Fiserv Inc (NASDAQ:FISV) traded down 5.5% during trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $73.51 and last traded at $74.91. 5,665,542 shares changed hands during trading, an increase of 193% from the average session volume of 1,931,185 shares. The stock had previously closed at $79.30.
The business services provider reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.02). Fiserv had a return on equity of 44.25% and a net margin of 25.14%. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the company earned $1.27 earnings per share. Fiserv’s revenue for the quarter was up .9% compared to the same quarter last year.
A number of equities analysts have recently weighed in on the company. Citigroup upped their target price on Fiserv from $72.00 to $76.00 and gave the stock a “neutral” rating in a research report on Thursday, August 2nd. BidaskClub raised Fiserv from a “hold” rating to a “buy” rating in a research report on Friday, October 19th. Zacks Investment Research raised Fiserv from a “hold” rating to a “buy” rating and set a $84.00 price target for the company in a research report on Friday, August 3rd. Robert W. Baird increased their price target on Fiserv from $82.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, September 24th. Finally, Argus set a $90.00 price target on Fiserv and gave the company a “buy” rating in a research report on Wednesday, September 19th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the stock. Fiserv currently has an average rating of “Hold” and a consensus target price of $78.82.
In other Fiserv news, insider Jeffery W. Yabuki sold 50,000 shares of the company’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $79.72, for a total value of $3,986,000.00. Following the completion of the transaction, the insider now owns 418,380 shares in the company, valued at approximately $33,353,253.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 150,000 shares of company stock valued at $11,864,000 over the last three months. 1.80% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the business. BlackRock Inc. grew its stake in Fiserv by 0.4% in the 2nd quarter. BlackRock Inc. now owns 30,363,909 shares of the business services provider’s stock valued at $2,249,662,000 after purchasing an additional 114,847 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Fiserv by 8.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 23,462,481 shares of the business services provider’s stock valued at $1,738,335,000 after purchasing an additional 1,909,078 shares during the period. Voya Investment Management LLC grew its stake in Fiserv by 31.8% in the 2nd quarter. Voya Investment Management LLC now owns 5,584,840 shares of the business services provider’s stock valued at $413,781,000 after purchasing an additional 1,346,387 shares during the period. CIBC Private Wealth Group LLC grew its stake in Fiserv by 0.9% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 2,514,021 shares of the business services provider’s stock valued at $186,264,000 after purchasing an additional 22,659 shares during the period. Finally, Swiss National Bank grew its stake in Fiserv by 1.4% in the 2nd quarter. Swiss National Bank now owns 2,328,444 shares of the business services provider’s stock valued at $172,514,000 after purchasing an additional 31,500 shares during the period. Hedge funds and other institutional investors own 87.67% of the company’s stock.
The company has a market cap of $31.56 billion, a PE ratio of 27.35, a price-to-earnings-growth ratio of 2.16 and a beta of 0.79. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.09 and a quick ratio of 1.09.
About Fiserv (NASDAQ:FISV)
Fiserv, Inc, together with its subsidiaries, provides financial services technology worldwide. The company's Payments and Industry Products segment provides electronic bill payment and presentment services; mobile banking software and services; account-to-account transfers; person-to-person payment services; debit and credit card processing and services; payments infrastructure services; and other electronic payments software and services.
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