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4-Traders Homepage  >  Equities  >  Nyse  >  Fidelity National Information Services    FIS

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Fidelity National Information Services : Fidelity to shift headquarters in downtown Boston

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11/16/2012 | 08:50pm CEST

BOSTON (Reuters) - Fidelity Investments plans to relocate its corporate headquarters to a different building in downtown Boston.

The closely held fund company said on Friday that it will move its headquarters to a building it leases at 245 Summer Street in Boston.

Fidelity currently has 2,900 employees in that building. Its headquarters currently is several blocks away at 82 Devonshire Street. Some 600 employees work there and in several surrounding buildings, said spokesman Vin Loporchio.

Loporchio said Fidelity will study possibilities for the complex of buildings around 82 Devonshire, which has been Fidelity's headquarters since the 1970s. This could include the sale or lease of the properties, he said, and possibly the relocation of some employees.

"Our new headquarters provides optimum facilities for integrating our various businesses located in Boston and is better suited to meet our future needs," Fidelity Chairman Edward C. Johnson 3d said in a statement.

Keeping its headquarters in Boston will likely please local political leaders, who have been concerned about earlier moves by Fidelity to close other offices in Massachusetts as it shifted jobs to elsewhere, including neighboring New England states.

"I am very pleased to see their continued interest and investment in this area of Boston," said Boston Mayor Thomas Menino in Fidelity's statement. Fidelity's decision, he said, "is great news for our city."

Loporchio said Fidelity has roughly 6,000 employees in Massachusetts, 3,400 in Rhode Island and 5,400 in New Hampshire.

(The story corrects second paragraph to show Fidelity does not own building)

(Reporting By Ross Kerber; Editing by Steve Orlofsky)

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Financials ($)
Sales 2018 8 554 M
EBIT 2018 2 463 M
Net income 2018 1 211 M
Debt 2018 -
Yield 2018 1,20%
P/E ratio 2018 28,70
P/E ratio 2019 24,96
Capi. / Sales 2018 4,02x
Capi. / Sales 2019 3,88x
Capitalization 34 359 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 114 $
Spread / Average Target 9,6%
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Managers
NameTitle
Gary A. Norcross President, Chief Executive Officer & Director
Frank R. Martire Non-Executive Chairman
James W. Woodall Chief Financial Officer & Executive Vice President
Ido Gileadi Chief Information Officer
Keith W. Hughes Lead Independent Director
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