Corebridge Financial Inc. Sells 3,320 Shares of Global Payments Inc. $GPN

Key Points

• Corebridge Financial Inc. reduced its stake in Global Payments Inc. by 5.5%, now holding 56,940 shares worth approximately $5.6 million.
• Several institutional investors significantly increased their positions in Global Payments, with SG Americas Securities LLC growing its stake by an extraordinary 75,379.7% during the first quarter, now owning over 1.5 million shares.
• Global Payments announced a quarterly dividend of $0.25 per share, representing a 1.1% dividend yield, with the ex-dividend date set for September 12th.

Corebridge Financial Inc. lessened its holdings in Global Payments Inc. (NYSE:GPN - Free Report) by 5.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,940 shares of the business services provider's stock after selling 3,320 shares during the quarter. Corebridge Financial Inc.'s holdings in Global Payments were worth $5,576,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Brighton Jones LLC bought a new stake in Global Payments during the fourth quarter worth $725,000. Integrated Wealth Concepts LLC raised its position in Global Payments by 24.7% during the fourth quarter. Integrated Wealth Concepts LLC now owns 2,548 shares of the business services provider's stock worth $285,000 after acquiring an additional 504 shares in the last quarter. Aptus Capital Advisors LLC raised its position in Global Payments by 8.9% during the fourth quarter. Aptus Capital Advisors LLC now owns 6,145 shares of the business services provider's stock worth $689,000 after acquiring an additional 502 shares in the last quarter. Algert Global LLC bought a new stake in Global Payments during the fourth quarter worth $254,000. Finally, Bayesian Capital Management LP bought a new stake in Global Payments during the fourth quarter worth $3,875,000. Institutional investors own 89.76% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on GPN shares. Wall Street Zen upgraded shares of Global Payments from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. upped their price objective on shares of Global Payments from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Royal Bank Of Canada upped their price objective on shares of Global Payments from $86.00 to $93.00 and gave the company a "sector perform" rating in a report on Thursday, August 7th. KeyCorp reiterated an "overweight" rating and issued a $100.00 price objective (up from $90.00) on shares of Global Payments in a report on Thursday, August 7th. Finally, TD Cowen downgraded shares of Global Payments from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Ten equities research analysts have rated the stock with a Buy rating, nineteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Global Payments currently has an average rating of "Hold" and an average price target of $112.21.

Global Payments Price Performance

Global Payments stock traded down $0.31 during trading hours on Wednesday, reaching $86.68. 2,404,109 shares of the stock were exchanged, compared to its average volume of 2,770,123. The company has a market cap of $21.03 billion, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 0.85 and a beta of 0.97. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.61. Global Payments Inc. has a twelve month low of $65.93 and a twelve month high of $120.00. The stock has a 50 day moving average of $83.14 and a two-hundred day moving average of $84.96.

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

Global Payments Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, September 12th. Global Payments's dividend payout ratio is presently 17.48%.

Insider Transactions at Global Payments

In other Global Payments news, General Counsel Dara L. Steele-Belkin sold 2,000 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $86.00, for a total transaction of $172,000.00. Following the sale, the general counsel directly owned 30,713 shares in the company, valued at $2,641,318. This represents a 6.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.01% of the stock is owned by 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.