OLD National Bancorp IN Has $1.31 Million Stock Holdings in Global Payments Inc. $GPN

Key Points

• OLD National Bancorp IN reduced its holdings in Global Payments Inc. by 81.1% in the second quarter, holding 16,372 shares valued at approximately $1.31 million.
• Corporate insiders, including General Counsel Dara L. Steele-Belkin, have sold shares, with Steele-Belkin selling 2,000 shares at an average price of $86 each, reducing her ownership by 6.11%.
• Analysts are mixed on Global Payments, with ratings varying from a strong-buy to a hold, and the stock currently has a consensus rating of "Hold" with an average target price of $103.75.

OLD National Bancorp IN lowered its holdings in Global Payments Inc. (NYSE:GPN - Free Report) by 81.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 16,372 shares of the business services provider's stock after selling 70,118 shares during the quarter. OLD National Bancorp IN's holdings in Global Payments were worth $1,310,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. NBC Securities Inc. acquired a new stake in shares of Global Payments in the first quarter worth $30,000. Larson Financial Group LLC boosted its holdings in Global Payments by 546.6% in the 1st quarter. Larson Financial Group LLC now owns 375 shares of the business services provider's stock valued at $37,000 after purchasing an additional 317 shares during the period. Zions Bancorporation National Association UT acquired a new stake in Global Payments in the 1st quarter worth $37,000. Quarry LP bought a new position in shares of Global Payments during the 1st quarter worth about $42,000. Finally, Golden State Wealth Management LLC increased its holdings in shares of Global Payments by 4,866.7% during 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 during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, General Counsel Dara L. Steele-Belkin sold 2,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on GPN shares. TD Cowen downgraded Global Payments from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Mizuho upgraded Global Payments from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $86.00 to $114.00 in a research report on Friday, July 25th. B. Riley reissued a "buy" rating on shares of Global Payments in a report on Wednesday, July 16th. Evercore ISI upped their target price on Global Payments from $85.00 to $90.00 and gave the company an "in-line" rating in a research note on Friday, August 8th. Finally, Truist Financial lifted their price target on shares of Global Payments from $79.00 to $83.00 and gave the stock a "hold" rating in a research note on Thursday, July 17th. Eight equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $103.75.

Global Payments Price Performance

Shares of GPN stock opened at $87.18 on Tuesday. The stock's fifty day simple moving average is $85.42 and its 200 day simple moving average is $82.49. Global Payments Inc. has a one year low of $65.93 and a one year high of $120.00. The firm has a market cap of $21.15 billion, a price-to-earnings ratio of 15.24, a P/E/G ratio of 0.84 and a beta of 0.98. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.95 and a quick ratio of 0.95.

Global Payments (NYSE:GPN - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The business services provider reported $3.10 earnings per share (EPS) 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 company had revenue of $2.36 billion during the quarter, compared to analysts' expectations of $2.36 billion. During the same period last year, the business earned $2.93 earnings per share. The business's revenue was up 1.6% on a year-over-year basis. On average, analysts expect that Global Payments Inc. will post 11.89 earnings per share for the current fiscal year.

Global Payments Dividend Announcement

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

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