Crestline Management LP Acquires 17,999 Shares of Global Payments Inc (GPN)
Crestline Management LP raised its holdings in Global Payments Inc (NYSE:GPN) by 54.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 51,160 shares of the business services provider’s stock after acquiring an additional 17,999 shares during the quarter. Global Payments makes up about 0.5% of Crestline Management LP’s portfolio, making the stock its 12th largest holding. Crestline Management LP’s holdings in Global Payments were worth $5,129,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Nationwide Fund Advisors increased its position in shares of Global Payments by 0.7% during the third quarter. Nationwide Fund Advisors now owns 261,387 shares of the business services provider’s stock worth $24,840,000 after buying an additional 1,815 shares during the period. Prudential Financial Inc. increased its position in shares of Global Payments by 3.1% during the third quarter. Prudential Financial Inc. now owns 216,612 shares of the business services provider’s stock worth $20,584,000 after buying an additional 6,440 shares during the period. Swiss National Bank increased its position in shares of Global Payments by 0.9% during the third quarter. Swiss National Bank now owns 561,569 shares of the business services provider’s stock worth $53,366,000 after buying an additional 5,200 shares during the period. Candriam Luxembourg S.C.A. boosted its stake in Global Payments by 13.0% during the third quarter. Candriam Luxembourg S.C.A. now owns 10,899 shares of the business services provider’s stock worth $1,036,000 after acquiring an additional 1,254 shares in the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in Global Payments by 9.0% during the third quarter. BNP Paribas Arbitrage SA now owns 131,509 shares of the business services provider’s stock worth $12,497,000 after acquiring an additional 10,830 shares in the last quarter. Hedge funds and other institutional investors own 96.68% of the company’s stock.
Global Payments Inc (NYSE:GPN) traded down $0.06 during trading on Wednesday, hitting $117.19. 40,699 shares of the company’s stock were exchanged, compared to its average volume of 1,118,676. Global Payments Inc has a 12-month low of $76.47 and a 12-month high of $118.30. The company has a market capitalization of $18,759.23, a price-to-earnings ratio of 39.35, a price-to-earnings-growth ratio of 1.54 and a beta of 1.09. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.13 and a quick ratio of 1.13.
Global Payments declared that its board has authorized a share repurchase plan on Thursday, February 15th that permits the company to buyback $600.00 million in outstanding shares. This buyback authorization permits the business services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 16th will be given 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 payout ratio is currently 1.34%.
In related news, Director Alan M. Silberstein sold 600 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $114.34, for a total transaction of $68,604.00. Following the transaction, the director now directly 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 the SEC website. Insiders have sold 3,000 shares of company stock worth $318,660 over the last three months. 0.93% of the stock is owned by insiders.
Several brokerages recently issued reports on GPN. Nomura increased their target price on shares of Global Payments from $85.00 to $92.00 and gave the stock a “reduce” rating in a research note on Tuesday, February 13th. Cowen reissued a “buy” rating and set a $127.00 target price on shares of Global Payments in a research note on Thursday, March 1st. Barclays increased their target price on shares of Global Payments to $128.00 and gave the stock an “overweight” rating in a research note on Thursday, February 15th. They noted that the move was a valuation call. Oppenheimer increased their target price on shares of Global Payments from $21.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $113.00 target price on shares of Global Payments in a research note on Friday, November 17th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-three have assigned a buy rating to the stock. Global Payments has an average rating of “Buy” and an average target price of $109.40.
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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