Global Payments (NYSE:GPN) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Global Payments (NYSE:GPN) issued its quarterly earnings data on Wednesday. The business services provider reported $2.93 EPS for the quarter, beating the consensus estimate of $2.90 by $0.03, RTT News reports. The company 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%. Global Payments’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.48 earnings per share. 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 Down 1.9 %

Shares of Global Payments stock traded down $2.00 during trading on Friday, hitting $102.06. The company’s stock had a trading volume of 2,125,447 shares, compared to its average volume of 2,308,252. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.92 and a current ratio of 0.92. The company has a fifty day simple moving average of $97.48 and a two-hundred day simple moving average of $115.39. The company has a market capitalization of $26.05 billion, a PE ratio of 20.25, a P/E/G ratio of 0.63 and a beta of 0.98. Global Payments has a 52 week low of $91.60 and a 52 week high of $141.77.

Global Payments Dividend Announcement

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

Insider Buying and Selling

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 value of $166,305.23. Following the completion of the transaction, the chief accounting officer now directly owns 20,531 shares in the company, valued at approximately $2,068,087.63. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.98% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GPN. Robert W. Baird dropped their target price on shares of Global Payments from $182.00 to $150.00 and set an “outperform” rating for the company in a research report on Thursday, May 2nd. TD Cowen lowered their price objective on shares of Global Payments from $152.00 to $125.00 and set a “buy” rating for the company in a report on Friday, June 21st. Wells Fargo & Company began coverage on shares of Global Payments in a report on Wednesday, June 12th. They issued an “equal weight” rating and a $100.00 price objective for the company. Susquehanna lowered their price objective on shares of Global Payments from $157.00 to $147.00 and set a “positive” rating for the company in a report on Thursday. Finally, Barclays lowered their price target on shares of Global Payments from $160.00 to $145.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $142.04.

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.