Principal Financial Group Inc. Sells 511,703 Shares of Payoneer Global Inc. $PAYO

Key Points

• Principal Financial Group cut its Payoneer Global stake by 26.6%, selling 511,703 shares during the first quarter and retaining 1.41 million shares valued at approximately $6.8 million. Institutional investors collectively own 82.22% of PAYO.
• Payoneer reported quarterly EPS of $0.06, beating estimates of $0.04, while revenue rose 6.1% year over year to $261.6 million. The stock opened at $7.12, near its 12-month high of $7.66.
• Analyst sentiment has weakened: several brokerages downgraded the stock to “Hold” or “Neutral,” leaving PAYO with an average rating of “Hold” and an average price target of $7.40.

Principal Financial Group Inc. reduced its stake in Payoneer Global Inc. (NASDAQ:PAYO - Free Report) by 26.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,411,348 shares of the company's stock after selling 511,703 shares during the quarter. Principal Financial Group Inc. owned approximately 0.41% of Payoneer Global worth $6,817,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Leonteq Securities AG raised its position in shares of Payoneer Global by 72.0% in the first quarter. Leonteq Securities AG now owns 6,496 shares of the company's stock valued at $31,000 after purchasing an additional 2,720 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of Payoneer Global by 246.5% during the 2nd quarter. Osaic Holdings Inc. now owns 4,636 shares of the company's stock worth $33,000 after buying an additional 3,298 shares during the period. Resonant Capital Advisors LLC bought a new stake in shares of Payoneer Global during the 1st quarter worth $49,000. CWM LLC boosted its holdings in shares of Payoneer Global by 178.6% during the 4th quarter. CWM LLC now owns 9,384 shares of the company's stock worth $53,000 after buying an additional 6,016 shares during the period. Finally, Vident Advisory LLC acquired a new position in Payoneer Global in the 4th quarter valued at $58,000. Institutional investors own 82.22% of the company's stock.

Payoneer Global Price Performance

NASDAQ:PAYO opened at $7.12 on Tuesday. Payoneer Global Inc. has a 12-month low of $4.08 and a 12-month high of $7.66. The firm has a market capitalization of $2.38 billion, a PE ratio of 35.60, a price-to-earnings-growth ratio of 0.80 and a beta of 0.95. The firm has a 50-day moving average price of $6.45 and a 200 day moving average price of $5.62.

Payoneer Global (NASDAQ:PAYO - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.02. Payoneer Global had a return on equity of 11.10% and a net margin of 6.76%.The company had revenue of $261.60 million for the quarter, compared to the consensus estimate of $255.12 million. During the same period in the previous year, the business earned $0.05 earnings per share. The company's quarterly revenue was up 6.1% on a year-over-year basis. On average, research analysts expect that Payoneer Global Inc. will post 0.26 EPS for the current year.

Insider Activity at Payoneer Global

In related news, CFO Beatrice Ordonez sold 25,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.01, for a total transaction of $175,250.00. Following the completion of the transaction, the chief financial officer owned 2,887,266 shares in the company, valued at $20,239,734.66. This trade represents a 0.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.06% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PAYO. Citigroup downgraded shares of Payoneer Global from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $10.00 to $7.40 in a report on Tuesday, June 16th. Keefe, Bruyette & Woods cut shares of Payoneer Global from a "moderate buy" rating to a "hold" rating in a report on Monday, June 15th. Weiss Ratings raised Payoneer Global from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, June 25th. Needham & Company LLC lowered Payoneer Global from a "buy" rating to a "hold" rating in a research note on Monday, June 15th. Finally, Benchmark cut Payoneer Global from a "buy" rating to a "hold" rating in a research report on Thursday, June 18th. Two investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $7.40.

Payoneer Global Profile

Payoneer Global NASDAQ: PAYO operates a digital payments platform that enables businesses, marketplaces and professionals to send and receive cross-border payments. The company's core offerings include multi-currency receiving accounts, mass payout services and working capital solutions. Through its platform, Payoneer facilitates global transactions by connecting payors and payees across a network of local bank transfers, card payouts and digital wallets, supporting the seamless movement of funds in over 150 currencies.

Founded in 2005, Payoneer has grown from a small fintech venture into a widely adopted payments infrastructure provider that serves clients in more than 200 countries and territories.

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