Corebridge Financial Inc. Sells 2,913 Shares of Global Payments Inc. (NYSE:GPN)

Corebridge Financial Inc. decreased its stake in shares of Global Payments Inc. (NYSE:GPN) by 4.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,260 shares of the business services provider’s stock after selling 2,913 shares during the quarter. Corebridge Financial Inc.’s holdings in Global Payments were worth $6,753,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Global Payments by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 24,995,107 shares of the business services provider’s stock worth $2,800,952,000 after acquiring an additional 179,195 shares during the period. Pzena Investment Management LLC increased its holdings in Global Payments by 25.0% during the 4th quarter. Pzena Investment Management LLC now owns 8,298,846 shares of the business services provider’s stock worth $929,969,000 after purchasing an additional 1,659,984 shares during the period. Geode Capital Management LLC raised its position in Global Payments by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,928,445 shares of the business services provider’s stock valued at $605,078,000 after purchasing an additional 31,934 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Global Payments by 1.5% in the 3rd quarter. Franklin Resources Inc. now owns 5,499,729 shares of the business services provider’s stock worth $564,437,000 after buying an additional 83,481 shares during the period. Finally, Nordea Investment Management AB grew its position in shares of Global Payments by 13.4% during the 4th quarter. Nordea Investment Management AB now owns 2,949,458 shares of the business services provider’s stock worth $330,516,000 after buying an additional 349,457 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

Global Payments Trading Down 1.9 %

Shares of Global Payments stock opened at $97.55 on Friday. The firm has a 50-day simple moving average of $103.72 and a two-hundred day simple moving average of $107.35. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.93 and a current ratio of 0.97. Global Payments Inc. has a fifty-two week low of $90.99 and a fifty-two week high of $133.63. The company has a market cap of $23.99 billion, a P/E ratio of 15.79, a price-to-earnings-growth ratio of 0.86 and a beta of 1.04.

Global Payments (NYSE:GPN) last released its quarterly earnings results on Thursday, February 13th. The business services provider reported $2.84 earnings per share for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.14). Global Payments had a return on equity of 12.21% and a net margin of 15.54%. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. As a group, equities analysts predict that Global Payments Inc. will post 11.89 earnings per share for the current fiscal year.

Global Payments Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a $0.25 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.03%. Global Payments’s dividend payout ratio is currently 16.18%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on Global Payments from $130.00 to $140.00 and gave the company an “outperform” rating in a report on Monday, December 9th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $122.00 price target (down previously from $155.00) on shares of Global Payments in a research report on Thursday, January 9th. Bank of America dropped their price objective on shares of Global Payments from $156.00 to $149.00 and set a “buy” rating on the stock in a research note on Friday, February 14th. Morgan Stanley lowered their target price on Global Payments from $166.00 to $163.00 and set an “overweight” rating for the company in a report on Friday, February 14th. Finally, Stephens cut Global Payments from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $125.00 to $120.00 in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $134.33.

Global Payments 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.