Patton Fund Management Inc. Makes New Investment in Fiserv, Inc. (NYSE:FI)

Patton Fund Management Inc. purchased a new position in Fiserv, Inc. (NYSE:FI - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,575 shares of the business services provider's stock, valued at approximately $2,998,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in Fiserv by 0.8% in the fourth quarter. Principal Financial Group Inc. now owns 929,193 shares of the business services provider's stock worth $190,875,000 after acquiring an additional 7,183 shares in the last quarter. Centricity Wealth Management LLC bought a new position in Fiserv in the fourth quarter worth approximately $79,000. American National Bank & Trust boosted its holdings in Fiserv by 2.4% in the first quarter. American National Bank & Trust now owns 85,838 shares of the business services provider's stock worth $18,956,000 after acquiring an additional 1,983 shares in the last quarter. Evercore Wealth Management LLC bought a new position in shares of Fiserv in the fourth quarter valued at approximately $54,981,000. Finally, Union Bancaire Privee UBP SA bought a new position in shares of Fiserv in the fourth quarter valued at approximately $11,330,000. Institutional investors own 90.98% of the company's stock.

Insider Buying and Selling at Fiserv

In other news, insider Adam L. Rosman sold 2,512 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $160.68, for a total value of $403,628.16. Following the transaction, the insider now directly owns 53,385 shares in the company, valued at $8,577,901.80. The trade was a 4.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andrew Gelb sold 5,652 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $160.00, for a total value of $904,320.00. Following the completion of the transaction, the executive vice president now owns 25,385 shares in the company, valued at $4,061,600. The trade was a 18.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.74% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods dropped their target price on Fiserv from $240.00 to $200.00 and set an "outperform" rating on the stock in a report on Wednesday, May 21st. Tigress Financial boosted their price objective on Fiserv from $244.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Piper Sandler set a $218.00 price objective on Fiserv in a research report on Friday, April 25th. Citigroup cut their price objective on Fiserv from $267.00 to $240.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Finally, The Goldman Sachs Group cut their price objective on Fiserv from $223.00 to $194.00 and set a "buy" rating on the stock in a research report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $220.27.

Fiserv Stock Performance

NYSE:FI opened at $164.94 on Tuesday. The stock has a 50-day simple moving average of $180.92 and a two-hundred day simple moving average of $203.05. Fiserv, Inc. has a 52-week low of $146.46 and a 52-week high of $238.59. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.07 and a current ratio of 1.06. The firm has a market capitalization of $91.45 billion, a PE ratio of 30.60, a P/E/G ratio of 1.52 and a beta of 0.90.

Fiserv (NYSE:FI - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The business services provider reported $2.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.06. Fiserv had a return on equity of 17.93% and a net margin of 15.31%. The business had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same quarter in the previous year, the company posted $1.88 earnings per share. Fiserv's revenue for the quarter was up 5.1% on a year-over-year basis. Analysts forecast that Fiserv, Inc. will post 10.23 EPS for the current year.

Fiserv declared that its Board of Directors has approved a stock buyback plan on Thursday, February 20th that allows the company to repurchase 60,000,000 outstanding shares. This repurchase authorization allows the business services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

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.

Want to see what other hedge funds are holding FI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fiserv, Inc. (NYSE:FI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.