AGF Management Ltd. Reduces Stake in Fiserv, Inc. (NYSE:FI)

Key Points

• AGF Management Ltd. has decreased its stake in Fiserv, Inc. by 3.4%, now holding 101,053 shares valued at approximately $22.3 million.
• Major institutional investors have increased their positions in Fiserv, with JPMorgan Chase & Co. and GAMMA Investing LLC significantly growing their stakes in the first quarter.
• Analysts have revised target prices for Fiserv, with Citigroup lowering its target from $267 to $240, while the stock has received a consensus rating of "Moderate Buy".

AGF Management Ltd. trimmed its holdings in shares of Fiserv, Inc. (NYSE:FI - Free Report) by 3.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 101,053 shares of the business services provider's stock after selling 3,600 shares during the period. AGF Management Ltd.'s holdings in Fiserv were worth $22,316,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Brighton Jones LLC lifted its position in Fiserv by 91.9% during the fourth quarter. Brighton Jones LLC now owns 4,245 shares of the business services provider's stock worth $872,000 after acquiring an additional 2,033 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in Fiserv by 4.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 87,727 shares of the business services provider's stock valued at $18,013,000 after acquiring an additional 3,787 shares during the last quarter. Advisors Capital Management LLC raised its position in Fiserv by 2.8% during the fourth quarter. Advisors Capital Management LLC now owns 4,616 shares of the business services provider's stock valued at $948,000 after purchasing an additional 126 shares in the last quarter. Savvy Advisors Inc. raised its position in Fiserv by 10.0% during the fourth quarter. Savvy Advisors Inc. now owns 1,457 shares of the business services provider's stock valued at $299,000 after purchasing an additional 133 shares in the last quarter. Finally, SageView Advisory Group LLC raised its position in Fiserv by 10.8% during the fourth quarter. SageView Advisory Group LLC now owns 1,536 shares of the business services provider's stock valued at $316,000 after purchasing an additional 150 shares in the last quarter. 90.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FI has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Fiserv in a research note on Thursday, July 17th. They issued a "buy" rating and a $200.00 price target on the stock. Morgan Stanley reduced their price objective on shares of Fiserv from $268.00 to $266.00 and set an "overweight" rating for the company in a research report on Monday, July 21st. Stephens reduced their price objective on shares of Fiserv from $240.00 to $180.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Truist Financial increased their target price on shares of Fiserv from $181.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, KeyCorp reduced their target price on shares of Fiserv from $250.00 to $200.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Fiserv has a consensus rating of "Moderate Buy" and an average price target of $207.08.

Insider Activity

In other news, EVP Andrew Gelb sold 5,652 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $160.00, for a total transaction of $904,320.00. Following the completion of the transaction, the executive vice president directly owned 25,385 shares of the company's stock, valued at approximately $4,061,600. This represents a 18.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Adam L. Rosman sold 2,512 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $160.68, for a total value of $403,628.16. Following the completion of the sale, the insider directly owned 53,385 shares of the company's stock, valued at approximately $8,577,901.80. This trade represents a 4.49% 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 Trading Up 1.6%

Shares of FI stock traded up $2.14 during trading on Friday, hitting $136.76. 4,203,748 shares of the stock traded hands, compared to its average volume of 4,468,234. The firm has a market capitalization of $74.34 billion, a P/E ratio of 22.83, a price-to-earnings-growth ratio of 0.87 and a beta of 0.91. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.09 and a quick ratio of 1.09. The firm's fifty day moving average price is $157.58 and its 200-day moving average price is $188.12. Fiserv, Inc. has a 52-week low of $128.22 and a 52-week high of $238.59.

Fiserv (NYSE:FI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The business services provider reported $2.47 EPS for the quarter, topping the consensus estimate of $2.43 by $0.04. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.20 billion. Fiserv had a net margin of 16.00% and a return on equity of 19.69%. The company's quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.13 earnings per share. As a group, research analysts forecast that Fiserv, Inc. will post 10.23 earnings per share for the current fiscal year.

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.