Olstein Capital Management L.P. Reduces Stake in Fidelity National Information Services

Olstein Capital Management L.P. has reduced its investment in shares of Fidelity National Information Services, Inc. (NYSE:FIS) by 11.9% during the third quarter, as reported in its latest Form 13F filing with the Securities and Exchange Commission. After selling 11,761 shares, the fund now holds a total of 87,239 shares of the information technology services provider, valued at approximately $7.31 million at the end of the last quarter.

Changes by Other Investors

Several other institutional investors have also modified their positions in Fidelity National Information Services recently. For instance, Montecito Bank & Trust increased its holdings by 27.7%, now owning 3,485 shares valued at $292,000 after acquiring an additional 755 shares. Graypoint LLC saw a 4.6% increase, owning 3,026 shares worth $253,000 following the addition of 132 shares. Similarly, Radnor Capital Management LLC raised its stake by 3.6%, resulting in ownership of 53,812 shares valued at $4.51 million after buying an extra 1,845 shares.

Moreover, Catalyst Capital Advisors LLC boosted its position by 16.4%. They now own 10,111 shares valued at $847,000 after procuring an additional 1,423 shares. Red Cedar Investment Management LLC experienced a significant increase of 236.7% in its stake, now holding 34,445 shares worth $2.89 million after a purchase of 24,215 shares. Overall, institutional investors own 96.23% of the company’s stock.

Analysts Update Price Targets

Recent commentary from research firms regarding Fidelity National Information Services shows positive trends. Bank of America recently upgraded its price target from $90.00 to $96.00, giving the stock a "buy" rating. Oppenheimer initiated coverage with a "market perform" rating. Susquehanna raised its target from $88.00 to $103.00 with a "positive" rating. Keefe, Bruyette & Woods increased their price target from $97.00 to $102.00, categorizing it as "outperform." Robert W. Baird has also adjusted its price objective from $92.00 to $94.00 while keeping a "neutral" rating. Presently, the stock has an average rating of "Moderate Buy" based on assessments from 22 equity analysts.

Fidelity National Information Services Stock Performance

On Thursday, NYSE FIS shares declined by $0.84, closing at $85.60. The company traded a volume of 124,482 shares, lower than its typical trading volume of 3,762,516 shares. Fidelity National Information Services has a market capitalization of $46.70 billion, with a debt-to-equity ratio of 0.62 and a PE ratio of 34.43. Its price performance has shown a 12-month low of $50.85 and a high of $91.98.

The firm recently reported its quarterly earnings on November 4th, where it demonstrated $1.40 earnings per share, exceeding the analysts' expectation of $1.29. The revenue for the quarter reached $2.57 billion, slightly surpassing the projected $2.56 billion. Compared to the same quarter last year, there was a 3.1% increase in revenue.

Dividend Announcement

Fidelity National Information Services also announced a quarterly dividend of $0.36 per share, set to be paid on December 23rd to stockholders of record by December 9th. This translates to an annualized dividend of $1.44, producing a dividend yield of 1.68%. The firm’s dividend payout ratio is noted at 57.37%.

Insider Activities

In insider news, Director Jeffrey A. Goldstein purchased 626 shares of the company at an average cost of $88.25 per share on October 15th, totaling around $55,244.50. Following this, he holds a total of 10,397 shares valued at approximately $917,535.25, indicating no substantial increase in ownership percentage.

Company Overview

Fidelity National Information Services, Inc. specializes in providing technological solutions for financial services to institutions, businesses, and developers globally. It operates through various segments, including Banking Solutions, Capital Market Solutions, and Corporate and Other segments. The company offers services such as core processing, mobile and online banking, fraud risk management, and payment solutions.

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