Price T Rowe Associates Inc. MD Decreases Position in Global Payments Inc. $GPN

Key Points

• Price T Rowe Associates Inc. MD has decreased its stake in Global Payments Inc. by 16.4%, or 962,775 shares, now holding 4,902,954 shares.
• Global Payments has reported a quarterly EPS of $3.10, surpassing analysts' expectations, with revenue also meeting estimates at $2.36 billion.
• The company will pay a dividend of $0.25 per share on September 26, 2023, reflecting an annualized dividend of $1.00 and a yield of 1.1%.

Price T Rowe Associates Inc. MD decreased its stake in shares of Global Payments Inc. (NYSE:GPN - Free Report) by 16.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,902,954 shares of the business services provider's stock after selling 962,775 shares during the quarter. Price T Rowe Associates Inc. MD owned about 2.01% of Global Payments worth $480,098,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Optiver Holding B.V. purchased a new stake in shares of Global Payments during the fourth quarter valued at approximately $28,000. NBC Securities Inc. purchased a new stake in shares of Global Payments during the first quarter valued at approximately $30,000. Larson Financial Group LLC grew its holdings in shares of Global Payments by 546.6% during the first quarter. Larson Financial Group LLC now owns 375 shares of the business services provider's stock valued at $37,000 after buying an additional 317 shares during the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Global Payments during the first quarter valued at approximately $37,000. Finally, True Wealth Design LLC purchased a new stake in shares of Global Payments during the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

Insider Buying and Selling

In other Global Payments news, General Counsel Dara L. Steele-Belkin sold 2,000 shares of the business's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $86.00, for a total value of $172,000.00. Following the sale, the general counsel 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.01% of the stock is currently owned by insiders.

Global Payments Price Performance

Shares of NYSE GPN traded down $0.24 during mid-day trading on Wednesday, reaching $87.99. The company's stock had a trading volume of 1,640,380 shares, compared to its average volume of 2,783,609. The firm has a market capitalization of $21.35 billion, a PE ratio of 15.38, a P/E/G ratio of 0.85 and a beta of 0.93. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a fifty day moving average of $82.00 and a two-hundred day moving average of $85.61. Global Payments Inc. has a 52 week low of $65.93 and a 52 week high of $120.00.

Global Payments (NYSE:GPN - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The business services provider reported $3.10 earnings per share for the quarter, topping analysts' consensus estimates of $3.06 by $0.04. The firm had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.36 billion. Global Payments had a return on equity of 12.47% and a net margin of 15.07%.The business's quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.93 earnings per share. As a group, sell-side analysts anticipate that Global Payments Inc. will post 11.89 EPS 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. The ex-dividend date is Friday, September 12th. This represents a $1.00 annualized dividend and a yield of 1.1%. Global Payments's payout ratio is presently 17.48%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. KeyCorp reiterated an "overweight" rating and set a $100.00 price target (up previously from $90.00) on shares of Global Payments in a report on Thursday, August 7th. TD Cowen cut shares of Global Payments from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Royal Bank Of Canada raised their target price on shares of Global Payments from $86.00 to $93.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. Keefe, Bruyette & Woods upped their price objective 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. Finally, UBS Group lifted their price target on shares of Global Payments from $85.00 to $93.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating, nineteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $112.21.

Global Payments Company 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.