Fidelity National Information Services, Inc. (NYSE:FIS) sees sharp drop in short-term interest

Fidelity National Information Services, Inc. (NYSE:FIS – Get Rating) benefited from a sharp drop in short-term interest rates during August. As of August 15, there was short interest totaling 6,120,000 shares, down 12.4% from the July 31 total of 6,990,000 shares. Based on an average daily volume of 3,280,000 shares, the day-to-cover ratio is currently 1.9 days. Currently, 1.0% of the company’s shares are sold short.

Fidelity National Information Services stock performance

NYSE:FIS shares were down $1.44 midday Wednesday, hitting $91.37. The company’s stock had a trading volume of 4,045,343 shares, compared to an average trading volume of 3,725,339 shares. The company has a market capitalization of $55.55 billion, a PE ratio of 66.21, a P/E/G ratio of 0.90 and a beta of 0.76. Fidelity National Information Services has a twelve month minimum of $85.00 and a twelve month maximum of $130.55. The stock has a fifty-day moving average of $97.02 and a 200-day moving average of $97.80. The company has a quick ratio of 0.69, a current ratio of 0.69 and a leverage ratio of 0.25.

Fidelity National Information Services (NYSE:FIS – Get Rating) last released its quarterly results on Thursday, August 4. The information technology service provider reported EPS of $1.73 for the quarter, beating the consensus estimate of $1.72 by $0.01. The company posted revenue of $3.72 billion for the quarter, versus analyst estimates of $3.67 billion. Fidelity National Information Services posted a net margin of 5.88% and a return on equity of 8.95%. The company’s revenue increased 7.0% year over year. In the same quarter last year, the company earned earnings per share of $1.61. On average, stock analysts expect Fidelity National Information Services to post EPS of 7.07 for the current fiscal year.

Fidelity National Information Services Dividend Announcement

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The company also recently declared a quarterly dividend, which will be paid on Friday, September 30. Investors of record on Friday, September 16 will receive a dividend of $0.47 per share. The ex-dividend date is Thursday, September 15. This represents an annualized dividend of $1.88 and a yield of 2.06%. Fidelity National Information Services’ dividend payout ratio is currently 136.23%.

Insider activity

In other news, Executive Vice President Lenore D. Williams sold 2,500 shares of the company in a trade dated Tuesday, August 9. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the executive vice president now owns 21,334 shares of the company, valued at approximately $2,133,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other news from Fidelity National Information Services, Executive Vice President Lenore D. Williams sold 2,500 shares of the company in a trade that took place on Tuesday, August 9. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following completion of the transaction, the executive vice president now directly owns 21,334 shares of the company, valued at approximately $2,133,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, manager Keith W. Hughes sold 5,337 shares in a trade on Thursday, August 18. The shares were sold at an average price of $100.28, for a total value of $535,194.36. As a result of the sale, the administrator now owns 24,194 shares of the company, valued at approximately $2,426,174.32. The disclosure of this sale can be found here. Insiders own 0.68% of the shares of the company.

Hedge funds weigh on Fidelity National Information Services

Several hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. Verition Fund Management LLC increased its holdings in Fidelity National Information Services by 221.0% during the second quarter. Verition Fund Management LLC now owns 10,184 shares of the information technology service provider valued at $933,000 after buying an additional 18,600 shares last quarter. Raleigh Capital Management Inc. increased its stake in Fidelity National Information Services by 169.5% during the second quarter. Raleigh Capital Management Inc. now owns 1,291 shares of the information technology service provider valued at $125,000 after buying 812 additional shares last quarter. Schmidt PJ Investment Management Inc. increased its stake in Fidelity National Information Services by 24.1% during the second quarter. Schmidt PJ Investment Management Inc. now owns 12,184 shares of the information technology service provider valued at $1,164,000 after buying 2,370 additional shares last quarter. WCG Wealth Advisors LLC bought a new position in Fidelity National Information Services during the second quarter at a value of $2,904,000. Finally, Captrust Financial Advisors increased its stake in Fidelity National Information Services shares by 60.0% in the second quarter. Captrust Financial Advisors now owns 68,860 shares of the information technology service provider worth $6,312,000 after buying an additional 25,814 shares last quarter. 90.39% of the shares are held by hedge funds and other institutional investors.

Wall Street analysts predict growth

A number of analysts have weighed in on the company. Susquehanna cut its target price on Fidelity National Information Services from $176.00 to $160.00 and rated the stock “positive” in a Tuesday, Aug. 9 research note. Wells Fargo & Company downgraded Fidelity National Information Services from an “overweight” rating to an “equal weight” rating and reduced its target price for the stock from $132.00 to $101.00 in a research note from the Thursday July 14. Truist Financial lowered its price target on Fidelity National Information Services from $105.00 to $100.00 and set a “hold” rating on the stock in a Thursday, June 30 research report. Morgan Stanley lowered its price target on Fidelity National Information Services from $102.00 to $100.00 and set an “equal weight” rating on the stock in a Thursday, June 30 research report. Finally, Wolfe Research lowered its price target on Fidelity National Information Services from $165.00 to $135.00 in a Wednesday, July 20 research report. Five analysts gave the stock a hold rating, twenty gave the stock a buy rating and one gave the stock a strong buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “moderate buy” and a consensus target price of $129.74.

Fidelity National Information Services Company Profile

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Fidelity National Information Services, Inc. provides technology solutions to merchants, banks and capital markets firms worldwide. It operates through Merchant Solutions, Banking Solutions and Capital Market Solutions segments. The Merchant Solutions segment offers business acquisition, software-driven small and medium business acquisition and global e-commerce solutions.

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