Green Dot Co. (GDOT) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Green Dot Co. (NYSE:GDOT) from a hold rating to a sell rating in a research report released on Tuesday.

According to Zacks, “Green Dot Corporation is a technology-centric, pro-consumer Bank Holding Company with a mission to reinvent personal banking for the masses. The company is the largest provider of prepaid debit card products and prepaid card reloading services in the United States, as well as a leader in mobile banking with its GoBank mobile bank account offering. Green Dot Corporation products are available to consumers at more than 80,000 retailers nationwide, online and via the leading app stores. The company is headquartered in Pasadena, California with its bank subsidiary, Green Dot Bank, located in Provo, Utah. “

Several other brokerages have also issued reports on GDOT. Citigroup Inc upgraded shares of Green Dot from a neutral rating to a buy rating and set a $29.50 target price for the company in a research report on Tuesday, January 17th. Jefferies Group LLC restated a buy rating and set a $32.00 target price (up from $28.00) on shares of Green Dot in a research report on Thursday, January 19th. TheStreet upgraded shares of Green Dot from a c+ rating to a b- rating in a research report on Thursday, February 2nd. SunTrust Banks, Inc. upgraded shares of Green Dot from a hold rating to a buy rating and set a $40.00 target price for the company in a research report on Tuesday, March 14th. Finally, Loop Capital restated a buy rating and set a $41.00 target price (up from $33.00) on shares of Green Dot in a research report on Thursday, March 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $31.20.

Analyst Recommendations for Green Dot (NYSE:GDOT)

Shares of Green Dot (NYSE:GDOT) traded up 0.70% during midday trading on Tuesday, reaching $35.99. 35,027 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $34.16 and a 200-day moving average of $28.30. Green Dot has a 12-month low of $20.79 and a 12-month high of $38.34. The stock has a market capitalization of $1.79 billion, a P/E ratio of 36.99 and a beta of 1.18.

Green Dot (NYSE:GDOT) last issued its earnings results on Tuesday, May 9th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.14. The business had revenue of $253 million during the quarter, compared to analysts’ expectations of $233.49 million. Green Dot had a net margin of 5.22% and a return on equity of 7.76%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.78 earnings per share. Analysts anticipate that Green Dot will post $1.95 EPS for the current fiscal year.

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In other Green Dot news, General Counsel John C. Ricci sold 50,000 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $36.06, for a total transaction of $1,803,000.00. Following the transaction, the general counsel now directly owns 135,288 shares in the company, valued at approximately $4,878,485.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark L. Shifke sold 5,000 shares of the stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $36.09, for a total transaction of $180,450.00. Following the transaction, the chief financial officer now owns 780,062 shares in the company, valued at $28,152,437.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 120,208 shares of company stock worth $4,194,034. Company insiders own 11.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of GDOT. UBS Asset Management Americas Inc. boosted its position in shares of Green Dot by 34.5% in the third quarter. UBS Asset Management Americas Inc. now owns 26,099 shares of the financial services provider’s stock valued at $602,000 after buying an additional 6,700 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of Green Dot by 7.8% in the third quarter. BlackRock Fund Advisors now owns 3,017,014 shares of the financial services provider’s stock valued at $69,572,000 after buying an additional 218,891 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Green Dot by 2.4% in the third quarter. New York State Common Retirement Fund now owns 71,390 shares of the financial services provider’s stock valued at $1,646,000 after buying an additional 1,682 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of Green Dot by 37.4% in the third quarter. Teachers Advisors LLC now owns 104,538 shares of the financial services provider’s stock valued at $2,411,000 after buying an additional 28,430 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Green Dot by 5.0% in the third quarter. Rhumbline Advisers now owns 61,973 shares of the financial services provider’s stock valued at $1,429,000 after buying an additional 2,935 shares during the last quarter. Institutional investors own 77.31% of the company’s stock.

About Green Dot

Green Dot Corporation (Green Dot) is a pro-consumer financial technology innovator. The Company is a provider of reloadable prepaid debit cards and cash reload processing services in the United States. The Company operates through two segments: Account Services, and Processing and Settlement Services.

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