First Data Corporation (NYSE:FDC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “First Data Corporation is a commerce-enabling technology and solutions company. The company's third-quarter 2017 earnings matched the Zacks Consensus Estimate and increased year over year. First Data’s focus on globalizing its offerings, acquisitions and strategic partnerships and a healthy business around large and small banks are positives. However, the company is subject to seasonality and foreign exchange risk and has no intention of paying cash dividend at present. Year to date, the stock has outperformed the industry it belongs to. “
Several other brokerages also recently issued reports on FDC. Keefe, Bruyette & Woods restated a “buy” rating and issued a $21.00 price objective on shares of First Data Corporation in a research note on Thursday, August 24th. Piper Jaffray Companies restated an “overweight” rating and issued a $23.00 price objective (up previously from $22.00) on shares of First Data Corporation in a research note on Thursday, August 10th. Barclays PLC lifted their price target on shares of First Data Corporation from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 11th. Credit Suisse Group reiterated an “outperform” rating on shares of First Data Corporation in a research note on Tuesday, September 5th. Finally, BidaskClub downgraded shares of First Data Corporation from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. Nine equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. First Data Corporation presently has an average rating of “Buy” and a consensus price target of $19.55.
First Data Corporation (NYSE:FDC) last announced its quarterly earnings data on Monday, October 30th. The business services provider reported $0.40 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.40. The business had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.08 billion. First Data Corporation had a net margin of 5.99% and a return on equity of 26.60%. First Data Corporation’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the company posted $0.34 earnings per share.
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In other First Data Corporation news, insider Thomas Joseph Higgins sold 31,718 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $18.15, for a total value of $575,681.70. Following the sale, the insider now owns 347,493 shares in the company, valued at approximately $6,306,997.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeff Shanahan bought 118,135 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was purchased at an average price of $17.81 per share, for a total transaction of $2,103,984.35. Following the purchase, the insider now directly owns 1,122,038 shares in the company, valued at approximately $19,983,496.78. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 340,317 shares of company stock worth $6,141,554 and sold 151,830 shares worth $2,754,035. Insiders own 6.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FDC. BlackRock Inc. lifted its stake in First Data Corporation by 4,828.8% in the 1st quarter. BlackRock Inc. now owns 14,148,797 shares of the business services provider’s stock valued at $219,306,000 after acquiring an additional 13,861,731 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in First Data Corporation by 117.1% in the 3rd quarter. Canada Pension Plan Investment Board now owns 14,791,789 shares of the business services provider’s stock valued at $266,844,000 after acquiring an additional 7,979,289 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in First Data Corporation by 52.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 17,965,715 shares of the business services provider’s stock valued at $326,976,000 after acquiring an additional 6,151,153 shares in the last quarter. American Century Companies Inc. lifted its stake in First Data Corporation by 4,509.6% in the 2nd quarter. American Century Companies Inc. now owns 4,545,711 shares of the business services provider’s stock valued at $82,732,000 after acquiring an additional 4,447,098 shares in the last quarter. Finally, Balyasny Asset Management LLC lifted its stake in First Data Corporation by 1,307.1% in the 2nd quarter. Balyasny Asset Management LLC now owns 2,982,990 shares of the business services provider’s stock valued at $54,290,000 after acquiring an additional 2,770,991 shares in the last quarter. Hedge funds and other institutional investors own 39.25% of the company’s stock.
About First Data Corporation
First Data Corporation is a provider of commerce-enabling technology and solutions for merchants, financial institutions and card issuers. The Company’s segments are Global Business Solutions (GBS), Global Financial Solutions (GFS), Network & Security Solutions (NSS), and Corporate. The GBS segment provides businesses of all sizes and types with a range of solutions at the point of sale, including merchant acquiring, e-commerce, mobile commerce, point-of-sale, and other business solutions.
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