Bank of America Corporation Initiates Coverage on Global Payments Inc. (GPN)
Equities researchers at Bank of America Corporation assumed coverage on shares of Global Payments Inc. (NYSE:GPN) in a note issued to investors on Tuesday. The brokerage set a “buy” rating and a $110.00 price target on the business services provider’s stock. Bank of America Corporation’s target price would suggest a potential upside of 12.96% from the stock’s current price.
A number of other research analysts have also commented on GPN. Barclays PLC reaffirmed a “buy” rating and set a $96.00 price objective on shares of Global Payments in a research report on Monday, May 15th. BMO Capital Markets upped their price objective on shares of Global Payments from $91.00 to $93.00 and gave the stock an “outperform” rating in a research note on Monday, May 15th. Credit Suisse Group upped their price objective on shares of Global Payments from $86.00 to $91.00 and gave the stock an “outperform” rating in a research note on Monday, May 15th. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Global Payments in a research note on Monday, May 15th. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $90.00 price target on shares of Global Payments in a research note on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $97.34.
Global Payments (NYSE:GPN) opened at 97.37 on Tuesday. Global Payments has a 52-week low of $64.63 and a 52-week high of $98.14. The stock has a market capitalization of $14.85 billion, a price-to-earnings ratio of 75.54 and a beta of 1.11. The firm has a 50-day moving average price of $95.04 and a 200 day moving average price of $87.86.
Global Payments (NYSE:GPN) last released its earnings results on Thursday, August 3rd. The business services provider reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.07. The firm had revenue of $847.90 million during the quarter, compared to analyst estimates of $837.76 million. Global Payments had a net margin of 6.65% and a return on equity of 18.32%. The business’s revenue was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.76 EPS. On average, equities research analysts predict that Global Payments will post $3.95 EPS for the current year.
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In other news, Director William I. Jacobs sold 8,428 shares of Global Payments stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $94.05, for a total value of $792,653.40. Following the sale, the director now directly owns 40,675 shares of the company’s stock, valued at $3,825,483.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alan M. Silberstein sold 600 shares of Global Payments stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $89.91, for a total value of $53,946.00. Following the completion of the sale, the director now directly owns 48,493 shares in the company, valued at $4,360,005.63. The disclosure for this sale can be found here. Insiders sold 132,949 shares of company stock worth $12,557,401 over the last ninety days. Corporate insiders own 0.93% of the company’s stock.
Large investors have recently modified their holdings of the company. Point72 Asia Hong Kong Ltd acquired a new stake in shares of Global Payments in the first quarter worth approximately $200,000. Aviva PLC boosted its stake in Global Payments by 0.6% during the second quarter. Aviva PLC now owns 93,792 shares of the business services provider’s stock worth $8,472,000 after buying an additional 560 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Global Payments by 162.0% during the second quarter. JPMorgan Chase & Co. now owns 3,284,298 shares of the business services provider’s stock worth $296,636,000 after buying an additional 2,030,880 shares during the last quarter. Contravisory Investment Management Inc. acquired a new position in Global Payments during the second quarter worth $246,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Global Payments by 0.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 424,631 shares of the business services provider’s stock worth $38,353,000 after buying an additional 3,167 shares during the last quarter. 97.87% of the stock is currently owned by hedge funds and other institutional investors.
Global Payments Company Profile
Global Payments Inc is a provider of payment technology services. The Company provides payment and digital commerce solutions. The Company operates through three segments: North America, Europe and Asia-Pacific. The Company’s segments primarily provide payment solutions for credit cards, debit cards, electronic payments and check-related services.
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