Summit Financial LLC Grows Stock Holdings in Fiserv, Inc. (NYSE:FI)

Summit Financial LLC lifted its position in Fiserv, Inc. (NYSE:FI) by 30.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,520 shares of the business services provider’s stock after buying an additional 1,295 shares during the quarter. Summit Financial LLC’s holdings in Fiserv were worth $1,134,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Alliancebernstein L.P. grew its position in Fiserv by 65.6% in the 4th quarter. Alliancebernstein L.P. now owns 5,437,246 shares of the business services provider’s stock valued at $1,116,919,000 after acquiring an additional 2,153,554 shares in the last quarter. Meeder Asset Management Inc. grew its holdings in shares of Fiserv by 635.5% in the fourth quarter. Meeder Asset Management Inc. now owns 1,346 shares of the business services provider’s stock valued at $276,000 after purchasing an additional 1,163 shares in the last quarter. FSB Premier Wealth Management Inc. increased its stake in Fiserv by 19.9% during the 4th quarter. FSB Premier Wealth Management Inc. now owns 1,349 shares of the business services provider’s stock worth $277,000 after buying an additional 224 shares during the period. Hazlett Burt & Watson Inc. lifted its holdings in Fiserv by 62.8% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 1,918 shares of the business services provider’s stock worth $394,000 after buying an additional 740 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its position in Fiserv by 10.6% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 68,773 shares of the business services provider’s stock valued at $14,127,000 after buying an additional 6,590 shares during the period. Institutional investors and hedge funds own 90.98% of the company’s stock.

Fiserv Price Performance

Shares of NYSE:FI opened at $221.98 on Wednesday. Fiserv, Inc. has a one year low of $145.98 and a one year high of $238.59. The stock has a market capitalization of $124.59 billion, a price-to-earnings ratio of 41.18, a PEG ratio of 1.52 and a beta of 0.93. The company has a 50-day simple moving average of $222.51 and a 200-day simple moving average of $208.84. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.07 and a current ratio of 1.06.

Fiserv (NYSE:FI) last posted its quarterly earnings data on Wednesday, February 5th. The business services provider reported $2.51 EPS for the quarter, beating the consensus estimate of $2.48 by $0.03. Fiserv had a return on equity of 17.93% and a net margin of 15.31%. On average, analysts predict that Fiserv, Inc. will post 10.23 EPS for the current year.

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Royal Bank of Canada increased their price objective on Fiserv from $255.00 to $270.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Seaport Res Ptn raised Fiserv from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 14th. Susquehanna boosted their price objective on Fiserv from $230.00 to $270.00 and gave the stock a “positive” rating in a research report on Monday, February 10th. Morgan Stanley upped their target price on shares of Fiserv from $258.00 to $267.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. Finally, Wells Fargo & Company boosted their price target on shares of Fiserv from $240.00 to $270.00 and gave the stock an “overweight” rating in a report on Thursday, February 6th. Two research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $242.32.

Insider Buying and Selling

In other Fiserv news, COO Guy Chiarello sold 45,000 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $235.55, for a total value of $10,599,750.00. Following the transaction, the chief operating officer now directly owns 227,711 shares of the company’s stock, valued at approximately $53,637,326.05. The trade was a 16.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.75% of the company’s stock.

Fiserv Company 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.