Fiserv, Inc. $FISV Stock: Assenagon Asset Management S.A. Trims Holdings

Key Points

• Assenagon Asset Management cut its Fiserv stake by 51.6% in the third quarter, selling 565,101 shares and retaining 529,306 shares valued at approximately $23.9 million. Institutional investors still own 90.98% of the company.
• Fiserv’s latest quarterly results fell short of expectations, with adjusted EPS of $1.84 versus the $1.91 consensus and revenue of $4.96 billion versus $5.04 billion expected; revenue declined 4.1% year over year.
• Analysts maintain a consensus “Hold” rating, with an average price target of $69.17, while the stock recently traded at $47.55. A company director separately purchased 10,000 shares at $51.95 each.

Assenagon Asset Management S.A. lowered its stake in shares of Fiserv, Inc. (NASDAQ:FISV - Free Report) by 51.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 529,306 shares of the business services provider's stock after selling 565,101 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.10% of Fiserv worth $23,914,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Retirement Planning Co of New England Inc. increased its holdings in Fiserv by 33.5% in the third quarter. Retirement Planning Co of New England Inc. now owns 39,663 shares of the business services provider's stock valued at $1,792,000 after purchasing an additional 9,961 shares during the last quarter. Mystic Asset Management Inc. raised its position in shares of Fiserv by 43.9% in the 3rd quarter. Mystic Asset Management Inc. now owns 25,615 shares of the business services provider's stock valued at $1,157,000 after acquiring an additional 7,810 shares during the period. Elevated Private Wealth LLC raised its position in shares of Fiserv by 9.8% in the 3rd quarter. Elevated Private Wealth LLC now owns 30,287 shares of the business services provider's stock valued at $1,368,000 after acquiring an additional 2,698 shares during the period. TT Capital Management LLC raised its position in shares of Fiserv by 56.9% in the 3rd quarter. TT Capital Management LLC now owns 15,729 shares of the business services provider's stock valued at $711,000 after acquiring an additional 5,704 shares during the period. Finally, ZWJ Investment Counsel Inc. boosted its stake in Fiserv by 32.4% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 59,145 shares of the business services provider's stock worth $2,672,000 after acquiring an additional 14,464 shares during the last quarter. 90.98% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Lance Fritz bought 10,000 shares of the company's stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average price of $51.95 per share, for a total transaction of $519,500.00. Following the completion of the acquisition, the director owned 27,207 shares of the company's stock, valued at approximately $1,413,403.65. The trade was a 58.12% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.06% of the company's stock.

Fiserv Price Performance

NASDAQ:FISV opened at $47.55 on Monday. The stock has a 50-day simple moving average of $49.44 and a 200 day simple moving average of $52.75. Fiserv, Inc. has a 52-week low of $43.87 and a 52-week high of $128.78. The company has a market cap of $25.29 billion, a PE ratio of 9.13, a PEG ratio of 4.75 and a beta of 0.80. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.04 and a current ratio of 1.04.

Fiserv (NASDAQ:FISV - Get Free Report) last released its earnings results on Thursday, August 6th. The business services provider reported $1.84 EPS for the quarter, missing the consensus estimate of $1.91 by ($0.07). Fiserv had a net margin of 13.42% and a return on equity of 15.80%. The firm had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $5.04 billion. The business's revenue for the quarter was down 4.1% on a year-over-year basis. On average, sell-side analysts expect that Fiserv, Inc. will post 7.25 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FISV. JPMorgan Chase & Co. reduced their price target on shares of Fiserv from $62.00 to $60.00 and set a "neutral" rating on the stock in a research report on Friday, August 7th. Barclays set a $50.00 price objective on shares of Fiserv and gave the company an "equal weight" rating in a research report on Friday, October 9th. Zacks Research downgraded Fiserv from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods dropped their price objective on Fiserv from $70.00 to $65.00 and set an "outperform" rating on the stock in a research note on Friday, August 7th. Finally, Raymond James Financial reiterated a "market perform" rating on shares of Fiserv in a report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, twenty-five have assigned a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat.com, Fiserv currently has a consensus rating of "Hold" and an average target price of $69.17.

Fiserv Profile

Fiserv, Inc is a global financial technology company that provides payment, banking, and commerce solutions to financial institutions, merchants, and other businesses. Its services support electronic payments, card processing, digital banking, account processing, fraud prevention, and related financial workflows.

The company's offerings include merchant acceptance and payments technology, issuer processing, digital banking platforms, core account-processing systems, electronic bill payment, and data-driven financial services.

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