Another week, another all-time high, it would appear.
That’s the case with global credit-card and payment processor TSYS, whose shares jumped more than a dollar in trading on the New York Stock Exchange Tuesday.
The closing price was $61.53, which was up $1.03 per share, or 1.7 percent. The all-time high came earlier in the day when the stock touched $61.58. It was just last Thursday that the company reached an all-time high of $60.83 per share.
The company, headquartered in downtown Columbus, is apparently reaping the benefits of doing business in an outperforming sector. An article Tuesday in Investor’s Business Daily explained that companies such as Total System Services (the incorporated name of TSYS), Visa, Mastercard, PayPal, Square, Vantive and First Data are “outdistancing” other sectors on the market, thus creating the stock rally.
Citing KeyBanc Capital Markets analyst Josh Beck, the business publication laid out the theory that as banks see their financials improving, thus should those firms that process their credit cards and payments, while providing other needed services.
“Early strong payments growth from banks bodes well for issuer processing, which prompts slightly higher estimates,” Investor’s Business Daily quotes the analyst specifically on TSYS. He has raised the price target of the company from $64 per share to $68.
TSYS is scheduled to release its second-quarter earnings report on July 25.
Columbus-based Synovus Financial Corp., which uses the services of TSYS, issued its quarterly report Tuesday. The Southeast regional bank reported a profit of $73.4 million, up 21 percent from $57.9 million in the April-June period a year ago.
Another firm headquartered in Columbus, supplemental health and life insurer Aflac, will release its second-quarter financial report on July 27.