KeyCorp Cuts Global Payments (NYSE:GPN) Price Target to $135.00

Global Payments (NYSE:GPN) had its price target decreased by KeyCorp from $145.00 to $135.00 in a research report sent to investors on Wednesday, Benzinga reports. KeyCorp currently has an overweight rating on the business services provider’s stock.

A number of other analysts have also recently commented on the stock. Evercore ISI lowered their target price on shares of Global Payments from $170.00 to $160.00 and set an outperform rating for the company in a research note on Tuesday, June 25th. BTIG Research downgraded shares of Global Payments from a buy rating to a neutral rating in a research note on Wednesday. BMO Capital Markets boosted their price objective on shares of Global Payments from $124.00 to $126.00 and gave the company a market perform rating in a report on Thursday, August 8th. Wells Fargo & Company began coverage on Global Payments in a research note on Wednesday, June 12th. They issued an equal weight rating and a $100.00 target price for the company. Finally, JPMorgan Chase & Co. boosted their price target on Global Payments from $111.00 to $118.00 and gave the company a neutral rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Global Payments has an average rating of Moderate Buy and an average target price of $141.36.

Global Payments Stock Performance

Shares of GPN stock opened at $101.02 on Wednesday. Global Payments has a 12-month low of $91.60 and a 12-month high of $141.77. The business’s fifty day simple moving average is $105.56 and its 200-day simple moving average is $109.52. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.68. The company has a market cap of $25.79 billion, a PE ratio of 20.04, a PEG ratio of 0.71 and a beta of 0.98.

Global Payments (NYSE:GPN) last announced its earnings results on Wednesday, August 7th. The business services provider reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.03. The company had revenue of $2.57 billion for the quarter, compared to analyst estimates of $2.32 billion. Global Payments had a return on equity of 11.93% and a net margin of 14.26%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.48 EPS. Analysts expect that Global Payments will post 11.07 earnings per share for the current fiscal year.

Global Payments Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $0.25 per share. The ex-dividend date was Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a yield of 0.99%. Global Payments’s dividend payout ratio is currently 19.84%.

Insider Activity

In other news, CAO David M. Sheffield sold 1,651 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.73, for a total transaction of $166,305.23. Following the transaction, the chief accounting officer now owns 20,531 shares in the company, valued at approximately $2,068,087.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.98% of the company’s stock.

Institutional Investors Weigh In On Global Payments

Institutional investors have recently bought and sold shares of the company. Lake Street Advisors Group LLC acquired a new stake in shares of Global Payments in the fourth quarter worth approximately $210,000. Stanley Capital Management LLC boosted its stake in Global Payments by 18.9% during the 2nd quarter. Stanley Capital Management LLC now owns 125,608 shares of the business services provider’s stock worth $12,146,000 after purchasing an additional 20,000 shares during the last quarter. Cibc World Markets Corp boosted its stake in Global Payments by 29.1% during the 4th quarter. Cibc World Markets Corp now owns 82,672 shares of the business services provider’s stock worth $10,499,000 after purchasing an additional 18,615 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Global Payments by 12.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 267,483 shares of the business services provider’s stock worth $35,775,000 after buying an additional 29,289 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Global Payments in the first quarter valued at about $32,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.