Global Payments Inc (GPN) Stake Lessened by Novare Capital Management LLC
Novare Capital Management LLC decreased its holdings in Global Payments Inc (NYSE:GPN) by 2.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 66,594 shares of the business services provider’s stock after selling 1,760 shares during the quarter. Global Payments accounts for approximately 1.4% of Novare Capital Management LLC’s holdings, making the stock its 24th largest position. Novare Capital Management LLC’s holdings in Global Payments were worth $8,484,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. TRUE Private Wealth Advisors bought a new position in Global Payments during the third quarter valued at about $112,000. Fort L.P. bought a new position in Global Payments during the second quarter valued at about $118,000. First Hawaiian Bank bought a new position in Global Payments during the third quarter valued at about $124,000. Signet Financial Management LLC bought a new position in Global Payments during the second quarter valued at about $134,000. Finally, CENTRAL TRUST Co boosted its stake in Global Payments by 274.4% during the third quarter. CENTRAL TRUST Co now owns 1,449 shares of the business services provider’s stock valued at $185,000 after buying an additional 1,062 shares in the last quarter. 97.47% of the stock is owned by institutional investors.
Several equities research analysts have recently commented on GPN shares. Guggenheim reaffirmed a “buy” rating and set a $123.00 target price on shares of Global Payments in a report on Tuesday, July 24th. Deutsche Bank upped their target price on Global Payments to $140.00 and gave the company a “buy” rating in a report on Friday, September 14th. KeyCorp reaffirmed a “buy” rating on shares of Global Payments in a report on Friday, August 3rd. Buckingham Research upped their target price on Global Payments from $120.00 to $135.00 and gave the company a “buy” rating in a report on Friday, August 3rd. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and set a $136.00 target price on shares of Global Payments in a report on Friday, August 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Global Payments has a consensus rating of “Buy” and an average price target of $123.30.
Global Payments (NYSE:GPN) last announced its quarterly earnings data on Tuesday, October 30th. The business services provider reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.05. The firm had revenue of $857.70 million during the quarter, compared to the consensus estimate of $1.02 billion. Global Payments had a return on equity of 18.38% and a net margin of 17.48%. The business’s revenue for the quarter was down 17.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.15 EPS. On average, research analysts forecast that Global Payments Inc will post 4.88 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.04%. The ex-dividend date is Thursday, December 13th. Global Payments’s dividend payout ratio is currently 1.00%.
In related news, Director Alan M. Silberstein sold 700 shares of the stock in a transaction dated Wednesday, November 14th. The stock was sold at an average price of $109.66, for a total value of $76,762.00. Following the completion of the sale, the director now directly owns 42,169 shares of the company’s stock, valued at approximately $4,624,252.54. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Guido Francesco Sacchi sold 15,156 shares of the stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $125.11, for a total value of $1,896,167.16. Following the completion of the sale, the executive vice president now directly owns 54,981 shares of the company’s stock, valued at $6,878,672.91. The disclosure for this sale can be found here. Over the last three months, insiders sold 90,055 shares of company stock valued at $11,425,119. Company insiders own 0.98% of the company’s stock.
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Global Payments Company Profile
Global Payments Inc provides payment technology and software solutions for credit cards, debit cards, electronic payments, and check-related services. It offers authorization services, settlement and funding services, customer support and help-desk functions, chargeback resolution, terminal rental, sales and deployment, payment security services, consolidated billing and statements, online reporting, industry compliance, and payment card industry security services.
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