Chesley Taft & Associates LLC Sells 1,862 Shares of Fiserv, Inc. (NYSE:FI)

Chesley Taft & Associates LLC trimmed its position in Fiserv, Inc. (NYSE:FI) by 3.1% during the first quarter, HoldingsChannel.com reports. The firm owned 57,825 shares of the business services provider’s stock after selling 1,862 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Fiserv were worth $12,769,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in Fiserv during the 4th quarter worth about $1,406,452,000. GAMMA Investing LLC increased its stake in shares of Fiserv by 21,681.0% during the 1st quarter. GAMMA Investing LLC now owns 3,821,905 shares of the business services provider’s stock worth $843,991,000 after purchasing an additional 3,804,358 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Fiserv in the 4th quarter valued at about $614,982,000. Kovitz Investment Group Partners LLC lifted its stake in Fiserv by 343.7% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 2,806,579 shares of the business services provider’s stock valued at $576,527,000 after purchasing an additional 2,174,025 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Fiserv by 65.6% in the 4th quarter. Alliancebernstein L.P. now owns 5,437,246 shares of the business services provider’s stock valued at $1,116,919,000 after purchasing an additional 2,153,554 shares during the last quarter. 90.98% of the stock is owned by institutional investors and hedge funds.

Fiserv Trading Up 1.3%

Shares of FI stock opened at $164.24 on Thursday. Fiserv, Inc. has a fifty-two week low of $146.25 and a fifty-two week high of $238.59. The stock’s fifty day moving average price is $187.75 and its two-hundred day moving average price is $206.18. 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 company has a market cap of $91.06 billion, a PE ratio of 30.47, a P/E/G ratio of 1.52 and a beta of 0.91.

Fiserv (NYSE:FI) last released its quarterly earnings data on Thursday, April 24th. The business services provider reported $2.14 earnings per share 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 for the quarter, compared to analyst estimates of $4.86 billion. During the same period last year, the firm posted $1.88 earnings per share. Fiserv’s revenue was up 5.1% compared to the same quarter last year. Equities analysts predict that Fiserv, Inc. will post 10.23 EPS for the current fiscal year.

Fiserv announced that its board has authorized a share buyback program on Thursday, February 20th that allows the company to buyback 60,000,000 outstanding shares. This buyback authorization allows the business services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Fiserv news, insider Adam L. Rosman sold 2,512 shares of the 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 completion of the transaction, the insider now directly owns 53,385 shares in the company, valued at approximately $8,577,901.80. This trade represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Andrew Gelb sold 5,652 shares of the company’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 value of $904,320.00. Following the completion of the transaction, the executive vice president now directly owns 25,385 shares of the company’s stock, valued at $4,061,600. This 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 corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. lowered their price target on Fiserv from $211.00 to $210.00 and set an “overweight” rating on the stock in a research report on Monday, May 19th. Keefe, Bruyette & Woods dropped their price target on Fiserv from $240.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 21st. KeyCorp lifted their price objective on shares of Fiserv from $250.00 to $270.00 and gave the stock an “overweight” rating in a research report on Thursday, February 6th. Piper Sandler set a $218.00 price objective on shares of Fiserv in a research report on Friday, April 25th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $268.00 target price (up previously from $267.00) on shares of Fiserv in a report on Friday, April 25th. Two analysts have rated the stock with a sell rating, one has given a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Fiserv presently has an average rating of “Moderate Buy” and a consensus price target of $220.27.

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.