Evercore ISI Raises Fidelity National Information Services (NYSE:FIS) Price Target to $75.00

Fidelity National Information Services (NYSE:FIS) had its target price lifted by Evercore ISI from $62.00 to $75.00 in a report issued on Tuesday morning, Benzinga reports. They currently have an in-line rating on the information technology services provider’s stock.

FIS has been the subject of several other research reports. The Goldman Sachs Group began coverage on shares of Fidelity National Information Services in a research report on Thursday, February 29th. They set a buy rating and a $84.00 price objective for the company. TheStreet upgraded Fidelity National Information Services from a d rating to a c rating in a research note on Monday, February 26th. Truist Financial lifted their price target on Fidelity National Information Services from $55.00 to $65.00 and gave the company a hold rating in a research note on Tuesday, February 27th. Robert W. Baird lowered Fidelity National Information Services from an outperform rating to a neutral rating and raised their price objective for the company from $76.00 to $78.00 in a research note on Wednesday, March 13th. Finally, Morgan Stanley boosted their target price on Fidelity National Information Services from $73.00 to $77.00 and gave the stock an overweight rating in a research note on Tuesday, February 27th. Eight analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $72.50.

Fidelity National Information Services Stock Performance

Shares of FIS traded up $1.29 during midday trading on Tuesday, reaching $70.72. The stock had a trading volume of 3,565,771 shares, compared to its average volume of 4,402,704. Fidelity National Information Services has a one year low of $46.91 and a one year high of $74.75. The firm has a market cap of $39.71 billion, a PE ratio of -6.29, a P/E/G ratio of 0.85 and a beta of 0.98. The firm has a 50 day simple moving average of $70.43 and a 200-day simple moving average of $62.34. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.68.

Fidelity National Information Services (NYSE:FIS) last posted its earnings results on Monday, February 26th. The information technology services provider reported $0.94 earnings per share (EPS) 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 company had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter in the prior year, the business posted $1.71 EPS. The business’s quarterly revenue was down .6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fidelity National Information Services will post 4.66 EPS for the current year.

Fidelity National Information Services announced that its board has approved a stock repurchase 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 shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Fidelity National Information Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 24th. Stockholders of record on Monday, June 10th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $1.44 annualized dividend and a dividend yield of 2.04%. Fidelity National Information Services’s dividend payout ratio is -12.81%.

Insider Activity at Fidelity National Information Services

In related news, Director Jeffrey A. Goldstein acquired 775 shares of the company’s stock in a transaction on Monday, April 15th. The shares were acquired at an average cost of $72.37 per share, for a total transaction of $56,086.75. Following the purchase, the director now owns 9,052 shares in the company, valued at $655,093.24. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Valeo Financial Advisors LLC purchased a new position in shares of Fidelity National Information Services in the third quarter worth about $254,000. Brookstone Capital Management grew its stake in Fidelity National Information Services by 28.2% in the 3rd quarter. Brookstone Capital Management now owns 87,784 shares of the information technology services provider’s stock valued at $4,514,000 after buying an additional 19,306 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Fidelity National Information Services by 79.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 125,574 shares of the information technology services provider’s stock valued at $6,941,000 after acquiring an additional 55,531 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in shares of Fidelity National Information Services by 0.4% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 107,217 shares of the information technology services provider’s stock worth $5,926,000 after acquiring an additional 400 shares during the period. Finally, RMR Wealth Builders purchased a new position in shares of Fidelity National Information Services in the third quarter valued at $455,000. Hedge funds and other institutional investors own 96.23% of the company’s stock.

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.