Green Dot (NYSE:GDOT) Coverage Initiated at Canaccord Genuity

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Canaccord Genuity assumed coverage on shares of Green Dot (NYSE:GDOT) in a report published on Thursday morning, BenzingaRatingsTable reports. The firm issued a hold rating and a $29.00 price objective on the financial services provider’s stock.

GDOT has been the topic of a number of other research reports. SunTrust Banks reiterated a buy rating and set a $50.00 target price on shares of Green Dot in a report on Thursday, August 8th. Northland Securities lowered their target price on Green Dot from $58.00 to $35.00 and set a market perform rating on the stock in a report on Thursday, August 8th. Needham & Company LLC lowered their target price on Green Dot to $42.00 and set a buy rating on the stock in a report on Thursday, August 8th. Jefferies Financial Group cut Green Dot from a buy rating to a hold rating and lowered their target price for the company from $62.00 to $32.00 in a report on Thursday, September 5th. Finally, Barclays set a $41.00 target price on Green Dot and gave the company a buy rating in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. Green Dot presently has a consensus rating of Hold and an average target price of $49.69.

GDOT opened at $27.01 on Thursday. The stock’s 50 day simple moving average is $34.90 and its 200 day simple moving average is $49.84. The stock has a market cap of $1.44 billion, a P/E ratio of 10.68 and a beta of 1.10. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.01 and a quick ratio of 1.01. Green Dot has a 1-year low of $24.19 and a 1-year high of $93.00.

Green Dot (NYSE:GDOT) last announced its earnings results on Wednesday, August 7th. The financial services provider reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.33. The firm had revenue of $278.33 million for the quarter, compared to analysts’ expectations of $266.93 million. Green Dot had a return on equity of 16.77% and a net margin of 10.81%. Green Dot’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.74 EPS. Research analysts expect that Green Dot will post 2.1 EPS for the current fiscal year.

In other news, CRO Brett Narlinger sold 5,602 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $28.32, for a total transaction of $158,648.64. Following the sale, the executive now owns 71,624 shares in the company, valued at $2,028,391.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.80% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of GDOT. Cutler Group LP purchased a new position in shares of Green Dot in the 2nd quarter worth $29,000. Tortoise Index Solutions LLC purchased a new position in shares of Green Dot in the 1st quarter worth $43,000. Manchester Capital Management LLC purchased a new position in shares of Green Dot in the 1st quarter worth $53,000. Neo Ivy Capital Management purchased a new position in shares of Green Dot in the 2nd quarter worth $63,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its position in shares of Green Dot by 38.1% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,346 shares of the financial services provider’s stock worth $65,000 after buying an additional 371 shares during the period. Institutional investors and hedge funds own 89.58% of the company’s stock.

About Green Dot

Green Dot Corporation operates as a financial technology and bank holding company in the United States. It operates in two segments, Account Services, and Processing and Settlement Services. The company offers deposit account programs, such network-branded reloadable prepaid debit cards under the consumer brand names of GPR cards, consumer and small business checking accounts, network-branded gift cards, secured credit cards, and other financial services.

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Analyst Recommendations for Green Dot (NYSE:GDOT)

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