September looms as a risk month for stocks, Yardeni says
Fiserv Inc. (NYSE:FI) announced a leadership transition in its Financial Institutions Group, according to a press release statement based on a recent SEC filing. On Monday, the company determined that John Gibbons, previously Co-Head of the Financial Institutions Group, would step down from his current position and assume the role of Senior Advisor, effective the same day. Gibbons is expected to serve as Senior Advisor until February 28, 2026. The leadership change comes as the company, a prominent player in the Financial Services industry according to InvestingPro, has seen its stock decline by about 42% over the past six months.
With this change, Fiserv stated that Andrew Gelb, who had been serving as Co-Head of the Financial Institutions Group alongside Gibbons, will now assume the role of Head of the Financial Institutions Group.
Fiserv, based in Milwaukee, Wisconsin, is a provider of business services and financial technology. The company’s common stock and several senior notes are listed on the New York Stock Exchange under the symbols NYSE:FI, NYSE:FI27, NYSE:FI30, NYSE:FI31, NYSE:FI31A, NYSE:FI/28C, NYSE:FI/32, and NYSE:FI/36.
The information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Fiserv Inc. has secured a new $8 billion revolving credit facility, replacing its previous $6 billion agreement. This new facility, set to mature in 2030, was arranged with JPMorgan Chase Bank and allows for borrowing in multiple currencies with variable interest rates. Analysts have also made several adjustments to Fiserv’s stock price targets following the company’s recent earnings report. Truist Securities lowered its price target to $170, citing a reduced price-to-earnings multiple. Mizuho adjusted its target to $165, expressing concerns about Clover’s growth. Bernstein reduced its target to $205, attributing the change to revenue and margin misses linked to operations in Argentina. Keefe, Bruyette & Woods also lowered their target to $170, noting challenges in the Merchant segment and macroeconomic concerns. Despite these adjustments, several analysts maintained an Outperform rating on Fiserv’s stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.