Payments by 76.0% in the third quarter. Andra AP fonden now owns 18,300 shares of the business services provider’s stock valued at $1,739,000 after buying an additional 7,900 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of Global Payments by 6.2% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 23,290 shares of the business services provider’s stock valued at $2,213,000 after buying an additional 1,356 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. bought a new position in shares of Global Payments in the third quarter valued at $798,000. 96.11% of the stock is owned by institutional investors.
In other news, Director Alan M. Silberstein sold 600 shares of Global Payments stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $114.34, for a total transaction of $68,604.00. Following the completion of the sale, the director now owns 43,693 shares of the company’s stock, valued at $4,995,857.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 3,600 shares of company stock valued at $378,918 in the last three months. Insiders own 0.93% of the company’s stock.
Global Payments (NYSE:GPN) last posted its earnings results on Thursday, February 15th. The business services provider reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.01. Global Payments had a return on equity of 17.94% and a net margin of 11.78%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $943.39 million. During the same quarter last year, the firm earned $0.89 earnings per share. The company’s revenue was up 11.0% on a year-over-year basis. research analysts forecast that Global Payments Inc will post 4.85 EPS for the current fiscal year.
Global Payments announced that its board has authorized a share buyback program on Thursday, February 15th that permits the company to buyback $600.00 million in shares. This buyback authorization permits the business services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 16th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date of this dividend is Thursday, March 15th. Global Payments’s dividend payout ratio is currently 1.34%.
Several equities analysts recently weighed in on the stock. Stephens reissued a “buy” rating and issued a $125.00 target price on shares of Global Payments in a research note on Tuesday, February 27th. KeyCorp raised their target price on shares of Global Payments from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Citigroup raised their target price on shares of Global Payments from $122.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, February 16th. SunTrust Banks reissued a “buy” rating and issued a $130.00 target price on shares of Global Payments in a research note on Friday, February 16th. Finally, Deutsche Bank raised their target price on shares of Global Payments and gave the company a “buy” rating in a research note on Friday, February 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-three have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $109.40.
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Global Payments Profile
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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