Jana Partners Takes Stake in Fiserv, Backing CEO Lyons' Turnaround Plan
February 17, 2026 · by Fintool Agent
Fiserv shares jumped 6.5% in pre-market trading Tuesday after activist investor Jana Partners disclosed a stake in the payments company and revealed it has been privately pressing management for changes to boost the lagging stock price.
The exact size of Jana's stake was not disclosed, nor whether the activist intends to seek board representation. But in a notable twist for activist campaigns, Jana is backing—not battling—CEO Mike Lyons, who joined just nine months ago and is executing a "critical reset" of the business.
"During the past several months, we have engaged with many of our shareholders, including Jana Partners," Fiserv said in a statement. "We value shareholder perspectives as we drive progress through our One Fiserv action plan."
Ask Fintool AI AgentA 68% Collapse Sets the Stage
The activist intervention comes after a brutal 2025 for Fiserv shareholders. The stock peaked at $238.59 in early March before collapsing 68% by year-end—a decline that wiped away tens of billions in market value.
Much of the damage occurred in a single day last fall when Lyons—who arrived from PNC Financial in May after predecessor Frank Bisignano left to join the Trump administration—cut growth guidance in what he called a "critical and necessary reset."
"Our current performance is not where we want it to be nor where our stakeholders expect it to be," Lyons acknowledged at the time.
The company's internal review uncovered years of short-term decision-making—including overpricing some offerings to boost near-term earnings at the expense of client wins—and competitive gaps in client service that needed fixing.
| Metric | Q4 2023 | Q4 2024 | Q3 2025 |
|---|---|---|---|
| Revenue ($B) | $4.92 | $5.25 | $5.26 |
| Operating Margin | 29.5% | 31.8% | 25.4% |
| Net Income ($M) | $870 | $938 | $792 |
| Total Debt ($B) | $23.9 | $25.6 | $30.3 |
What Jana Wants
Sources indicate Jana believes Fiserv is positioned to benefit from a strong spending environment for banks and wants the company to take several steps:
Accelerate Core Banking Growth. Jana is pressing Fiserv to speed up expansion of its financial solutions business, which provides core processing and digital banking services to thousands of U.S. banks and credit unions.
Launch a Strategic Review. The activist wants Fiserv to evaluate shedding non-strategic operations, though sources say Jana is not expected to push for splitting the payments and fintech businesses.
Refresh the Board. Jana is working with at least one banking executive with dealmaking experience who could potentially join the board.
One Fiserv: Management's Response
Lyons has already put a comprehensive turnaround plan in motion. The "One Fiserv" action plan, announced late last year, focuses on five strategic pillars:
- Client-First Mindset — Increasing client-facing resources and revamping consultant relationships
- Clover Platform — Building the "preeminent small business operating platform" through the Clover point-of-sale system
- Innovative Platforms — Creating differentiated solutions in finance and commerce, including embedded finance and stablecoins
- Operational Excellence — Project Elevate, an enterprise-wide efficiency review deploying AI across the company
- Disciplined Capital Allocation — Evaluating all businesses and assets for strategic fit
"No other company has the assets, breadth, and scale to connect all parts of the financial ecosystem," Lyons told analysts on the Q4 earnings call. "Our unique position at the center of commerce and finance strengthens the market position of both our merchant and financial solutions businesses."
Ask Fintool AI AgentJana's Playbook
Jana Partners, founded in 2001 by Barry Rosenstein, has evolved from deep-value activism to what industry observers call the "three S's": buying at the right Stock price, pursuing Strategic activism like sales or spinoffs, and partnering with Star advisors and executives.
Recent campaigns illustrate the approach:
- Six Flags (October 2025): Jana partnered with NFL star Travis Kelce and consumer executives Glenn Murphy and Dave Habiger to push for improved marketing and operations at the struggling theme park operator.
- Lamb Weston (2024-2025): Jana built a 5%+ stake in the frozen potato maker, ultimately securing significant board representation after a settlement.
- Historic wins: Previous successful campaigns at Tiffany & Co., Whole Foods Market, and FreshPet established Jana's reputation in consumer-focused activism.
The Investment Case
Other investors have already recognized Fiserv's potential as a turnaround story. BlackBird Capital Management disclosed a stake in January, with founder David Spinner calling Fiserv "deeply woven into the fabric of the global financial system."
"Every day, banks, merchants, and consumers rely on the company's rails to move billions of dollars around the world," Spinner said. "That kind of embeddedness is incredibly hard to replicate."
The thesis rests on Fiserv's structural advantages: together with Fis and Jack Henry, Fiserv's core processing business serves the majority of U.S. banks and credit unions. Switching costs are substantial—replacing a core ledger and its interconnected systems is expensive and risky. In merchant acquiring, Fiserv is among the largest processors globally, with the Clover point-of-sale system creating additional stickiness.
| Current Stock Price | 52-Week Range | Market Cap | Analyst Target |
|---|---|---|---|
| $63.80 | $60.95 - $238.59 | $34.3B | $77.33* |
*Values retrieved from S&P Global
What to Watch
Fiserv has scheduled an investor day for May 14, 2026, where management will provide additional details on strategy and introduce the new leadership team.
Key questions investors will be tracking:
- Stake size: Will Jana's 13F filing reveal a significant position that gives it more leverage?
- Board changes: Will Jana seek representation, and if so, who might join?
- Asset sales: Which businesses, if any, might Fiserv divest?
- Execution: Can Lyons deliver on the ambitious One Fiserv plan while navigating difficult year-over-year comparisons in the first half of 2026?
For now, the market is giving both Jana and Lyons the benefit of the doubt. With the stock still down 73% from its 2025 peak, there's plenty of room for recovery if the turnaround gains traction.
Ask Fintool AI AgentRelated: Fiserv Company Profile · Global Payments · Fis