Zacks Investment Research upgraded shares of Fiserv, Inc. (NASDAQ:FISV) from a sell rating to a hold rating in a report released on Monday, October 16th.
According to Zacks, “Fiserv's financial and payment solutions business is backed by a broad customer base, expanding product portfolio and key contract wins. Product-oriented acquisitions are also leading to a steady flow of customers. Investment in digital-oriented technologies is improving its competitiveness. The company is expected to benefit from its five year cost cutting program. Estimates have also been stable lately ahead of the company’s Q3 earnings release. The company has mixed record of earnings surprises in recent quarters. However, we continue to be wary of stricter regulations in the banking/financial services industry, stiff competition and its highly leveraged balance sheet. Notably, the company has underperformed the industry on a year-to-date basis.”
A number of other research firms have also recently commented on FISV. Royal Bank Of Canada boosted their target price on shares of Fiserv from $123.00 to $128.00 and gave the stock a sector perform rating in a research report on Wednesday, August 2nd. Barclays PLC reissued an equal weight rating and set a $123.00 target price (up from $115.00) on shares of Fiserv in a research report on Wednesday, August 2nd. BMO Capital Markets boosted their target price on shares of Fiserv from $112.00 to $133.00 and gave the stock a market perform rating in a research report on Tuesday, August 1st. Robert W. Baird reissued an outperform rating and set a $146.00 target price (up from $136.00) on shares of Fiserv in a research report on Tuesday, October 10th. Finally, Cowen and Company restated a hold rating and issued a $115.00 price target on shares of Fiserv in a research note on Thursday, October 12th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $127.77.
Fiserv (FISV) opened at 128.94 on Monday. The firm’s 50 day moving average is $126.52 and its 200 day moving average is $123.53. The company has a market cap of $27.14 billion, a P/E ratio of 31.56 and a beta of 0.82. Fiserv has a 12-month low of $92.81 and a 12-month high of $129.81.
Fiserv (NASDAQ:FISV) last announced its quarterly earnings results on Tuesday, August 1st. The business services provider reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.04). The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.42 billion. Fiserv had a net margin of 16.04% and a return on equity of 41.79%. The company’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period last year, the firm earned $1.08 earnings per share. Equities research analysts anticipate that Fiserv will post $5.10 EPS for the current fiscal year.
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In related news, Director Kim M. Robak sold 6,124 shares of the stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $124.54, for a total value of $762,682.96. Following the transaction, the director now owns 42,141 shares in the company, valued at $5,248,240.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffery W. Yabuki sold 17,000 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $122.02, for a total value of $2,074,340.00. Following the completion of the transaction, the insider now owns 269,151 shares in the company, valued at approximately $32,841,805.02. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 57,124 shares of company stock worth $7,133,943. Corporate insiders own 1.80% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC boosted its position in Fiserv by 8.2% during the second quarter. Parallel Advisors LLC now owns 849 shares of the business services provider’s stock worth $109,000 after purchasing an additional 64 shares during the period. Chicago Partners Investment Group LLC bought a new stake in Fiserv during the second quarter worth approximately $104,000. Acrospire Investment Management LLC bought a new stake in shares of Fiserv in the second quarter valued at approximately $122,000. Trust Co. of Vermont boosted its position in shares of Fiserv by 53.3% in the second quarter. Trust Co. of Vermont now owns 1,303 shares of the business services provider’s stock valued at $159,000 after acquiring an additional 453 shares during the period. Finally, Sun Life Financial INC boosted its position in shares of Fiserv by 11,838.5% in the second quarter. Sun Life Financial INC now owns 1,552 shares of the business services provider’s stock valued at $190,000 after acquiring an additional 1,539 shares during the period. 87.71% of the stock is owned by hedge funds and other institutional investors.
Fiserv, Inc is a provider of financial services technology. The Company provides account processing systems; electronic payments processing products and services, such as electronic bill payments, transaction processing, account-to-account transfers, and person-to-person payments; Internet and mobile banking systems, and related services, including document and payment card production and distribution, and lending and risk management products and services.
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