Bank of Nova Scotia Decreases Stock Holdings in Fidelity National Information Services, Inc. (NYSE:FIS)

Key Points

• Bank of Nova Scotia reduced its stake in Fidelity National Information Services by 22.5% in the first quarter, ending up with 55,606 shares valued at approximately $4.15 million.
• Fidelity National Information Services reported earnings per share of $1.36 for the latest quarter, meeting analysts' expectations and demonstrating a 5.1% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.40 per share, representing an annual yield of 2.2%, despite a payout ratio of 105.96%.

Bank of Nova Scotia decreased its position in Fidelity National Information Services, Inc. (NYSE:FIS - Free Report) by 22.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 55,606 shares of the information technology services provider's stock after selling 16,174 shares during the period. Bank of Nova Scotia's holdings in Fidelity National Information Services were worth $4,153,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. acquired a new position in shares of Fidelity National Information Services during the 1st quarter valued at about $276,000. Brown Advisory Inc. raised its stake in shares of Fidelity National Information Services by 16.7% during the first quarter. Brown Advisory Inc. now owns 329,325 shares of the information technology services provider's stock valued at $24,594,000 after purchasing an additional 47,086 shares during the period. Compass Wealth Management LLC lifted its holdings in Fidelity National Information Services by 13.5% in the 1st quarter. Compass Wealth Management LLC now owns 77,794 shares of the information technology services provider's stock worth $5,810,000 after buying an additional 9,251 shares in the last quarter. Brighton Jones LLC purchased a new position in Fidelity National Information Services in the fourth quarter valued at about $347,000. Finally, Meritage Portfolio Management boosted its stake in shares of Fidelity National Information Services by 43.9% during the 1st quarter. Meritage Portfolio Management now owns 82,571 shares of the information technology services provider's stock valued at $6,166,000 after buying an additional 25,203 shares during the last quarter. 96.23% of the stock is currently owned by hedge funds and other institutional investors.

Fidelity National Information Services Trading Down 8.7%

Shares of FIS stock opened at $72.13 on Wednesday. The firm has a 50 day moving average price of $80.31 and a two-hundred day moving average price of $76.90. The company has a market capitalization of $37.90 billion, a PE ratio of 47.77 and a beta of 1.04. Fidelity National Information Services, Inc. has a 12-month low of $66.51 and a 12-month high of $91.98. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.57.

Fidelity National Information Services (NYSE:FIS - Get Free Report) last issued its earnings results on Tuesday, August 5th. The information technology services provider reported $1.36 EPS for the quarter, meeting the consensus estimate of $1.36. Fidelity National Information Services had a net margin of 8.10% and a return on equity of 18.15%. The company had revenue of $2.62 billion during the quarter, compared to analysts' expectations of $2.57 billion. During the same period in the previous year, the company earned $1.36 EPS. The business's revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, analysts predict that Fidelity National Information Services, Inc. will post 5.74 earnings per share for the current year.

Fidelity National Information Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 10th. Fidelity National Information Services's dividend payout ratio is currently 105.96%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Truist Financial lifted their price objective on shares of Fidelity National Information Services from $84.00 to $85.00 and gave the stock a "hold" rating in a report on Thursday, July 17th. Oppenheimer raised Fidelity National Information Services from a "market perform" rating to an "outperform" rating and set a $94.00 price target for the company in a research note on Wednesday, April 23rd. Royal Bank Of Canada dropped their target price on Fidelity National Information Services from $95.00 to $93.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. TD Cowen raised shares of Fidelity National Information Services from a "hold" rating to a "buy" rating and set a $92.00 price target for the company in a report on Monday, April 21st. Finally, Robert W. Baird increased their price objective on Fidelity National Information Services from $82.00 to $86.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Fidelity National Information Services currently has a consensus rating of "Moderate Buy" and a consensus target price of $91.00.

About Fidelity National Information Services

Fidelity National Information Services, Inc engages in the provision of financial services technology solutions for financial institutions, businesses, and developers worldwide. It operates through Banking Solutions, Capital Market Solutions, and Corporate and Other segments. The company provides core processing and ancillary applications; mobile and online banking; fraud, risk management, and compliance; card and retail payment; electronic funds transfer and network; wealth and retirement; and item processing and output solutions.

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