Zacks Investment Research downgraded shares of Fidelity National Financial, Inc. (NYSE:FNF) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Fidelity National Title Group, Inc. is a leading provider of title insurance, specialty insurance and claims management services. FNT is one of the nation’s largest title insurance companies through its title insurance underwriters. FNT also provides flood insurance, personal lines insurance and home warranty insurance through it specialty insurance business. FNT also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. “
FNF has been the topic of several other reports. ValuEngine raised shares of Fidelity National Financial from a hold rating to a buy rating in a research note on Friday, September 1st. Barclays PLC raised their price target on shares of Fidelity National Financial from $48.00 to $49.00 and gave the company an overweight rating in a research note on Monday, July 3rd. Finally, Piper Jaffray Companies reaffirmed a buy rating and issued a $48.00 price target on shares of Fidelity National Financial in a research note on Friday, July 14th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $46.60.
Shares of Fidelity National Financial (FNF) opened at 47.66 on Tuesday. Fidelity National Financial has a one year low of $31.64 and a one year high of $49.37. The stock has a 50 day moving average price of $47.70 and a 200 day moving average price of $43.24. The company has a market capitalization of $13.00 billion, a PE ratio of 20.78 and a beta of 0.96.
Fidelity National Financial (NYSE:FNF) last posted its earnings results on Wednesday, July 19th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.03. Fidelity National Financial had a net margin of 7.49% and a return on equity of 10.41%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same period in the prior year, the company posted $0.74 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, equities research analysts predict that Fidelity National Financial will post $2.55 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Thursday, September 14th. Fidelity National Financial’s dividend payout ratio is presently 43.67%.
In related news, insider Brent B. Bickett sold 58,896 shares of the firm’s stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $44.77, for a total value of $2,636,773.92. Following the transaction, the insider now directly owns 562,658 shares of the company’s stock, valued at approximately $25,190,198.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Brent B. Bickett sold 80,000 shares of the firm’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $48.21, for a total transaction of $3,856,800.00. Following the completion of the transaction, the insider now directly owns 584,367 shares in the company, valued at $28,172,333.07. The disclosure for this sale can be found here. Insiders sold a total of 272,897 shares of company stock worth $12,863,333 over the last ninety days. 5.00% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of FNF. BlackRock Inc. lifted its stake in Fidelity National Financial by 4,066.1% in the 1st quarter. BlackRock Inc. now owns 14,703,507 shares of the financial services provider’s stock valued at $572,554,000 after buying an additional 14,350,573 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Fidelity National Financial by 65.0% in the 2nd quarter. Principal Financial Group Inc. now owns 17,770,127 shares of the financial services provider’s stock valued at $796,636,000 after buying an additional 7,000,057 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Fidelity National Financial by 1,675.0% in the 2nd quarter. Victory Capital Management Inc. now owns 4,323,096 shares of the financial services provider’s stock valued at $193,805,000 after buying an additional 4,079,547 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Fidelity National Financial by 28.0% in the 2nd quarter. Alliancebernstein L.P. now owns 5,965,608 shares of the financial services provider’s stock valued at $267,438,000 after buying an additional 1,303,871 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Fidelity National Financial by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 21,623,652 shares of the financial services provider’s stock valued at $842,024,000 after buying an additional 884,191 shares in the last quarter. 82.09% of the stock is currently owned by hedge funds and other institutional investors.
About Fidelity National Financial
Fidelity National Financial, Inc (FNF) is a holding company. FNF, through its subsidiaries, provides title insurance, mortgage services and diversified services. FNF operates in four segments: Fidelity National Title Group, Remy, Restaurant Group and Corporate and Other. The Fidelity National Title Group segment consists of the operations of FNF’s title insurance underwriters and related businesses.
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