Summit Global Investments Sells 1,500 Shares of Fiserv, Inc. (NYSE:FI)

Summit Global Investments cut its position in shares of Fiserv, Inc. (NYSE:FI) by 53.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,317 shares of the business services provider’s stock after selling 1,500 shares during the period. Summit Global Investments’ holdings in Fiserv were worth $291,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Root Financial Partners LLC bought a new stake in Fiserv in the fourth quarter valued at $257,000. Principal Financial Group Inc. grew its position in Fiserv by 0.8% in the fourth quarter. Principal Financial Group Inc. now owns 929,193 shares of the business services provider’s stock valued at $190,875,000 after acquiring an additional 7,183 shares during the period. Centricity Wealth Management LLC bought a new stake in Fiserv in the fourth quarter valued at $79,000. E. Ohman J or Asset Management AB grew its position in Fiserv by 9.0% in the fourth quarter. E. Ohman J or Asset Management AB now owns 26,100 shares of the business services provider’s stock valued at $5,361,000 after acquiring an additional 2,150 shares during the period. Finally, GDS Wealth Management grew its position in Fiserv by 4.7% in the fourth quarter. GDS Wealth Management now owns 75,901 shares of the business services provider’s stock valued at $15,592,000 after acquiring an additional 3,395 shares during the period. 90.98% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on FI. Keefe, Bruyette & Woods lowered their price target on Fiserv from $240.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 21st. Morgan Stanley reissued an “overweight” rating and issued a $268.00 price objective (up previously from $267.00) on shares of Fiserv in a research note on Friday, April 25th. Citigroup reduced their price objective on Fiserv from $267.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. Wells Fargo & Company boosted their price objective on Fiserv from $240.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. Finally, Stephens boosted their price objective on Fiserv from $255.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. Two analysts have rated the stock with a sell rating, one has given a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $221.84.

Insiders Place Their Bets

In other news, insider Adam L. Rosman sold 2,512 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $160.68, for a total transaction of $403,628.16. Following the completion of the transaction, the insider now directly owns 53,385 shares of the company’s stock, valued at $8,577,901.80. This trade represents a 4.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andrew Gelb sold 5,652 shares of the firm’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $160.00, for a total transaction of $904,320.00. Following the transaction, the executive vice president now directly owns 25,385 shares of the company’s stock, valued at $4,061,600. This represents a 18.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.74% of the company’s stock.

Fiserv Stock Performance

Shares of NYSE:FI opened at $162.40 on Monday. The company has a market capitalization of $90.04 billion, a price-to-earnings ratio of 30.13, a P/E/G ratio of 1.52 and a beta of 0.97. The firm’s 50 day simple moving average is $191.13 and its 200 day simple moving average is $207.13. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.06 and a quick ratio of 1.07. Fiserv, Inc. has a fifty-two week low of $146.25 and a fifty-two week high of $238.59.

Fiserv (NYSE:FI) last announced its quarterly earnings results on Thursday, April 24th. The business services provider reported $2.14 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.06. The business had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.86 billion. Fiserv had a net margin of 15.31% and a return on equity of 17.93%. Fiserv’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period last year, the company posted $1.88 EPS. As a group, sell-side analysts forecast that Fiserv, Inc. will post 10.23 earnings per share for the current year.

Fiserv declared that its Board of Directors has authorized a stock repurchase program on Thursday, February 20th that allows the company to buyback 60,000,000 shares. This buyback authorization allows the business services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

Fiserv Profile

Fiserv, Inc, together with its subsidiaries, provides payments and financial services technology services in the United States, Europe, the Middle East and Africa, Latin America, the Asia-Pacific, and internationally. It operates through Merchant Acceptance, Financial Technology, and Payments and Network segments.