AQR Arbitrage LLC Sells 7,279 Shares of Global Payments Inc. $GPN

Key Points

• AQR Arbitrage LLC decreased its holdings in Global Payments Inc. by 17.9%, selling 7,279 shares to hold 33,484 shares valued at approximately $3.22 million.
• Several institutional investors, including Perigon Wealth Management and Transcend Capital Advisors, have increased their stakes in Global Payments, contributing to a total institutional ownership of 89.76%.
• Global Payments recently reported \textdollar}3.10 earnings per share, exceeding analysts' consensus estimates and representing a 1.6% increase in revenue year-over-year.

AQR Arbitrage LLC cut its position in shares of Global Payments Inc. (NYSE:GPN - Free Report) by 17.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,484 shares of the business services provider's stock after selling 7,279 shares during the quarter. AQR Arbitrage LLC's holdings in Global Payments were worth $3,223,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in GPN. NBC Securities Inc. bought a new stake in shares of Global Payments during the first quarter valued at about $30,000. Larson Financial Group LLC grew its holdings in Global Payments by 546.6% during the first quarter. Larson Financial Group LLC now owns 375 shares of the business services provider's stock worth $37,000 after acquiring an additional 317 shares during the period. Zions Bancorporation National Association UT purchased a new position in Global Payments in the 1st quarter worth about $37,000. Quarry LP purchased a new position in Global Payments in the 1st quarter worth about $42,000. Finally, Golden State Wealth Management LLC increased its stake in Global Payments by 4,866.7% in the 1st quarter. Golden State Wealth Management LLC now owns 447 shares of the business services provider's stock worth $44,000 after purchasing an additional 438 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Global Payments Price Performance

NYSE:GPN traded up $0.41 during trading hours on Friday, reaching $87.69. The company had a trading volume of 1,398,828 shares, compared to its average volume of 2,242,216. The stock has a 50-day moving average of $83.67 and a two-hundred day moving average of $84.56. Global Payments Inc. has a one year low of $65.93 and a one year high of $120.00. The firm has a market capitalization of $21.27 billion, a PE ratio of 15.33, a PEG ratio of 0.84 and a beta of 0.97. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.61.

Global Payments (NYSE:GPN - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The business services provider reported $3.10 earnings per share for the quarter, beating analysts' consensus estimates of $3.06 by $0.04. Global Payments had a return on equity of 12.47% and a net margin of 15.07%.The firm had revenue of $2.36 billion for the quarter, compared to analysts' expectations of $2.36 billion. During the same period in the prior year, the business posted $2.93 earnings per share. The business's revenue was up 1.6% compared to the same quarter last year. Analysts forecast that Global Payments Inc. will post 11.89 earnings per share for the current year.

Global Payments Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, September 12th. Global Payments's dividend payout ratio is 17.48%.

Wall Street Analysts Forecast Growth

GPN has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their target price on Global Payments from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Keefe, Bruyette & Woods boosted their target price on Global Payments from $81.00 to $85.00 and gave the stock a "market perform" rating in a report on Wednesday, July 9th. B. Riley reiterated a "buy" rating on shares of Global Payments in a report on Wednesday, July 16th. Royal Bank Of Canada upped their price target on Global Payments from $86.00 to $93.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. Finally, UBS Group upped their target price on Global Payments from $85.00 to $93.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and nineteen have issued a Hold rating to the company. According to MarketBeat.com, Global Payments currently has a consensus rating of "Hold" and a consensus price target of $112.21.

Insiders Place Their Bets

In other news, General Counsel Dara L. Steele-Belkin sold 2,000 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $86.00, for a total transaction of $172,000.00. Following the sale, the general counsel owned 30,713 shares in the company, valued at approximately $2,641,318. This represents a 6.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.01% of the stock is owned by company insiders.

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 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.