Pinebridge Investments L.P. Reduces Position in First Data Corporation (FDC)
Pinebridge Investments L.P. decreased its holdings in First Data Corporation (NYSE:FDC) by 6.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,782 shares of the business services provider’s stock after selling 2,114 shares during the quarter. Pinebridge Investments L.P.’s holdings in First Data Corporation were worth $524,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in First Data Corporation by 0.5% during the first quarter. Vanguard Group Inc. now owns 30,064,310 shares of the business services provider’s stock valued at $465,997,000 after buying an additional 153,769 shares during the last quarter. Bank of New York Mellon Corp raised its position in First Data Corporation by 52.1% in the second quarter. Bank of New York Mellon Corp now owns 17,965,715 shares of the business services provider’s stock worth $326,976,000 after acquiring an additional 6,151,153 shares during the period. BlackRock Inc. raised its position in First Data Corporation by 12.2% in the second quarter. BlackRock Inc. now owns 15,870,199 shares of the business services provider’s stock worth $288,835,000 after acquiring an additional 1,721,402 shares during the period. Credit Suisse AG raised its position in First Data Corporation by 5.7% in the first quarter. Credit Suisse AG now owns 7,740,994 shares of the business services provider’s stock worth $119,985,000 after acquiring an additional 415,743 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in First Data Corporation by 1.0% in the second quarter. Canada Pension Plan Investment Board now owns 6,812,500 shares of the business services provider’s stock worth $123,988,000 after acquiring an additional 70,300 shares during the period. Institutional investors own 39.13% of the company’s stock.
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FDC has been the topic of several analyst reports. Craig Hallum reiterated a “buy” rating and set a $25.00 price target (up previously from $20.00) on shares of First Data Corporation in a research note on Tuesday, August 8th. Zacks Investment Research upgraded First Data Corporation from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Wednesday, August 2nd. Credit Suisse Group upped their price objective on First Data Corporation from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, July 13th. ValuEngine cut First Data Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $20.00 target price on shares of First Data Corporation in a report on Friday, August 25th. Ten analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. First Data Corporation has a consensus rating of “Buy” and a consensus price target of $18.91.
Shares of First Data Corporation (FDC) opened at 18.04 on Monday. The stock has a market cap of $16.65 billion, a PE ratio of 30.17 and a beta of 1.74. First Data Corporation has a 52 week low of $12.74 and a 52 week high of $19.20. The firm has a 50-day moving average of $18.14 and a 200 day moving average of $17.19.
First Data Corporation (NYSE:FDC) last issued its quarterly earnings results on Monday, August 7th. The business services provider reported $0.40 EPS for the quarter, topping the consensus estimate of $0.34 by $0.06. The company had revenue of $3.03 billion during the quarter, compared to analyst estimates of $2.98 billion. First Data Corporation had a net margin of 4.66% and a return on equity of 26.25%. The firm’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.35 EPS. On average, equities analysts forecast that First Data Corporation will post $1.53 EPS for the current fiscal year.
In related news, insider Jeff Shanahan bought 77,453 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were acquired at an average price of $18.04 per share, for a total transaction of $1,397,252.12. Following the completion of the transaction, the insider now directly owns 1,160,964 shares in the company, valued at $20,943,790.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Barry C. Mccarthy sold 81,858 shares of First Data Corporation stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $18.17, for a total transaction of $1,487,359.86. Following the completion of the sale, the insider now owns 406,890 shares in the company, valued at approximately $7,393,191.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 340,217 shares of company stock worth $6,139,786 and have sold 151,830 shares worth $2,754,035. Company insiders own 6.30% of the company’s stock.
First Data Corporation Company Profile
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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