The National Bank of Canada FI has made a substantial investment in Global Payments Inc., acquiring 136,439 shares of the business services provider’s stock during the fourth quarter of 2016. This represents an increase in holdings by an impressive 3,458.7%, and the total value of their holdings was estimated to be $13,551,000 at the time of filing with the Securities & Exchange Commission.
Aside from making this notable acquisition, Global Payments also recently paid out a quarterly dividend on March 31st of this year. The dividend amount was $0.25 per share for stockholders as of March 17th, resulting in an annualized dividend payout ratio that currently sits at 227.27%. The ex-dividend date was March 16th.
GPN stock has also been gaining attention among equities analysts in recent reports. Morgan Stanley issued an “overweight” rating and boosted the company’s price objective from $135 to $144 on February 13th, while Oppenheimer revised their price target from $133 to $119 and maintained an “outperform” rating on January 25th. On the other hand, Wolfe Research reduced their price target from $150 to $145 on January 5th.
Despite differing opinions among analysts, data provided by Bloomberg shows that Global Payments holds a “Moderate Buy” consensus rating among those covering it and an average price target estimate of $149.31.
Overall, these developments indicate that there is significant market interest in Global Payments’ potential growth prospects moving forward, making it one to watch in coming months.
Global Payments Reports Positive Earnings Results Amid Ownership Changes
Global Payments ($GPN) has recently seen a significant change in its ownership, as several hedge funds and institutional investors have modified their positions. Royal Bank of Canada increased its holding by 94% and now owns shares worth $114.7 million. Prudential Financial Inc. also upped its stake by 2.3%, while Strs Ohio raised it by 59%. South Dakota Investment Council purchased a new position in the company in the third quarter. However, not all news was positive, as CAO David M. Sheffield sold 1,562 shares with an average price of $113.08. Global Payments released its earnings results on February 10th and reported an EPS of $2.42 for Q4 2016 which beat market consensus estimates by eight cents. The firm currently has a market cap of approximately $27.76 billion and a price-to-earning ratio (PE) of over 239 times based on last fiscal year's earnings per share of just under half a dollar per share ($0.44). Its dividend payout ratio is high at more than two times earnings or roughly 227%. Despite recent changes in its ownership structure, Global Payments remains optimistic about delivering excellent value to shareholders through new acquisitions, strategic partnerships, and potential expansions into untapped markets.
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