PNC Financial Services Group Inc. Sells 6,607 Shares of Global Payments Inc. $GPN

PNC Financial Services Group Inc. cut its holdings in Global Payments Inc. (NYSE:GPN) by 15.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 35,921 shares of the business services provider’s stock after selling 6,607 shares during the period. PNC Financial Services Group Inc.’s holdings in Global Payments were worth $2,875,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Pzena Investment Management LLC increased its stake in shares of Global Payments by 32.6% in the 2nd quarter. Pzena Investment Management LLC now owns 11,050,253 shares of the business services provider’s stock worth $884,462,000 after purchasing an additional 2,716,156 shares in the last quarter. Nuveen LLC purchased a new stake in Global Payments in the first quarter worth about $94,107,000. Amundi increased its position in Global Payments by 77.5% in the first quarter. Amundi now owns 2,001,585 shares of the business services provider’s stock worth $186,107,000 after buying an additional 874,175 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Global Payments by 346.9% in the first quarter. National Bank of Canada FI now owns 912,667 shares of the business services provider’s stock worth $89,368,000 after buying an additional 708,451 shares during the period. Finally, Strs Ohio purchased a new position in shares of Global Payments during the 1st quarter valued at about $66,441,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Global Payments Stock Down 0.7%

GPN opened at $72.04 on Wednesday. The company has a market capitalization of $17.06 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 0.76 and a beta of 0.95. The firm has a 50-day simple moving average of $83.18 and a two-hundred day simple moving average of $81.93. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.61. Global Payments Inc. has a 52 week low of $65.93 and a 52 week high of $120.00.

Global Payments (NYSE:GPN) last issued its earnings results on Tuesday, November 4th. The business services provider reported $3.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.23 by $0.03. Global Payments had a return on equity of 12.47% and a net margin of 15.07%.The firm had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same period in the previous year, the firm posted $3.08 earnings per share. Global Payments has set its FY 2025 guidance at 6.600-6.666 EPS. Analysts forecast that Global Payments Inc. will post 11.89 earnings per share for the current fiscal year.

Global Payments Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 12th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, December 12th. Global Payments’s dividend payout ratio is currently 14.04%.

Insiders Place Their Bets

In other Global Payments news, Director Patricia A. Watson acquired 1,331 shares of the company’s stock in a transaction on Friday, November 7th. The stock was acquired at an average cost of $75.06 per share, with a total value of $99,904.86. Following the purchase, the director directly owned 2,651 shares of the company’s stock, valued at approximately $198,984.06. This represents a 100.83% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Connie D. Mcdaniel sold 4,464 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $77.81, for a total transaction of $347,343.84. Following the sale, the director owned 30,014 shares in the company, valued at $2,335,389.34. This represents a 12.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.01% of the company’s stock.

Wall Street Analyst Weigh In

GPN has been the subject of several analyst reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Global Payments in a report on Wednesday, October 8th. Cowen reissued a “hold” rating on shares of Global Payments in a research note on Wednesday, November 5th. Mizuho upgraded shares of Global Payments from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $86.00 to $114.00 in a research report on Friday, July 25th. Citigroup upgraded shares of Global Payments to a “strong-buy” rating in a research note on Thursday, October 23rd. Finally, KeyCorp lowered Global Payments from an “overweight” rating to a “sector weight” rating in a research note on Wednesday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $103.90.

About Global Payments

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.