Summit Financial Group Inc. Takes Position in Fiserv, Inc. (NASDAQ:FISV)

Summit Financial Group Inc. bought a new stake in shares of Fiserv, Inc. (NASDAQ:FISV) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 10,789 shares of the business services provider’s stock, valued at approximately $1,320,000. Fiserv accounts for 1.1% of Summit Financial Group Inc.’s portfolio, making the stock its 26th largest position.

Other institutional investors have also recently bought and sold shares of the company. Rathbone Brothers plc bought a new stake in Fiserv during the first quarter worth about $202,000. Gulf International Bank UK Ltd increased its stake in Fiserv by 1.1% in the first quarter. Gulf International Bank UK Ltd now owns 68,856 shares of the business services provider’s stock worth $7,939,000 after buying an additional 750 shares during the period. National Pension Service increased its stake in Fiserv by 0.7% in the first quarter. National Pension Service now owns 183,305 shares of the business services provider’s stock worth $21,251,000 after buying an additional 1,304 shares during the period. Bank of Montreal Can increased its stake in Fiserv by 1.9% in the first quarter. Bank of Montreal Can now owns 210,899 shares of the business services provider’s stock worth $24,319,000 after buying an additional 3,899 shares during the period. Finally, Hall Laurie J Trustee increased its stake in Fiserv by 1.9% in the first quarter. Hall Laurie J Trustee now owns 10,630 shares of the business services provider’s stock worth $1,229,000 after buying an additional 200 shares during the period. Institutional investors own 88.03% of the company’s stock.

Shares of Fiserv, Inc. (NASDAQ:FISV) traded down 0.60% during midday trading on Friday, hitting $120.36. 929,030 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $124.23 and its 200-day moving average is $119.56. The stock has a market cap of $25.33 billion, a PE ratio of 29.46 and a beta of 0.81. Fiserv, Inc. has a 1-year low of $92.81 and a 1-year high of $129.35.

Fiserv (NASDAQ:FISV) last posted its quarterly earnings data on Tuesday, August 1st. The business services provider reported $1.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by $0.04. The firm had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Fiserv had a net margin of 16.04% and a return on equity of 41.79%. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.08 EPS. Analysts predict that Fiserv, Inc. will post $5.10 earnings per share for the current fiscal year.

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FISV has been the topic of a number of research analyst reports. Royal Bank Of Canada reissued a “hold” rating and issued a $123.00 price target on shares of Fiserv in a research note on Friday, April 28th. Zacks Investment Research downgraded shares of Fiserv from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. Cantor Fitzgerald boosted their price target on shares of Fiserv from $107.00 to $118.00 and gave the company a “neutral” rating in a research note on Friday, April 28th. Credit Suisse Group reissued a “hold” rating and issued a $116.00 price target on shares of Fiserv in a research note on Friday, April 28th. Finally, Wedbush reissued an “outperform” rating and issued a $146.25 price target (up from $115.00) on shares of Fiserv in a research note on Tuesday, June 6th. Nine investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $126.91.

In other news, insider Jeffery W. Yabuki sold 17,000 shares of Fiserv stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $125.06, for a total transaction of $2,126,020.00. Following the sale, the insider now owns 303,151 shares in the company, valued at $37,912,064.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 51,000 shares of company stock worth $6,339,810 in the last quarter. Insiders own 1.80% of the company’s stock.

Fiserv Company Profile

Fiserv, Inc is a provider of financial services technology. The Company provides account processing systems; electronic payments processing products and services, such as electronic bill payments, transaction processing, account-to-account transfers, and person-to-person payments; Internet and mobile banking systems, and related services, including document and payment card production and distribution, and lending and risk management products and services.

Institutional Ownership by Quarter for Fiserv (NASDAQ:FISV)

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