Alliancebernstein L.P. Cuts Holdings in Global Payments Inc (GPN)

Alliancebernstein L.P. lessened its stake in Global Payments Inc (NYSE:GPN) by 23.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 249,452 shares of the business services provider’s stock after selling 77,433 shares during the quarter. Alliancebernstein L.P.’s holdings in Global Payments were worth $31,780,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Davy Asset Management Ltd purchased a new stake in shares of Global Payments in the 2nd quarter valued at $648,000. Bank of America Corp DE boosted its stake in shares of Global Payments by 8.5% in the 2nd quarter. Bank of America Corp DE now owns 1,192,076 shares of the business services provider’s stock valued at $132,905,000 after purchasing an additional 93,698 shares in the last quarter. Iberiabank Corp purchased a new stake in shares of Global Payments in the 3rd quarter valued at $281,000. Stephens Investment Management Group LLC boosted its stake in shares of Global Payments by 7.7% in the 2nd quarter. Stephens Investment Management Group LLC now owns 47,612 shares of the business services provider’s stock valued at $5,240,000 after purchasing an additional 3,408 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of Global Payments by 16.3% in the 3rd quarter. Bank of Montreal Can now owns 174,287 shares of the business services provider’s stock valued at $22,204,000 after purchasing an additional 24,415 shares in the last quarter. 97.47% of the stock is owned by institutional investors and hedge funds.

In related news, Director Alan M. Silberstein sold 700 shares of the stock in a transaction dated Wednesday, November 14th. The shares were sold at an average price of $109.66, for a total transaction of $76,762.00. Following the sale, the director now directly owns 42,169 shares of the company’s stock, valued at approximately $4,624,252.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Guido Francesco Sacchi sold 15,156 shares of the stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $125.11, for a total transaction of $1,896,167.16. Following the sale, the executive vice president now directly owns 54,981 shares in the company, valued at $6,878,672.91. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,055 shares of company stock valued at $11,425,119. 0.98% of the stock is owned by company insiders.

A number of equities research analysts have recently issued reports on the stock. Barclays assumed coverage on shares of Global Payments in a research note on Wednesday, November 14th. They issued an “overweight” rating and a $136.00 price objective for the company. ValuEngine cut shares of Global Payments from a “buy” rating to a “hold” rating in a research note on Tuesday, November 6th. Guggenheim cut shares of Global Payments from a “buy” rating to a “neutral” rating in a research note on Monday, November 5th. BMO Capital Markets upped their price objective on shares of Global Payments from $139.00 to $146.00 and gave the company an “outperform” rating in a research note on Thursday, November 1st. Finally, Cantor Fitzgerald upped their price objective on shares of Global Payments from $136.00 to $143.00 and gave the company an “overweight” rating in a research note on Wednesday, October 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $123.30.

Shares of NYSE GPN opened at $111.81 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.03 and a quick ratio of 1.03. Global Payments Inc has a 12 month low of $95.32 and a 12 month high of $129.25. The firm has a market capitalization of $17.52 billion, a price-to-earnings ratio of 27.88, a P/E/G ratio of 1.27 and a beta of 1.18.

Global Payments (NYSE:GPN) last issued its quarterly earnings results on Tuesday, October 30th. The business services provider reported $1.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.05. The company had revenue of $857.70 million during the quarter, compared to analyst estimates of $1.02 billion. Global Payments had a net margin of 17.48% and a return on equity of 18.38%. Global Payments’s quarterly revenue was down 17.4% compared to the same quarter last year. During the same period last year, the business earned $1.15 EPS. Equities research analysts expect that Global Payments Inc will post 4.88 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. Global Payments’s payout ratio is 1.00%.

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Global Payments Company Profile

Global Payments Inc provides payment technology and software solutions for credit cards, debit cards, electronic payments, and check-related services. It offers authorization services, settlement and funding services, customer support and help-desk functions, chargeback resolution, terminal rental, sales and deployment, payment security services, consolidated billing and statements, online reporting, industry compliance, and payment card industry security services.

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Want to see what other hedge funds are holding GPN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Global Payments Inc (NYSE:GPN).

Institutional Ownership by Quarter for Global Payments (NYSE:GPN)

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