Bank of America Raises Fidelity National Information Services (NYSE:FIS) Price Target to $84.00

Fidelity National Information Services (NYSE:FIS) had its target price upped by Bank of America from $79.00 to $84.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Bank of America‘s price objective points to a potential upside of 19.40% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. The Goldman Sachs Group initiated coverage on Fidelity National Information Services in a report on Thursday, February 29th. They issued a “buy” rating and a $84.00 price objective for the company. UBS Group lifted their price objective on Fidelity National Information Services from $66.00 to $70.00 and gave the stock a “neutral” rating in a report on Tuesday, February 27th. Evercore ISI lifted their price objective on Fidelity National Information Services from $58.00 to $62.00 and gave the stock an “in-line” rating in a report on Tuesday, March 26th. Morgan Stanley lifted their price objective on Fidelity National Information Services from $73.00 to $77.00 and gave the stock an “overweight” rating in a report on Tuesday, February 27th. Finally, Mizuho lifted their price objective on Fidelity National Information Services from $73.00 to $76.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Eight equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $71.59.

Fidelity National Information Services Stock Down 0.5 %

NYSE:FIS opened at $70.35 on Tuesday. The firm has a 50-day simple moving average of $68.87 and a two-hundred day simple moving average of $61.11. The firm has a market cap of $40.55 billion, a P/E ratio of -6.26, a P/E/G ratio of 0.89 and a beta of 0.97. Fidelity National Information Services has a fifty-two week low of $46.91 and a fifty-two week high of $74.75. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.75 and a current ratio of 0.75.

Fidelity National Information Services (NYSE:FIS) last announced its quarterly earnings data on Monday, February 26th. The information technology services provider reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). Fidelity National Information Services had a positive return on equity of 13.06% and a negative net margin of 54.30%. The firm had revenue of $2.51 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter in the previous year, the firm earned $1.71 earnings per share. Fidelity National Information Services’s revenue was down .6% on a year-over-year basis. Analysts predict that Fidelity National Information Services will post 4.66 earnings per share for the current fiscal year.

Fidelity National Information Services declared that its board has authorized a share buyback plan on Monday, February 26th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, Director Jeffrey A. Goldstein acquired 775 shares of the stock in a transaction dated Monday, April 15th. The shares were purchased at an average cost of $72.37 per share, with a total value of $56,086.75. Following the transaction, the director now directly owns 9,052 shares in the company, valued at $655,093.24. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FIS. Acadian Asset Management LLC lifted its holdings in Fidelity National Information Services by 491.5% in the 1st quarter. Acadian Asset Management LLC now owns 3,904 shares of the information technology services provider’s stock worth $391,000 after purchasing an additional 3,244 shares in the last quarter. Synovus Financial Corp lifted its holdings in Fidelity National Information Services by 71.6% in the 1st quarter. Synovus Financial Corp now owns 9,791 shares of the information technology services provider’s stock worth $982,000 after purchasing an additional 4,085 shares in the last quarter. Prudential PLC purchased a new position in Fidelity National Information Services in the 1st quarter worth approximately $1,173,000. Baird Financial Group Inc. lifted its holdings in Fidelity National Information Services by 8.2% in the 1st quarter. Baird Financial Group Inc. now owns 194,714 shares of the information technology services provider’s stock worth $19,553,000 after purchasing an additional 14,819 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in Fidelity National Information Services by 83.3% in the 1st quarter. Brown Brothers Harriman & Co. now owns 286 shares of the information technology services provider’s stock worth $29,000 after acquiring an additional 130 shares during the last quarter. 96.23% of the stock is owned by hedge funds and other institutional investors.

About Fidelity National Information Services

Fidelity National Information Services, Inc engages in the provision of financial services technology solutions for financial institutions, businesses, and developers worldwide. It operates through Banking Solutions, Capital Market Solutions, and Corporate and Other segments. The company provides core processing and ancillary applications; mobile and online banking; fraud, risk management, and compliance; card and retail payment; electronic funds transfer and network; wealth and retirement; and item processing and output solutions.