Meritage Portfolio Management Invests $5.62 Million in Green Dot Co. (GDOT) Stock

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Meritage Portfolio Management bought a new position in shares of Green Dot Co. (NYSE:GDOT) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 63,255 shares of the financial services provider’s stock, valued at approximately $5,618,000.

Several other large investors have also added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. lifted its position in shares of Green Dot by 0.5% during the second quarter. Fuller & Thaler Asset Management Inc. now owns 146,543 shares of the financial services provider’s stock worth $10,755,000 after purchasing an additional 698 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of Green Dot by 7.9% during the second quarter. Crossmark Global Holdings Inc. now owns 9,600 shares of the financial services provider’s stock worth $705,000 after purchasing an additional 700 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its holdings in shares of Green Dot by 5.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 15,394 shares of the financial services provider’s stock valued at $1,130,000 after acquiring an additional 775 shares in the last quarter. Vident Investment Advisory LLC raised its holdings in shares of Green Dot by 1.5% in the second quarter. Vident Investment Advisory LLC now owns 55,622 shares of the financial services provider’s stock valued at $4,082,000 after acquiring an additional 834 shares in the last quarter. Finally, Comerica Bank raised its holdings in shares of Green Dot by 1.4% in the second quarter. Comerica Bank now owns 63,588 shares of the financial services provider’s stock valued at $5,035,000 after acquiring an additional 893 shares in the last quarter. Institutional investors and hedge funds own 84.33% of the company’s stock.

In other Green Dot news, CEO Steven W. Streit sold 9,860 shares of Green Dot stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $89.82, for a total value of $885,625.20. Following the transaction, the chief executive officer now owns 323,202 shares in the company, valued at $29,030,003.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Kuan Archer sold 9,589 shares of Green Dot stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $83.47, for a total value of $800,393.83. Following the completion of the transaction, the chief operating officer now owns 233,024 shares in the company, valued at approximately $19,450,513.28. The disclosure for this sale can be found here. Insiders sold 345,335 shares of company stock worth $28,648,349 in the last quarter. 11.00% of the stock is owned by insiders.

GDOT has been the subject of several recent research reports. Morgan Stanley lifted their price objective on Green Dot from $67.00 to $73.00 and gave the company a “$81.43” rating in a report on Thursday, July 19th. Guggenheim restated a “buy” rating and issued a $88.00 price objective on shares of Green Dot in a report on Thursday, August 9th. Loop Capital lifted their price objective on Green Dot to $100.00 and gave the company a “buy” rating in a report on Thursday, August 9th. Jefferies Financial Group lifted their price objective on Green Dot from $89.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, August 9th. Finally, Citigroup lifted their price objective on Green Dot from $77.00 to $93.00 and gave the company a “buy” rating in a report on Thursday, August 9th. Six investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $83.00.

GDOT stock opened at $75.74 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $3.85 billion, a P/E ratio of 47.94 and a beta of 0.70. Green Dot Co. has a 1-year low of $54.08 and a 1-year high of $91.51.

Green Dot (NYSE:GDOT) last posted its earnings results on Wednesday, August 8th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.11. Green Dot had a return on equity of 14.26% and a net margin of 12.73%. The company had revenue of $258.30 million for the quarter, compared to analyst estimates of $250.18 million. During the same quarter in the previous year, the firm earned $0.55 earnings per share. The firm’s quarterly revenue was up 16.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Green Dot Co. will post 2.4 EPS for the current fiscal year.

About Green Dot

Green Dot Corporation, together with its subsidiaries, operates as a pro-consumer bank holding company that provides personal banking for the masses. It operates through two segments, Account Services and Processing, and Settlement Services. The company offers deposit as account programs, such reloadable prepaid debit cards under the consumer brand names of GPR cards, consumer checking accounts, small business checking accounts, network-branded gift cards, secured credit cards, and other financial services.

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Institutional Ownership by Quarter for Green Dot (NYSE:GDOT)

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