Assetmark Inc. raised its position in shares of Global Payments Inc. (NYSE:GPN – Free Report) by 16.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,485 shares of the business services provider’s stock after buying an additional 1,481 shares during the quarter. Assetmark Inc.’s holdings in Global Payments were worth $1,103,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in GPN. Glassman Wealth Services grew its holdings in shares of Global Payments by 94.3% during the first quarter. Glassman Wealth Services now owns 239 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 116 shares during the last quarter. James Investment Research Inc. bought a new position in shares of Global Payments during the fourth quarter valued at approximately $26,000. Clear Street Markets LLC bought a new position in shares of Global Payments during the fourth quarter valued at approximately $27,000. Venturi Wealth Management LLC bought a new position in shares of Global Payments during the first quarter valued at approximately $29,000. Finally, MV Capital Management Inc. grew its holdings in shares of Global Payments by 166.7% during the first quarter. MV Capital Management Inc. now owns 296 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 185 shares during the last quarter. 85.68% of the stock is owned by institutional investors.
Insider Activity
In other news, CAO David M. Sheffield sold 2,016 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $119.47, for a total value of $240,851.52. Following the completion of the sale, the chief accounting officer now owns 25,045 shares in the company, valued at $2,992,126.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.30% of the company’s stock.
Global Payments Price Performance
Global Payments (NYSE:GPN – Get Free Report) last released its earnings results on Tuesday, August 1st. The business services provider reported $2.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.43 by $0.19. The company had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.19 billion. Global Payments had a return on equity of 10.98% and a net margin of 8.65%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.23 earnings per share. Equities analysts forecast that Global Payments Inc. will post 9.66 EPS for the current fiscal year.
Global Payments Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.78%. Global Payments’s payout ratio is currently 33.33%.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on GPN shares. Susquehanna decreased their price objective on Global Payments from $190.00 to $180.00 in a report on Monday, June 5th. B. Riley started coverage on Global Payments in a report on Friday, June 23rd. They issued a “buy” rating and a $179.00 price objective for the company. BMO Capital Markets increased their price objective on Global Payments from $208.00 to $211.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Citigroup increased their price objective on Global Payments from $137.00 to $146.00 and gave the stock a “buy” rating in a report on Wednesday, August 2nd. Finally, Barclays increased their price objective on Global Payments from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $147.07.
Read Our Latest Stock Analysis on GPN
Global Payments Profile
Global Payments Inc provides payment technology and software solutions for card, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through three segments: Merchant Solutions, Issuer Solutions, and Consumer Solutions. The Merchant Solutions segment offers authorization, settlement and funding, customer support, chargeback resolution, terminal rental, sales and deployment, payment security, and consolidated billing and reporting services.
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