Citigroup Inc. Raises Stake in Fiserv, Inc. (NYSE:FI)

Key Points

• Citigroup Inc. increased its holdings in Fiserv, Inc. by 72.2% in the first quarter, now owning approximately 1.39 million shares valued at $307.68 million.
• Institutional investors and hedge funds collectively own 90.98% of Fiserv's stock, indicating strong institutional support for the company.
• Fiserv reported Q2 earnings of $2.47 per share, exceeding analysts' expectations, with a year-over-year revenue increase of 8.0% to $5.20 billion.

Citigroup Inc. increased its stake in Fiserv, Inc. (NYSE:FI - Free Report) by 72.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,393,268 shares of the business services provider's stock after purchasing an additional 583,949 shares during the quarter. Citigroup Inc. owned 0.25% of Fiserv worth $307,675,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FI. 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 valued at $872,000 after buying an additional 2,033 shares in the last quarter. Bank of Nova Scotia increased its holdings in Fiserv by 0.9% in the fourth quarter. Bank of Nova Scotia now owns 91,750 shares of the business services provider's stock worth $18,853,000 after buying an additional 843 shares during the last quarter. DRW Securities LLC grew its holdings in Fiserv by 4.5% during the fourth quarter. DRW Securities LLC now owns 5,344 shares of the business services provider's stock valued at $1,098,000 after purchasing an additional 228 shares during the last quarter. CenterBook Partners LP grew its holdings in Fiserv by 420.4% during the fourth quarter. CenterBook Partners LP now owns 18,171 shares of the business services provider's stock valued at $3,733,000 after purchasing an additional 14,679 shares during the last quarter. Finally, Scotia Capital Inc. boosted its position in shares of Fiserv by 24.6% in the fourth quarter. Scotia Capital Inc. now owns 16,283 shares of the business services provider's stock valued at $3,345,000 after acquiring an additional 3,215 shares during the period. 90.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Robert W. Baird reduced their price objective on Fiserv from $225.00 to $185.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. KeyCorp lowered their price objective on Fiserv from $250.00 to $200.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. BMO Capital Markets lowered their price objective on Fiserv from $254.00 to $232.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. UBS Group lowered their price objective on Fiserv from $225.00 to $170.00 and set a "buy" rating for the company in a research report on Friday, July 25th. Finally, Piper Sandler set a $218.00 price objective on Fiserv in a research report on Friday, April 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Fiserv currently has a consensus rating of "Moderate Buy" and an average target price of $207.08.

Insider Transactions at Fiserv

In related news, 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 transaction of $403,628.16. Following the completion of the sale, the insider owned 53,385 shares of the company's stock, valued at $8,577,901.80. This represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Andrew Gelb sold 5,652 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were 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 owned 25,385 shares of the company's stock, valued at approximately $4,061,600. This trade represents a 18.21% decrease in their position. The disclosure for this sale can be found here. 0.75% of the stock is currently owned by company insiders.

Fiserv Stock Down 0.1%

NYSE:FI traded down $0.08 during trading hours on Tuesday, hitting $132.14. The company's stock had a trading volume of 1,241,006 shares, compared to its average volume of 4,468,262. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.09. Fiserv, Inc. has a 52-week low of $128.22 and a 52-week high of $238.59. The stock has a market capitalization of $71.83 billion, a P/E ratio of 22.08, a price-to-earnings-growth ratio of 0.87 and a beta of 0.91. The stock has a fifty day moving average of $159.40 and a 200-day moving average of $189.43.

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