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

Fidelity National Information Services (NYSE:FIS) had its price objective upped by analysts at Bank of America from $79.00 to $84.00 in a report released 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 would suggest a potential upside of 18.78% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Evercore ISI lifted their target price on Fidelity National Information Services from $58.00 to $62.00 and gave the company an “in-line” rating in a research report on Tuesday, March 26th. Truist Financial lifted their target price on Fidelity National Information Services from $55.00 to $65.00 and gave the company a “hold” rating in a research report on Tuesday, February 27th. UBS Group lifted their target price on Fidelity National Information Services from $66.00 to $70.00 and gave the company a “neutral” rating in a research report on Tuesday, February 27th. Mizuho boosted their price objective on Fidelity National Information Services from $73.00 to $76.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. boosted their price objective on Fidelity National Information Services from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Eight 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $71.59.

Fidelity National Information Services Stock Performance

Shares of Fidelity National Information Services stock opened at $70.72 on Tuesday. Fidelity National Information Services has a one year low of $46.91 and a one year high of $74.75. The company has a market cap of $40.77 billion, a price-to-earnings ratio of -6.29, a PEG ratio of 0.90 and a beta of 0.97. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.75 and a current ratio of 0.75. The business’s 50 day moving average price is $68.52 and its 200 day moving average price is $60.94.

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

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

Insider Buying and Selling

In other news, Director Ellen R. Alemany purchased 735 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The shares were purchased at an average price of $60.32 per share, for a total transaction of $44,335.20. Following the purchase, the director now directly owns 35,333 shares of the company’s stock, valued at approximately $2,131,286.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.68% of the stock is currently owned by company insiders.

Institutional Trading of Fidelity National Information Services

Hedge funds have recently added to or reduced their stakes in the stock. OFI Invest Asset Management acquired a new stake in shares of Fidelity National Information Services in the 3rd quarter valued at approximately $25,000. Baystate Wealth Management LLC increased its position in Fidelity National Information Services by 332.1% during the third quarter. Baystate Wealth Management LLC now owns 484 shares of the information technology services provider’s stock worth $27,000 after buying an additional 372 shares in the last quarter. EdgeRock Capital LLC purchased a new stake in shares of Fidelity National Information Services in the fourth quarter valued at $29,000. Rise Advisors LLC acquired a new position in Fidelity National Information Services in the first quarter valued at $29,000. Finally, Brown Brothers Harriman & Co. boosted its holdings in Fidelity National Information Services by 83.3% in the first quarter. Brown Brothers Harriman & Co. now owns 286 shares of the information technology services provider’s stock valued at $29,000 after acquiring an additional 130 shares during the last quarter. 96.23% of the stock is owned by institutional investors and hedge funds.

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.