Global Payments (NYSE:GPN) Stock Price Down 4.4% on Analyst Downgrade
Global Payments (NYSE:GPN) shares fell 4.4% following a downgrade by Monness Crespi & Hardt, which lowered its price target. The stock traded as low as $100.27 and closed at $100.23, with trading volume down 60% from average levels. Analysts have mixed ratings, with one sell, seven holds, and seventeen buy ratings. The company reported Q2 earnings of $1.93 per share, exceeding estimates, and revenue of $1.57 billion, up 4.7% year-over-year. Global Payments has a market cap of $10.55 billion and a PE ratio of 19.46.
Shares of Global Payments Inc. (NYSE:GPN - Get Free Report) were down 4.4% on Wednesday after Monness Crespi & Hardt lowered their price target on the stock from $165.00 to $155.00. Monness Crespi & Hardt currently has a buy rating on the stock. Global Payments traded as low as $98.27 and last traded at $99.23. Approximately 890,017 shares changed hands during trading, a decline of 60% from the average daily volume of 2,230,778 shares. The stock had previously closed at $103.81.
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Several other equities research analysts have also recently weighed in on the company. KeyCorp dropped their target price on Global Payments from $145.00 to $135.00 and set an "overweight" rating for the company in a report on Wednesday. JPMorgan Chase & Co. increased their price objective on Global Payments from $111.00 to $118.00 and gave the stock a "neutral" rating in a report on Tuesday, August 20th. Keefe, Bruyette & Woods dropped their price objective on Global Payments from $150.00 to $140.00 and set an "outperform" rating for the company in a report on Monday, July 8th. Susquehanna reaffirmed a "positive" rating and set a $147.00 price objective on shares of Global Payments in a research report on Tuesday, September 17th. Finally, BNP Paribas raised Global Payments to a "strong sell" rating in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $141.91.
View Our Latest Analysis on GPN
Insider Transactions at Global Payments
- Will Q2 Earnings Propel Payment Processor Shift4?
In other Global Payments news, CAO David M. Sheffield sold 1,651 shares of the business's stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.73, for a total transaction of $166,305.23. Following the sale, the chief accounting officer now directly owns 20,531 shares of the company's stock, valued at $2,068,087.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.98% of the company's stock.
Institutional Investors Weigh In On Global Payments
Several large investors have recently added to or reduced their stakes in the stock. Lake Street Advisors Group LLC purchased a new position in shares of Global Payments during the fourth quarter valued at approximately $210,000. Stanley Capital Management LLC boosted its position in shares of Global Payments by 18.9% during the second quarter. Stanley Capital Management LLC now owns 125,608 shares of the business services provider's stock valued at $12,146,000 after buying an additional 20,000 shares during the period. Cibc World Markets Corp boosted its position in shares of Global Payments by 29.1% during the fourth quarter. Cibc World Markets Corp now owns 82,672 shares of the business services provider's stock valued at $10,499,000 after buying an additional 18,615 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in shares of Global Payments by 12.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 267,483 shares of the business services provider's stock valued at $35,775,000 after buying an additional 29,289 shares during the period. Finally, LRI Investments LLC purchased a new position in shares of Global Payments during the first quarter valued at approximately $32,000. 89.76% of the stock is owned by institutional investors.
Global Payments Stock Down 7.1 %
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The company has a 50-day simple moving average of $105.76 and a 200-day simple moving average of $109.70. The firm has a market cap of $24.55 billion, a PE ratio of 19.46, a price-to-earnings-growth ratio of 0.71 and a beta of 0.98. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.92 and a quick ratio of 0.92.
Global Payments (NYSE:GPN - Get Free Report) last announced its earnings results on Wednesday, August 7th. The business services provider reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.03. The business had revenue of $2.57 billion during the quarter, compared to analyst estimates of $2.32 billion. Global Payments had a return on equity of 11.93% and a net margin of 14.26%. The company's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.48 earnings per share. Analysts expect that Global Payments Inc. will post 11.07 earnings per share for the current fiscal year.
Global Payments Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.04%. Global Payments's payout ratio is 19.84%.
Global Payments Company Profile
(Get Free Report)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 two segments, Merchant Solutions and Issuer 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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