First American Bank lowered its position in shares of Global Payments Inc (NYSE:GPN) by 2.2% during the second quarter, Holdings Channel reports. The fund owned 52,376 shares of the business services provider’s stock after selling 1,160 shares during the quarter. First American Bank’s holdings in Global Payments were worth $8,387,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in GPN. Janus Henderson Group PLC grew its position in Global Payments by 7.4% during the first quarter. Janus Henderson Group PLC now owns 4,437,822 shares of the business services provider’s stock valued at $605,852,000 after purchasing an additional 304,937 shares in the last quarter. Geode Capital Management LLC grew its position in Global Payments by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 1,969,663 shares of the business services provider’s stock valued at $202,756,000 after purchasing an additional 128,466 shares in the last quarter. Northern Trust Corp grew its position in Global Payments by 3.9% during the first quarter. Northern Trust Corp now owns 1,804,053 shares of the business services provider’s stock valued at $246,289,000 after purchasing an additional 68,478 shares in the last quarter. Wells Fargo & Company MN grew its position in Global Payments by 3.5% during the first quarter. Wells Fargo & Company MN now owns 1,666,899 shares of the business services provider’s stock valued at $227,564,000 after purchasing an additional 56,582 shares in the last quarter. Finally, Norges Bank purchased a new position in Global Payments during the fourth quarter valued at approximately $131,343,000. Institutional investors and hedge funds own 97.97% of the company’s stock.
GPN stock traded up $2.82 during trading hours on Wednesday, hitting $170.18. The company’s stock had a trading volume of 29,099 shares, compared to its average volume of 1,196,058. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $26.66 billion, a P/E ratio of 32.72, a PEG ratio of 1.75 and a beta of 1.03. Global Payments Inc has a 12 month low of $94.81 and a 12 month high of $172.20. The stock has a 50 day moving average of $162.69.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.02%. The ex-dividend date is Thursday, September 12th. Global Payments’s dividend payout ratio is 0.77%.
GPN has been the topic of a number of research analyst reports. Guggenheim reaffirmed a “hold” rating on shares of Burlington Stores in a research report on Thursday, May 30th. Bank of America boosted their price objective on shares of Visa from $177.00 to $192.00 and gave the company a “buy” rating in a research report on Monday, June 17th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $72.00 price objective (up from $70.00) on shares of First Solar in a research report on Monday, May 6th. SunTrust Banks boosted their price objective on shares of Paylocity to $108.00 and gave the company a “positive” rating in a research report on Friday, May 3rd. Finally, Nomura boosted their price objective on shares of Global Payments from $94.00 to $105.00 and gave the company a “reduce” rating in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $159.02.
In related news, Director Robert H. B. Baldwin, Jr. sold 4,250 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $146.36, for a total transaction of $622,030.00. Following the completion of the sale, the director now directly owns 48,382 shares of the company’s stock, valued at approximately $7,081,189.52. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Alan M. Silberstein sold 700 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $157.95, for a total transaction of $110,565.00. Following the sale, the director now directly owns 40,163 shares of the company’s stock, valued at $6,343,745.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,550 shares of company stock valued at $831,625. 0.88% of the stock is owned by insiders.
Global Payments Company Profile
Global Payments Inc provides payment technology and software solutions for card, electronic, check, and digital-based payments. The company operates in three segments: North America, Europe, and Asia-Pacific. 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, and online reporting services.
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