Global Payments (NYSE:GPN) Announces Quarterly Earnings Results

Global Payments (NYSE:GPN) issued its quarterly earnings data on Wednesday. The business services provider reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.03, RTT News reports. The business had revenue of $2.57 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Global Payments had a net margin of 13.40% and a return on equity of 11.72%. The business’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.48 EPS. Global Payments updated its FY24 guidance to $11.54-11.70 EPS and its FY 2024 guidance to 11.540-11.700 EPS.

Global Payments Stock Performance

GPN traded down $2.00 during trading on Friday, hitting $102.06. 2,125,447 shares of the company traded hands, compared to its average volume of 2,308,252. The firm has a market cap of $26.05 billion, a P/E ratio of 20.25, a price-to-earnings-growth ratio of 0.63 and a beta of 0.98. The stock’s fifty day moving average is $97.48 and its 200 day moving average is $115.39. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.68. Global Payments has a one year low of $91.60 and a one year high of $141.77.

Global Payments Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, September 13th. This represents a $1.00 annualized dividend and a yield of 0.98%. Global Payments’s payout ratio is currently 19.84%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Monness Crespi & Hardt reduced their target price on shares of Global Payments from $175.00 to $165.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Keefe, Bruyette & Woods reduced their target price on shares of Global Payments from $150.00 to $140.00 and set an “outperform” rating on the stock in a report on Monday, July 8th. Robert W. Baird reduced their target price on shares of Global Payments from $182.00 to $150.00 and set an “outperform” rating on the stock in a report on Thursday, May 2nd. KeyCorp reduced their target price on shares of Global Payments from $155.00 to $145.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Finally, Stephens reduced their target price on shares of Global Payments from $145.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $142.04.

Insider Activity at Global Payments

In related news, CAO David M. Sheffield sold 1,651 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $100.73, for a total transaction of $166,305.23. Following the completion of the transaction, the chief accounting officer now owns 20,531 shares in the company, valued at $2,068,087.63. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.98% of the stock is owned by company insiders.

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.