Sumitomo Mitsui Trust Group Inc. Lowers Stake in Global Payments Inc. (NYSE:GPN)

Sumitomo Mitsui Trust Group Inc. trimmed its position in Global Payments Inc. (NYSE:GPN) by 1.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 620,391 shares of the business services provider’s stock after selling 6,019 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Global Payments worth $63,540,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. First National Trust Co lifted its position in Global Payments by 1.0% during the third quarter. First National Trust Co now owns 38,682 shares of the business services provider’s stock valued at $3,962,000 after buying an additional 393 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Global Payments during the 3rd quarter valued at $562,000. Los Angeles Capital Management LLC boosted its position in Global Payments by 96.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 25,192 shares of the business services provider’s stock worth $2,580,000 after purchasing an additional 12,395 shares during the period. Axxcess Wealth Management LLC purchased a new stake in Global Payments during the 3rd quarter worth $202,000. Finally, Legacy Capital Wealth Partners LLC increased its holdings in Global Payments by 17.1% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 4,223 shares of the business services provider’s stock valued at $433,000 after purchasing an additional 616 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Global Payments Trading Up 0.1 %

Shares of NYSE GPN opened at $116.21 on Friday. Global Payments Inc. has a 12-month low of $91.60 and a 12-month high of $141.77. The company has a market cap of $29.57 billion, a price-to-earnings ratio of 21.89, a price-to-earnings-growth ratio of 0.89 and a beta of 0.97. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.65. The stock’s 50 day simple moving average is $104.94 and its 200 day simple moving average is $103.43.

Global Payments Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend is Friday, December 13th. Global Payments’s payout ratio is 18.83%.

Analyst Ratings Changes

Several brokerages have recently weighed in on GPN. Monness Crespi & Hardt decreased their target price on Global Payments from $165.00 to $155.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Morgan Stanley lowered their price objective on shares of Global Payments from $164.00 to $156.00 and set an “overweight” rating for the company in a research report on Wednesday, September 25th. BMO Capital Markets reduced their target price on shares of Global Payments from $126.00 to $122.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 25th. Oppenheimer started coverage on shares of Global Payments in a report on Tuesday, October 1st. They set a “market perform” rating for the company. Finally, Jefferies Financial Group cut their price objective on shares of Global Payments from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $136.50.

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.