Connor Clark & Lunn Investment Management Ltd. Buys Shares of 4,726 Global Payments Inc. $GPN

Key Points

• Connor Clark & Lunn Investment Management Ltd. has acquired a new position in Global Payments Inc., purchasing 4,726 shares valued at approximately $463,000 during the first quarter.
• A significant majority, approximately 89.76%, of Global Payments stock is owned by institutional investors and hedge funds, highlighting strong institutional interest in the company.
• Global Payments has recently announced a quarterly dividend of $0.25 per share, with a scheduled payment date of September 26th, representing a 1.2% dividend yield.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Global Payments Inc. (NYSE:GPN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,726 shares of the business services provider's stock, valued at approximately $463,000.

Other institutional investors have also recently bought and sold shares of the company. Pzena Investment Management LLC raised its position in shares of Global Payments by 0.4% during the first quarter. Pzena Investment Management LLC now owns 8,334,097 shares of the business services provider's stock worth $816,075,000 after purchasing an additional 35,251 shares during the period. Janus Henderson Group PLC lifted its stake in Global Payments by 9.8% in the fourth quarter. Janus Henderson Group PLC now owns 2,906,444 shares of the business services provider's stock valued at $325,698,000 after acquiring an additional 259,590 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Global Payments by 12.6% during the 4th quarter. Northern Trust Corp now owns 2,730,471 shares of the business services provider's stock worth $305,977,000 after acquiring an additional 305,987 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Global Payments by 40.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,656,830 shares of the business services provider's stock valued at $185,664,000 after purchasing an additional 479,791 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Global Payments by 0.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,624,288 shares of the business services provider's stock valued at $159,050,000 after buying an additional 9,755 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Insiders Place Their Bets

In related news, General Counsel Dara L. Steele-Belkin sold 2,000 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $86.00, for a total transaction of $172,000.00. Following the transaction, the general counsel owned 30,713 shares of the company's stock, valued at approximately $2,641,318. This trade represents a 6.11% decrease in their position. The transaction 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 insiders.

Analyst Ratings Changes

GPN has been the subject of a number of recent research reports. B. Riley reissued a "buy" rating on shares of Global Payments in a research report on Wednesday, July 16th. 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 research note on Wednesday, July 9th. Truist Financial increased their target price on Global Payments from $79.00 to $83.00 and gave the company a "hold" rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. boosted their target price on shares of Global Payments from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Finally, TD Cowen upgraded Global Payments from a "hold" rating to a "buy" rating and set a $84.00 price objective for the company in a research report on Monday, July 14th. Eleven equities research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $112.21.

Global Payments Stock Performance

GPN traded up $4.2310 during midday trading on Friday, reaching $89.9510. The company had a trading volume of 2,329,190 shares, compared to its average volume of 2,688,025. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.95 and a current ratio of 0.95. The business has a 50-day moving average price of $81.20 and a two-hundred day moving average price of $86.23. Global Payments Inc. has a 12-month low of $65.93 and a 12-month high of $120.00. The stock has a market cap of $21.82 billion, a PE ratio of 15.73, a P/E/G ratio of 0.82 and a beta of 0.93.

Global Payments (NYSE:GPN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The business services provider reported $3.10 earnings per share for the quarter, topping the consensus estimate of $3.06 by $0.04. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. Global Payments had a return on equity of 12.47% and a net margin of 15.07%.The firm's quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.93 EPS. On average, sell-side analysts expect that Global Payments Inc. will post 11.89 earnings per share for the current fiscal year.

Global Payments Dividend Announcement

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 paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, September 12th. Global Payments's payout ratio is currently 17.48%.

About Global Payments

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.