TSYS stock hits all-time high of $60.83 as firm inks deal with bank
A mere coincidence, of course. But on the same day that it announced a long-term contract extension with a German bank, TSYS employees and investors also got to enjoy the fact that shares of the company’s stock surged not only to a 52-week high, but to an all-time high of $60.83.
In an overall positive trading environment on Thursday, the company’s shares jumped more than half a buck from the previous day’s close to reach the notable high of $60.83, giving a bit of that back before closing at $60.66 on the New York Stock Exchange. The stock’s low for the past year is $46.22, which came on Dec. 30, 2016.
Companies typically take the public stance that movement of stock prices are, in ways, out of their hands due to the fact that investors can shift the numbers up and down on any particular day. With that in mind, TSYS spokesman Cyle Mims said the company would have to decline to comment on Thursday’s stock performance.
Columbus-based TSYS, like most companies do, has gone into a so-called “quiet period” heading into the release of its second-quarter earnings report on July 25. A quiet period is a corporate term for not wanting any public communication to influence investors who may be considering purchasing or selling shares of stock.
The trading milestone by TSYS on Thursday came about the time that the credit-card and payment processor was announcing that it has extended a commercial payments agreement with Degussa Bank out of Frankfurt, Germany. The bank has been a client of TSYS for 10 years.
Financial terms were not released, but the deal has TSYS handling products and services for Degussa’s corporate and business customers. That includes the bank’s Mastercard and Visa accounts, along with fraud and risk management.
Dieter Bourlauf, Degussa Bank’s chief digital officer, in a statement expressed excitement over his firm’s contract extension with TSYS.
“Their strong track record of success and stellar reputation in the commercial card industry, combined with the quality service we have experienced since our original conversion onto their platform, gives us confidence that they will continue to help our commercial card program grow and flourish,” Bourlauf said.
Thursday’s deal between TSYS and the German bank is one of several new contracts and extensions announced by the Columbus firm this year. It has signed agreements with Tesco Bank, Valley National Bank, Featurespace, Qatar International Islamic Bank, Enfuce Financial Services, International Bank of Qatar and BBVA Compass.
TSYS, which has its global corporate headquarters in downtown Columbus, dates to 1959 when it was a credit-card operation for Columbus Bank & Trust. It began processing cards for other companies in 1974, then was incorporated as publicly traded Total System Services in 1983, when it was a majority-owned subsidiary of Columbus-based Synovus Financial Corp. TSYS was spun off from Synovus in late 2007.
TSYS is scheduled to release its second-quarter earnings report after the markets close on July 25. The company employs about 11,500 worldwide, with offices in 13 nations. It processed 25.5 billion transactions in 2016, generating revenue of $4.2 billion.
This story was originally published July 13, 2017 at 12:49 PM with the headline "TSYS stock hits all-time high of $60.83 as firm inks deal with bank."