Zacks Investment Research upgraded shares of Fidelity National Financial (NYSE:FNF) from a hold rating to a buy rating in a report issued on Monday morning. They currently have $45.00 target price on the financial services provider’s stock.
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. “
Several other analysts have also commented on FNF. ValuEngine lowered shares of Fidelity National Financial from a hold rating to a sell rating in a research report on Tuesday, May 22nd. Keefe, Bruyette & Woods raised shares of Fidelity National Financial from a market perform rating to an outperform rating and set a $39.00 price target on the stock in a research report on Monday, July 16th. One analyst has rated the stock with a sell rating and six have given a buy rating to the stock. Fidelity National Financial presently has a consensus rating of Buy and a consensus target price of $43.50.
Fidelity National Financial (NYSE:FNF) last released its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.04. The firm had revenue of $2.12 million for the quarter, compared to analyst estimates of $2.11 billion. Fidelity National Financial had a net margin of 9.82% and a return on equity of 15.29%. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.75 EPS. equities research analysts predict that Fidelity National Financial will post 2.8 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Thursday, September 13th. Fidelity National Financial’s payout ratio is 52.86%.
Fidelity National Financial announced that its Board of Directors has initiated a share repurchase plan on Tuesday, July 17th that permits the company to repurchase 25,000,000 outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other Fidelity National Financial news, insider Brent B. Bickett sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, July 27th. The stock was sold at an average price of $40.68, for a total value of $2,034,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Anthony Park sold 55,779 shares of the business’s stock in a transaction that occurred on Thursday, June 21st. The shares were sold at an average price of $36.99, for a total value of $2,063,265.21. The disclosure for this sale can be found here. In the last three months, insiders sold 149,663 shares of company stock worth $5,844,179. 6.10% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Keybank National Association OH raised its position in Fidelity National Financial by 9.8% in the second quarter. Keybank National Association OH now owns 14,952 shares of the financial services provider’s stock valued at $562,000 after purchasing an additional 1,336 shares during the period. Janney Montgomery Scott LLC raised its position in Fidelity National Financial by 8.2% in the second quarter. Janney Montgomery Scott LLC now owns 18,650 shares of the financial services provider’s stock valued at $702,000 after purchasing an additional 1,409 shares during the period. Thompson Investment Management Inc. raised its position in Fidelity National Financial by 1.2% in the second quarter. Thompson Investment Management Inc. now owns 124,020 shares of the financial services provider’s stock valued at $4,666,000 after purchasing an additional 1,465 shares during the period. Nomura Asset Management Co. Ltd. raised its position in Fidelity National Financial by 4.3% in the second quarter. Nomura Asset Management Co. Ltd. now owns 42,621 shares of the financial services provider’s stock valued at $1,603,000 after purchasing an additional 1,776 shares during the period. Finally, Pitcairn Co. raised its position in Fidelity National Financial by 23.4% in the second quarter. Pitcairn Co. now owns 12,584 shares of the financial services provider’s stock valued at $474,000 after purchasing an additional 2,386 shares during the period. 81.24% of the stock is currently owned by institutional investors.
Fidelity National Financial Company Profile
Fidelity National Financial, Inc, together with its subsidiaries, provides title insurance, technology, and transaction services to the real estate and mortgage industries in the United States. The company operates in Title, and Corporate and Other segments. It offers title insurance, escrow, and other title related services, including collection and trust activities, trustee sales guarantees, recordings and conveyances, and home warranty insurance.
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