American International Group Inc. cut its stake in shares of Global Payments Inc. (NYSE:GPN) by 12.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,463 shares of the business services provider’s stock after selling 6,171 shares during the period. American International Group Inc.’s holdings in Global Payments were worth $4,320,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in GPN. Janus Henderson Group PLC raised its position in Global Payments by 11,779.8% during the second quarter. Janus Henderson Group PLC now owns 2,292,798 shares of the business services provider’s stock valued at $207,086,000 after buying an additional 2,273,498 shares during the period. JPMorgan Chase & Co. grew its stake in Global Payments by 162.0% in the second quarter. JPMorgan Chase & Co. now owns 3,284,298 shares of the business services provider’s stock valued at $296,636,000 after purchasing an additional 2,030,880 shares in the last quarter. Capital International Investors purchased a new position in Global Payments in the second quarter valued at about $173,900,000. Capital Guardian Trust Co. purchased a new position in Global Payments in the second quarter valued at about $49,793,000. Finally, Vanguard Group Inc. grew its stake in Global Payments by 3.0% in the second quarter. Vanguard Group Inc. now owns 15,211,802 shares of the business services provider’s stock valued at $1,373,930,000 after purchasing an additional 448,864 shares in the last quarter. 98.97% of the stock is currently owned by institutional investors.
GPN has been the topic of a number of recent research reports. Nomura restated a “sell” rating and issued a $83.00 target price on shares of Global Payments in a research note on Monday, October 16th. Morgan Stanley increased their target price on Global Payments from $98.00 to $106.00 and gave the company an “equal weight” rating in a research note on Thursday, November 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $108.00 price target (up from $103.00) on shares of Global Payments in a report on Thursday, November 9th. Robert W. Baird reaffirmed a “buy” rating and set a $106.00 price target on shares of Global Payments in a report on Tuesday, September 5th. Finally, Zacks Investment Research cut Global Payments from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company’s stock. Global Payments presently has a consensus rating of “Buy” and an average price target of $105.01.
Global Payments (NYSE:GPN) last issued its quarterly earnings data on Wednesday, November 8th. The business services provider reported $1.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.12. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $917.31 million. Global Payments had a return on equity of 18.50% and a net margin of 7.14%. The firm’s revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.89 EPS. sell-side analysts predict that Global Payments Inc. will post 3.81 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. The ex-dividend date of this dividend is Thursday, December 14th. Global Payments’s dividend payout ratio (DPR) is currently 2.23%.
In other news, Director Robert H. B. Baldwin, Jr. sold 26,000 shares of the company’s stock in a transaction on Thursday, October 12th. The shares were sold at an average price of $99.82, for a total transaction of $2,595,320.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alan M. Silberstein sold 600 shares of the company’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $97.70, for a total transaction of $58,620.00. Following the transaction, the director now owns 46,693 shares of the company’s stock, valued at $4,561,906.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,800 shares of company stock valued at $3,750,676. 0.93% of the stock is currently owned by corporate insiders.
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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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