Empirical Financial Services LLC d.b.a. Empirical Wealth Management Trims Stake in Fiserv, Inc. $FI

Key Points

• Empirical Wealth Management reduced its stake in Fiserv by 10.6% in Q2 2023, leaving it with 69,913 shares valued at approximately $12.05 million.
• Despite Empirical's reduction, other institutional investors significantly increased their stakes, with notable increases including JPMorgan Chase & Co. growing its position by 77.2%.
• The stock has received a consensus rating of "Moderate Buy" from analysts, with a projected average target price of $205.96.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management cut its position in Fiserv, Inc. (NYSE:FI - Free Report) by 10.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 69,913 shares of the business services provider's stock after selling 8,323 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Fiserv were worth $12,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of FI. Nuveen LLC purchased a new stake in shares of Fiserv in the first quarter worth $1,722,584,000. JPMorgan Chase & Co. grew its stake in Fiserv by 77.2% during the first quarter. JPMorgan Chase & Co. now owns 15,354,767 shares of the business services provider's stock valued at $3,390,793,000 after acquiring an additional 6,691,703 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Fiserv by 939.0% during the second quarter. Assenagon Asset Management S.A. now owns 2,039,032 shares of the business services provider's stock valued at $351,550,000 after acquiring an additional 1,842,784 shares in the last quarter. Swedbank AB grew its stake in Fiserv by 366.0% during the second quarter. Swedbank AB now owns 1,588,747 shares of the business services provider's stock valued at $273,916,000 after acquiring an additional 1,247,801 shares in the last quarter. Finally, GQG Partners LLC purchased a new position in Fiserv during the first quarter valued at $265,769,000. 90.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FI has been the subject of several research analyst reports. UBS Group cut their target price on shares of Fiserv from $225.00 to $170.00 and set a "buy" rating for the company in a research note on Friday, July 25th. Jefferies Financial Group cut their target price on shares of Fiserv from $140.00 to $130.00 and set a "hold" rating for the company in a research note on Monday. Robert W. Baird cut their target price on shares of Fiserv from $225.00 to $185.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Wall Street Zen upgraded shares of Fiserv from a "hold" rating to a "buy" rating in a research report on Saturday, September 20th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Fiserv from $210.00 to $190.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $205.96.

Fiserv Price Performance

FI stock opened at $125.63 on Friday. The company has a fifty day simple moving average of $134.88 and a two-hundred day simple moving average of $166.29. The firm has a market capitalization of $68.29 billion, a P/E ratio of 20.97, a price-to-earnings-growth ratio of 0.82 and a beta of 0.95. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.09. Fiserv, Inc. has a 52 week low of $124.89 and a 52 week high of $238.59.

Fiserv (NYSE:FI - Get Free Report) last released its earnings results on Wednesday, July 23rd. The business services provider reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.04. The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.20 billion. Fiserv had a net margin of 16.00% and a return on equity of 19.69%. The business's revenue was up 8.0% on a year-over-year basis. During the same quarter last year, the business earned $2.13 EPS. Fiserv has set its FY 2025 guidance at 10.150-10.30 EPS. Analysts anticipate that Fiserv, Inc. will post 10.23 earnings per share for the current fiscal year.

About Fiserv

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.

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