Zacks Investment Research Upgrades Green Dot Co. (NYSE:GDOT) to “Buy”

Green Dot Co. (NYSE:GDOT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, July 12th. The firm currently has a $44.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential downside of 1.96% from the company’s previous close.

According to Zacks, “Green Dot Corporation is a technology-centric, pro-consumer Bank Holding Company with a mission to reinvent personal banking for the masses. The company is the largest provider of prepaid debit card products and prepaid card reloading services in the United States, as well as a leader in mobile banking with its GoBank mobile bank account offering. Green Dot Corporation products are available to consumers at more than 80,000 retailers nationwide, online and via the leading app stores. The company is headquartered in Pasadena, California with its bank subsidiary, Green Dot Bank, located in Provo, Utah. “

Other equities analysts also recently issued reports about the company. Citigroup Inc. boosted their price objective on Green Dot from $32.00 to $39.00 and gave the stock a “buy” rating in a research report on Tuesday, April 4th. Loop Capital reiterated a “buy” rating and set a $41.00 price objective (up from $33.00) on shares of Green Dot in a research report on Thursday, March 16th. Keefe, Bruyette & Woods set a $37.00 price objective on Green Dot and gave the stock a “hold” rating in a research report on Thursday, July 6th. Lake Street Capital assumed coverage on Green Dot in a research report on Monday, June 26th. They set a “hold” rating and a $41.00 price objective for the company. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $42.00 price objective on shares of Green Dot in a research report on Monday, May 22nd. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $40.44.

Shares of Green Dot (NYSE GDOT) opened at 44.88 on Wednesday. The stock has a market capitalization of $2.26 billion, a P/E ratio of 38.20 and a beta of 1.06. The firm’s 50-day moving average price is $40.09 and its 200 day moving average price is $34.67. Green Dot has a 1-year low of $21.45 and a 1-year high of $46.88.

Green Dot (NYSE:GDOT) last issued its earnings results on Tuesday, August 8th. The financial services provider reported $0.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.16. Green Dot had a return on equity of 11.02% and a net margin of 8.66%. The company had revenue of $222.50 million during the quarter, compared to the consensus estimate of $208.59 million. During the same period in the previous year, the firm posted $0.27 earnings per share. Green Dot’s quarterly revenue was up 28.2% compared to the same quarter last year. Analysts expect that Green Dot will post $2.05 EPS for the current fiscal year.

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In other Green Dot news, General Counsel John C. Ricci sold 3,686 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $35.97, for a total transaction of $132,585.42. Following the completion of the transaction, the general counsel now owns 90,032 shares of the company’s stock, valued at approximately $3,238,451.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Kuan Archer sold 12,356 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $40.22, for a total transaction of $496,958.32. Following the transaction, the chief operating officer now directly owns 117,024 shares of the company’s stock, valued at approximately $4,706,705.28. The disclosure for this sale can be found here. Insiders sold 190,287 shares of company stock valued at $7,067,076 over the last quarter. 11.00% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Comerica Bank raised its position in shares of Green Dot by 8.7% in the fourth quarter. Comerica Bank now owns 46,948 shares of the financial services provider’s stock worth $1,187,000 after buying an additional 3,766 shares in the last quarter. State Street Corp raised its position in shares of Green Dot by 9.1% in the fourth quarter. State Street Corp now owns 933,199 shares of the financial services provider’s stock worth $21,975,000 after buying an additional 77,480 shares in the last quarter. Federated Investors Inc. PA raised its position in shares of Green Dot by 257.4% in the fourth quarter. Federated Investors Inc. PA now owns 55,195 shares of the financial services provider’s stock worth $1,300,000 after buying an additional 39,752 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Green Dot by 8.7% in the fourth quarter. Renaissance Technologies LLC now owns 422,800 shares of the financial services provider’s stock worth $9,957,000 after buying an additional 34,000 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of Green Dot by 8.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 23,720 shares of the financial services provider’s stock worth $559,000 after buying an additional 1,850 shares in the last quarter. 81.21% of the stock is owned by institutional investors and hedge funds.

About Green Dot

Green Dot Corporation (Green Dot) is a pro-consumer financial technology innovator. The Company is a provider of reloadable prepaid debit cards and cash reload processing services in the United States. The Company operates through two segments: Account Services, and Processing and Settlement Services.

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