State of New Jersey Common Pension Fund D Reduces Stock Position in Global Payments Inc. $GPN

Key Points

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State of New Jersey Common Pension Fund D reduced its holdings in shares of Global Payments Inc. (NYSE:GPN - Free Report) by 8.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 83,798 shares of the business services provider's stock after selling 7,790 shares during the period. State of New Jersey Common Pension Fund D's holdings in Global Payments were worth $8,206,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GPN. SG Americas Securities LLC lifted its stake in shares of Global Payments by 75,379.7% during the 1st quarter. SG Americas Securities LLC now owns 1,517,141 shares of the business services provider's stock worth $148,558,000 after acquiring an additional 1,515,131 shares during the last quarter. Contour Asset Management LLC bought a new stake in shares of Global Payments during the 4th quarter worth approximately $147,695,000. Nuveen LLC bought a new stake in shares of Global Payments during the 1st quarter worth approximately $94,107,000. National Bank of Canada FI lifted its stake in shares of Global Payments by 346.9% during the 1st quarter. National Bank of Canada FI now owns 912,667 shares of the business services provider's stock worth $89,368,000 after acquiring an additional 708,451 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Global Payments by 40.8% during the 4th 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 in the last quarter. 89.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, General Counsel Dara L. Steele-Belkin sold 2,000 shares of the business's 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 transaction, the general counsel directly owned 30,713 shares in the company, valued at $2,641,318. The trade was a 6.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.01% of the stock is currently owned by company insiders.

Global Payments Stock Up 4.9%

Shares of GPN traded up $4.2310 during trading hours on Friday, hitting $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 market capitalization of $21.82 billion, a PE ratio of 15.73, a price-to-earnings-growth ratio of 0.82 and a beta of 0.93. 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 one year low of $65.93 and a one year high of $120.00. The company's fifty day moving average price is $81.51 and its two-hundred day moving average price is $86.09.

Global Payments (NYSE:GPN - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The business services provider reported $3.10 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $2.36 billion. During the same period in the previous year, the company posted $2.93 EPS. The business's revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, equities analysts forecast that Global Payments Inc. will post 11.89 earnings per share for the current fiscal year.

Global Payments Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, September 12th. Global Payments's payout ratio is 17.48%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on GPN shares. UBS Group lifted their target price on Global Payments from $85.00 to $93.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Royal Bank Of Canada lifted their target price on Global Payments from $86.00 to $93.00 and gave the company a "sector perform" rating in a research report on Thursday, August 7th. TD Cowen lowered Global Payments from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Truist Financial lifted 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. Finally, Keefe, Bruyette & Woods lifted their target price on Global Payments from $81.00 to $85.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. Ten equities research analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $112.21.

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.