Metropolitan Life Insurance Co. NY Boosts Position in First Data Corp (FDC)
Metropolitan Life Insurance Co. NY increased its holdings in First Data Corp (NYSE:FDC) by 6.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,800 shares of the business services provider’s stock after buying an additional 2,292 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in First Data were worth $791,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Marshall Wace LLP purchased a new position in shares of First Data in the second quarter worth approximately $242,000. Vident Investment Advisory LLC purchased a new position in shares of First Data in the second quarter worth approximately $495,000. Hilltop Holdings Inc. purchased a new position in shares of First Data in the second quarter worth approximately $255,000. Paloma Partners Management Co purchased a new position in shares of First Data in the second quarter worth approximately $292,000. Finally, Morgan Stanley boosted its holdings in shares of First Data by 55.1% in the second quarter. Morgan Stanley now owns 5,272,016 shares of the business services provider’s stock worth $110,343,000 after buying an additional 1,872,656 shares during the last quarter. 51.26% of the stock is currently owned by institutional investors.
FDC has been the topic of a number of research reports. SunTrust Banks raised their price objective on shares of First Data to $26.00 and gave the stock a “buy” rating in a report on Friday, June 15th. Zacks Investment Research cut shares of First Data from a “buy” rating to a “hold” rating in a research note on Monday, July 23rd. Credit Suisse Group raised their target price on shares of First Data from $23.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 13th. Keefe, Bruyette & Woods restated a “buy” rating and set a $27.00 target price on shares of First Data in a research note on Monday, July 30th. Finally, Wedbush raised their target price on shares of First Data from $25.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, September 6th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $25.69.
First Data (NYSE:FDC) last released its quarterly earnings data on Monday, July 30th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.02. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.20 billion. First Data had a net margin of 15.39% and a return on equity of 21.88%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 earnings per share. analysts anticipate that First Data Corp will post 1.25 earnings per share for the current fiscal year.
In other news, President Guy Chiarello sold 150,000 shares of First Data stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $25.06, for a total transaction of $3,759,000.00. Following the sale, the president now owns 1,408,272 shares in the company, valued at $35,291,296.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Barry C. Mccarthy sold 151,203 shares of First Data stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $25.78, for a total transaction of $3,898,013.34. Following the sale, the insider now owns 484,774 shares in the company, valued at approximately $12,497,473.72. The disclosure for this sale can be found here. In the last quarter, insiders have bought 294 shares of company stock worth $7,132 and have sold 416,432 shares worth $10,415,596. Company insiders own 5.60% of the company’s stock.
First Data Company Profile
First Data Corporation provides electronic commerce solutions for merchants, financial institutions, and card issuers worldwide. It operates through three segments: Global Business Solutions (GBS), Global Financial Solutions (GFS), and Network & Security Solutions (NSS). The GBS segment offers retail point-of-sale merchant acquiring and e-commerce services; and mobile payment services, as well as its cloud-based Clover point-of-sale operating system, which includes a marketplace for proprietary and third-party business applications.
Further Reading: Understanding Price to Earnings Ratio (PE)
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