Trading Report: The Principal Financial Group Inc. Cuts Stake in Global Payments Inc. (GPN)

The Principal Financial Group Inc. Cuts Stake in Global Payments Inc. (GPN)

Principal Financial Group Inc. decreased its position in Global Payments Inc. (NYSE:GPN) by 44.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 244,948 shares of the company’s stock after selling 193,808 shares during the period. Principal Financial Group Inc. owned 0.16% of Global Payments worth $17,485,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Acrospire Investment Management LLC raised its position in shares of Global Payments by 77.8% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the company’s stock worth $114,000 after buying an additional 700 shares during the period. Financial Architects Inc raised its position in shares of Global Payments by 1,305.2% in the second quarter. Financial Architects Inc now owns 1,616 shares of the company’s stock worth $115,000 after buying an additional 1,501 shares during the period. Raymond James Trust N.A. bought a new position in shares of Global Payments during the second quarter worth approximately $250,000. Mn Services Vermogensbeheer B.V. raised its position in shares of Global Payments by 22.5% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 3,914 shares of the company’s stock worth $251,000 after buying an additional 718 shares during the period. Finally, Cambridge Investment Research Advisors Inc. raised its position in shares of Global Payments by 5.0% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 3,692 shares of the company’s stock worth $264,000 after buying an additional 176 shares during the period. 96.56% of the stock is currently owned by institutional investors and hedge funds.

Shares of Global Payments Inc. (NYSE:GPN) traded up 1.14% during mid-day trading on Wednesday, reaching $77.31. 481,382 shares of the company traded hands. The stock’s 50-day moving average is $75.55 and its 200-day moving average is $73.83. Global Payments Inc. has a 52 week low of $51.29 and a 52 week high of $79.93. The company has a market capitalization of $11.88 billion, a P/E ratio of 37.90 and a beta of 1.09.

Global Payments (NYSE:GPN) last issued its earnings results on Wednesday, October 5th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.03. The company had revenue of $939.50 million for the quarter. Global Payments had a return on equity of 27.99% and a net margin of 9.37%. Global Payments’s revenue for the quarter was up 52.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 EPS. On average, equities analysts predict that Global Payments Inc. will post $3.47 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Stockholders of record on Friday, November 11th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.05%. Global Payments’s dividend payout ratio is 1.95%.

GPN has been the topic of several research reports. Goldman Sachs Group Inc. raised shares of Global Payments from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $80.00 to $88.00 in a report on Thursday, September 15th. JPMorgan Chase & Co. reissued a “buy” rating and set a $83.00 price objective on shares of Global Payments in a report on Friday, July 29th. Wedbush reissued an “outperform” rating and set a $85.00 price objective on shares of Global Payments in a report on Thursday, September 8th. Deutsche Bank AG reissued a “buy” rating and set a $79.00 price objective (up from $72.00) on shares of Global Payments in a report on Tuesday, July 12th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Global Payments from $88.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $77.75.

In other news, insider David E. Mangum sold 88,938 shares of the company’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $75.07, for a total value of $6,676,575.66. Following the transaction, the insider now owns 172,060 shares in the company, valued at approximately $12,916,544.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William I. Jacobs sold 600 shares of the company’s stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $73.62, for a total value of $44,172.00. Following the completion of the transaction, the director now owns 43,516 shares in the company, valued at approximately $3,203,647.92. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

Global Payments Company Profile

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