Zacks Investment Research upgraded shares of Green Dot (NYSE:GDOT) from a hold rating to a buy rating in a research report report published on Tuesday morning, Zacks.com reports. They currently have $52.00 target price on the financial services provider’s stock.
According to Zacks, “Green Dot’s long-term strategic plan to be a ‘New Kind of Bank’ is leading to impressive results. Strength across established product lines and BaaS platform programs act as key growth catalysts. The company’s Banking as a Service or BaaS platform programs are growing very quickly and contributing significantly to its GDV growth, active card growth and revenue growth. Its extended relationship with Walmart is another growth catalyst. Despite such positives, Green Dot faces tough competition from companies across financial services, financial technology services, retail banking, transaction processing and consumer technology industries. It experiences fluctuation in revenues due to seasonal factors. The company does not have any plans to pay cash dividends on common stock. Green Dot’s stock has declined in the past year.”
Several other equities research analysts have also weighed in on GDOT. Loop Capital restated a buy rating and issued a $75.00 target price on shares of Green Dot in a report on Thursday, May 9th. Keefe, Bruyette & Woods upgraded Green Dot from a market perform rating to an outperform rating in a report on Monday, April 1st. Needham & Company LLC restated a buy rating and issued a $26.00 target price (down from $27.00) on shares of Nlight in a report on Thursday, May 9th. Craig Hallum reduced their target price on Green Dot from $115.00 to $100.00 and set a buy rating for the company in a report on Thursday, May 9th. Finally, Northland Securities restated a buy rating and issued a $55.00 target price on shares of Heron Therapeutics in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $81.21.
Green Dot (NYSE:GDOT) last posted its earnings results on Wednesday, May 8th. The financial services provider reported $1.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.10. Green Dot had a return on equity of 15.74% and a net margin of 10.56%. The firm had revenue of $340.51 million during the quarter, compared to analyst estimates of $330.17 million. During the same period in the previous year, the company earned $1.40 EPS. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, research analysts expect that Green Dot will post 2.11 EPS for the current year.
In other Green Dot news, Director Glinda Bridgforth-Hodges sold 6,787 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $47.43, for a total value of $321,907.41. Following the sale, the director now directly owns 2,578 shares in the company, valued at $122,274.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Konrad Alt sold 919 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $64.15, for a total value of $58,953.85. Following the completion of the sale, the insider now owns 77,643 shares in the company, valued at $4,980,798.45. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,657 shares of company stock valued at $1,177,363. Corporate insiders own 7.80% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. lifted its stake in shares of Green Dot by 87.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 191,117 shares of the financial services provider’s stock valued at $11,591,000 after acquiring an additional 89,310 shares during the period. Globeflex Capital L P lifted its stake in Green Dot by 72,871.4% in the first quarter. Globeflex Capital L P now owns 10,216 shares of the financial services provider’s stock valued at $620,000 after buying an additional 10,202 shares during the period. Aurora Investment Counsel bought a new stake in shares of Green Dot in the first quarter worth about $1,686,000. Amalgamated Bank increased its holdings in shares of Green Dot by 129.0% in the fourth quarter. Amalgamated Bank now owns 7,540 shares of the financial services provider’s stock worth $600,000 after acquiring an additional 4,248 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Green Dot by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 525,012 shares of the financial services provider’s stock worth $41,748,000 after acquiring an additional 7,851 shares in the last quarter. Institutional investors own 86.34% of the company’s stock.
About Green Dot
Green Dot Corporation operates as a financial technology and bank holding company in the United States. It operates in two segments, Account Services, and Processing and Settlement Services. The company offers deposit account programs, such network-branded reloadable prepaid debit cards under the consumer brand names of GPR cards, consumer and small business checking accounts, network-branded gift cards, secured credit cards, and other financial services.
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