Pzena Investment Management LLC Increases Position in Global Payments Inc. $GPN

Key Points

• Pzena Investment Management LLC has increased its stake in Global Payments Inc. by 32.6%, now holding over 11 million shares valued at approximately $884 million, making it the firm's 12th largest position.
• Several large investors have significantly boosted their holdings in Global Payments, with Larson Financial Group increasing its stake by 546.6% during the first quarter.
• Global Payments recently declared a quarterly dividend of $0.25 per share, with a current yield of 1.2% and a payout ratio of 17.48%.

Pzena Investment Management LLC raised its holdings in shares of Global Payments Inc. (NYSE:GPN - Free Report) by 32.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,050,253 shares of the business services provider's stock after buying an additional 2,716,156 shares during the period. Global Payments comprises approximately 2.9% of Pzena Investment Management LLC's investment portfolio, making the stock its 12th biggest position. Pzena Investment Management LLC owned 4.53% of Global Payments worth $884,462,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Larson Financial Group LLC boosted its holdings in shares of Global Payments by 546.6% in the first 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 purchased a new stake in shares of Global Payments in the first quarter valued at approximately $37,000. LRI Investments LLC boosted its holdings in shares of Global Payments by 53.4% in the second quarter. LRI Investments LLC now owns 382 shares of the business services provider's stock valued at $31,000 after purchasing an additional 133 shares during the period. Quarry LP purchased a new stake in shares of Global Payments in the first quarter valued at approximately $42,000. Finally, Golden State Wealth Management LLC boosted its holdings in shares of Global Payments by 4,866.7% in the first quarter. Golden State Wealth Management LLC now owns 447 shares of the business services provider's stock valued at $44,000 after purchasing an additional 438 shares during the period. Hedge funds and other institutional investors own 89.76% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on GPN. JPMorgan Chase & Co. boosted their price target on Global Payments from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. UBS Group boosted their price target on Global Payments from $85.00 to $93.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Truist Financial boosted their price target on Global Payments from $79.00 to $83.00 and gave the company a "hold" rating in a report on Thursday, July 17th. Mizuho upgraded Global Payments from a "neutral" rating to an "outperform" rating and boosted their price target for the company from $86.00 to $114.00 in a report on Friday, July 25th. Finally, TD Cowen downgraded shares of Global Payments from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Eight equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $103.75.

Global Payments Stock Performance

Shares of NYSE:GPN opened at $82.89 on Monday. The company has a market capitalization of $20.11 billion, a price-to-earnings ratio of 14.49, a price-to-earnings-growth ratio of 0.79 and a beta of 0.98. Global Payments Inc. has a 52 week low of $65.93 and a 52 week high of $120.00. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.61. The firm has a 50 day moving average of $85.90 and a 200 day moving average of $82.14.

Global Payments (NYSE:GPN - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The business services provider reported $3.10 EPS for the quarter, topping analysts' consensus estimates of $3.06 by $0.04. The company had revenue of $2.36 billion during 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%. Global Payments's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.93 earnings per share. On average, sell-side analysts predict that Global Payments Inc. will post 11.89 earnings per share for the current fiscal year.

Global Payments Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 12th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. Global Payments's dividend payout ratio is presently 17.48%.

Insider Activity

In other news, General Counsel Dara L. Steele-Belkin sold 2,000 shares of the company'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 of the company's stock, valued at approximately $2,641,318. This represents a 6.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.01% of the company's stock.

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.

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