First Data (FDC) Announces Quarterly Earnings Results

First Data (NYSE:FDC) announced its quarterly earnings results on Wednesday. The business services provider reported $0.38 EPS for the quarter, topping the consensus estimate of $0.32 by $0.06, Bloomberg Earnings reports. First Data had a net margin of 10.58% and a return on equity of 18.47%. The business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the previous year, the company earned $0.44 EPS. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. First Data updated its FY 2019 guidance to $1.55-1.58 EPS and its FY19 guidance to $1.55-1.58 EPS.

Shares of First Data stock opened at $24.97 on Friday. First Data has a 12-month low of $14.73 and a 12-month high of $26.62. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.47. The firm has a market capitalization of $23.40 billion, a PE ratio of 20.64, a P/E/G ratio of 1.35 and a beta of 2.31.

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In related news, insider Cynthia A. Armine-Klein sold 99,510 shares of the company’s stock in a transaction on Thursday, November 29th. The shares were sold at an average price of $19.00, for a total value of $1,890,690.00. Following the completion of the sale, the insider now owns 662,767 shares in the company, valued at approximately $12,592,573. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.60% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in FDC. Vanguard Group Inc grew its stake in First Data by 18.9% during the 3rd quarter. Vanguard Group Inc now owns 46,971,246 shares of the business services provider’s stock valued at $1,149,387,000 after acquiring an additional 7,465,388 shares in the last quarter. BlackRock Inc. raised its stake in shares of First Data by 6.8% in the third quarter. BlackRock Inc. now owns 29,739,940 shares of the business services provider’s stock valued at $727,737,000 after purchasing an additional 1,897,915 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of First Data by 13.4% in the third quarter. Canada Pension Plan Investment Board now owns 18,728,704 shares of the business services provider’s stock valued at $458,291,000 after purchasing an additional 2,220,347 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of First Data by 14.4% in the third quarter. Bank of New York Mellon Corp now owns 12,192,568 shares of the business services provider’s stock valued at $298,352,000 after purchasing an additional 1,536,267 shares in the last quarter. Finally, Sound Shore Management Inc. CT raised its stake in shares of First Data by 7.8% in the fourth quarter. Sound Shore Management Inc. CT now owns 9,765,897 shares of the business services provider’s stock valued at $165,141,000 after purchasing an additional 704,684 shares in the last quarter. Hedge funds and other institutional investors own 56.29% of the company’s stock.

A number of equities analysts have commented on FDC shares. ValuEngine upgraded shares of First Data from a “hold” rating to a “buy” rating in a research note on Thursday, January 17th. Nomura raised their target price on shares of First Data from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, October 17th. KeyCorp lowered their target price on shares of First Data from $25.00 to $20.00 and set an “overweight” rating for the company in a research note on Wednesday, January 2nd. They noted that the move was a valuation call. Atlantic Securities cut shares of First Data from an “overweight” rating to a “neutral” rating in a report on Thursday, January 17th. Finally, Goldman Sachs Group cut shares of First Data from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $26.00 to $23.00 in a report on Wednesday, January 16th. Eighteen analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $24.98.

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About First Data

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.

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