Readystate Asset Management LP Has $8.58 Million Holdings in Global Payments Inc. (NYSE:GPN)

Readystate Asset Management LP lifted its stake in Global Payments Inc. (NYSE:GPN - Free Report) by 130.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 87,594 shares of the business services provider's stock after buying an additional 49,506 shares during the period. Readystate Asset Management LP's holdings in Global Payments were worth $8,577,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Y Intercept Hong Kong Ltd acquired a new stake in Global Payments during the 1st quarter valued at $540,000. Teachers Retirement System of The State of Kentucky increased its stake in shares of Global Payments by 4.5% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 19,645 shares of the business services provider's stock valued at $1,924,000 after buying an additional 841 shares during the period. IFP Advisors Inc increased its stake in shares of Global Payments by 46.4% in the 1st quarter. IFP Advisors Inc now owns 2,529 shares of the business services provider's stock valued at $248,000 after buying an additional 802 shares during the period. South Dakota Investment Council increased its stake in shares of Global Payments by 0.3% in the 1st quarter. South Dakota Investment Council now owns 195,769 shares of the business services provider's stock valued at $19,170,000 after buying an additional 562 shares during the period. Finally, Kestra Private Wealth Services LLC increased its stake in shares of Global Payments by 19.6% in the 1st quarter. Kestra Private Wealth Services LLC now owns 4,048 shares of the business services provider's stock valued at $396,000 after buying an additional 662 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

Global Payments Price Performance

Shares of GPN traded up $2.05 during trading hours on Tuesday, reaching $83.20. The stock had a trading volume of 604,062 shares, compared to its average volume of 2,501,458. Global Payments Inc. has a 12 month low of $65.93 and a 12 month high of $120.00. The stock has a market capitalization of $20.29 billion, a PE ratio of 13.41, a PEG ratio of 0.79 and a beta of 0.94. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.94 and a current ratio of 0.94. The company's 50-day moving average is $78.68 and its two-hundred day moving average is $90.36.

Global Payments (NYSE:GPN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The business services provider reported $2.82 earnings per share for the quarter, beating analysts' consensus estimates of $2.73 by $0.09. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.20 billion. Global Payments had a return on equity of 12.33% and a net margin of 15.48%. Global Payments's quarterly revenue was down .3% on a year-over-year basis. During the same period in the prior year, the business posted $2.59 earnings per share. Research analysts expect that Global Payments Inc. will post 11.89 EPS for the current year.

Global Payments Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, June 13th. This represents a $1.00 dividend on an annualized basis and a yield of 1.20%. Global Payments's payout ratio is currently 16.13%.

Analysts Set New Price Targets

Several research firms have recently issued reports on GPN. Wall Street Zen upgraded Global Payments from a "hold" rating to a "buy" rating in a research report on Thursday, May 15th. TD Cowen upgraded Global Payments from a "hold" rating to a "buy" rating and set a $84.00 target price on the stock in a report on Monday, July 14th. Jefferies Financial Group lowered Global Payments from a "buy" rating to a "hold" rating and set a $75.00 target price on the stock. in a report on Friday, April 18th. Evercore ISI assumed coverage on Global Payments in a report on Wednesday, April 9th. They set an "in-line" rating and a $85.00 target price on the stock. Finally, B. Riley reissued a "buy" rating on shares of Global Payments in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Global Payments presently has an average rating of "Hold" and an average target price of $111.55.

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.

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