KeyCorp Lowers First Data (FDC) Price Target to $25.00

First Data (NYSE:FDC) had its target price dropped by KeyCorp from $28.00 to $25.00 in a research note issued to investors on Tuesday. The firm currently has an “overweight” rating on the business services provider’s stock. KeyCorp’s target price would suggest a potential upside of 32.70% from the company’s previous close. KeyCorp also issued estimates for First Data’s Q4 2018 earnings at $0.30 EPS.

FDC has been the subject of several other reports. Goldman Sachs Group lifted their target price on shares of First Data to $30.00 and gave the stock a “buy” rating in a research note on Thursday, August 30th. They noted that the move was a valuation call. Zacks Investment Research raised shares of First Data from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Wednesday, July 4th. ValuEngine raised shares of First Data from a “hold” rating to a “buy” rating in a research note on Tuesday, September 4th. Buckingham Research lifted their target price on shares of First Data from $27.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, October 26th. Finally, SunTrust Banks reissued a “buy” rating and set a $29.00 price objective on shares of First Data in a research note on Tuesday, July 31st. Five research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $27.12.

FDC stock opened at $18.84 on Tuesday. The company has a market capitalization of $16.66 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 1.35 and a beta of 1.56. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.03 and a quick ratio of 1.03. First Data has a one year low of $14.73 and a one year high of $26.62.

First Data (NYSE:FDC) last released its earnings results on Monday, October 29th. The business services provider reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.02). The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.22 billion. First Data had a return on equity of 19.84% and a net margin of 17.48%. The firm’s revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 earnings per share. As a group, sell-side analysts expect that First Data will post 1.24 EPS for the current year.

In related news, insider Barry C. Mccarthy sold 151,203 shares of the company’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $25.78, for a total transaction of $3,898,013.34. Following the completion of the sale, the insider now directly owns 484,774 shares of the company’s stock, valued at approximately $12,497,473.72. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Guy Chiarello sold 150,000 shares of the company’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $25.06, for a total transaction of $3,759,000.00. Following the sale, the president now directly owns 1,408,272 shares of the company’s stock, valued at $35,291,296.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 416,432 shares of company stock valued at $10,415,596. 5.60% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in FDC. OppenheimerFunds Inc. boosted its position in First Data by 95.9% during the 2nd quarter. OppenheimerFunds Inc. now owns 11,790,919 shares of the business services provider’s stock worth $246,783,000 after purchasing an additional 5,772,608 shares during the period. Millennium Management LLC boosted its position in First Data by 129.8% during the 2nd quarter. Millennium Management LLC now owns 6,182,051 shares of the business services provider’s stock worth $129,390,000 after purchasing an additional 3,492,441 shares during the period. Senator Investment Group LP boosted its position in First Data by 36.7% during the 2nd quarter. Senator Investment Group LP now owns 10,250,000 shares of the business services provider’s stock worth $214,532,000 after purchasing an additional 2,750,000 shares during the period. Argent Capital Management LLC purchased a new stake in First Data during the 2nd quarter worth $53,331,000. Finally, Worldquant Millennium Quantitative Strategies LLC purchased a new stake in First Data during the 2nd quarter worth $40,312,000. 51.45% of the stock is owned by hedge funds and other institutional investors.

About First Data

First Data Corporation provides electronic commerce solutions for merchants, financial institutions, and card issuers worldwide. It operates through three segments: Global Business Solutions (GBS), Global Financial Solutions (GFS), and Network & Security Solutions (NSS). The GBS segment offers retail point-of-sale merchant acquiring and e-commerce services; and mobile payment services, as well as its cloud-based Clover point-of-sale operating system, which includes a marketplace for proprietary and third-party business applications.

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