Fidelity National Information Services (NYSE:FIS) Hits New 1-Year High After Better-Than-Expected Earnings

Fidelity National Information Services, Inc. (NYSE:FIS) shares hit a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $75.17 and last traded at $74.89, with a volume of 864493 shares. The stock had previously closed at $70.45.

The information technology services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $0.96 by $0.14. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Fidelity National Information Services had a positive return on equity of 13.06% and a negative net margin of 54.30%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.29 EPS.

Fidelity National Information Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 24th. Investors of record on Monday, June 10th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Monday, June 10th. Fidelity National Information Services’s dividend payout ratio (DPR) is currently -12.81%.

Fidelity National Information Services declared that its board has approved a share buyback program on Monday, February 26th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Truist Financial upped their target price on Fidelity National Information Services from $55.00 to $65.00 and gave the stock a “hold” rating in a report on Tuesday, February 27th. TheStreet upgraded Fidelity National Information Services from a “d” rating to a “c” rating in a research note on Monday, February 26th. Royal Bank of Canada raised their target price on shares of Fidelity National Information Services from $75.00 to $82.00 and gave the company an “outperform” rating in a research note on Tuesday. Wedbush reiterated an “outperform” rating and issued a $75.00 price target on shares of Fidelity National Information Services in a research note on Wednesday. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Fidelity National Information Services from $82.00 to $85.00 and gave the stock an “outperform” rating in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Fidelity National Information Services has an average rating of “Moderate Buy” and an average price target of $76.79.

Insider Buying and Selling

In other Fidelity National Information Services news, Director Jeffrey A. Goldstein purchased 775 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was bought at an average cost of $72.37 per share, for a total transaction of $56,086.75. Following the completion of the transaction, the director now owns 9,052 shares in the company, valued at $655,093.24. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in Fidelity National Information Services in the 4th quarter valued at about $478,594,000. Vanguard Group Inc. lifted its stake in Fidelity National Information Services by 12.7% during the third quarter. Vanguard Group Inc. now owns 57,885,046 shares of the information technology services provider’s stock worth $3,199,306,000 after purchasing an additional 6,503,451 shares during the last quarter. Lyrical Asset Management LP acquired a new stake in shares of Fidelity National Information Services in the 4th quarter valued at $260,316,000. JANA Partners Management LP acquired a new position in shares of Fidelity National Information Services during the 3rd quarter worth $206,507,000. Finally, Lazard Asset Management LLC lifted its position in shares of Fidelity National Information Services by 660.0% during the 3rd quarter. Lazard Asset Management LLC now owns 3,328,124 shares of the information technology services provider’s stock worth $183,944,000 after buying an additional 2,890,185 shares during the last quarter. Institutional investors own 96.23% of the company’s stock.

Fidelity National Information Services Stock Down 0.3 %

The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $41.58 billion, a price-to-earnings ratio of -6.59, a price-to-earnings-growth ratio of 0.88 and a beta of 0.98. The firm has a 50 day moving average of $70.79 and a two-hundred day moving average of $62.91.

Fidelity National Information Services Company Profile

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.