Fidelity National Financial, Inc. (FNF) Upgraded to “Buy” by Zacks Investment Research
Fidelity National Financial, Inc. (NYSE:FNF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $49.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.36% from the company’s previous close.
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. “
Other research analysts also recently issued research reports about the stock. Monness Crespi & Hardt upped their target price on shares of Fidelity National Financial from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, April 10th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $38.00 target price on shares of Fidelity National Financial in a report on Wednesday, April 19th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $44.60.
Shares of Fidelity National Financial (NYSE:FNF) traded up 1.15% during midday trading on Monday, hitting $44.00. The company had a trading volume of 870,836 shares. The firm has a market capitalization of $11.98 billion, a P/E ratio of 18.87 and a beta of 0.93. Fidelity National Financial has a 1-year low of $31.64 and a 1-year high of $44.02. The stock has a 50 day moving average price of $41.84 and a 200 day moving average price of $37.80.
Fidelity National Financial (NYSE:FNF) last issued its earnings results on Wednesday, May 3rd. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.05. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.74 billion. Fidelity National Financial had a net margin of 7.34% and a return on equity of 10.51%. Fidelity National Financial’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.33 EPS. On average, equities analysts anticipate that Fidelity National Financial will post $2.52 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Wednesday, June 14th. Fidelity National Financial’s dividend payout ratio (DPR) is presently 42.92%.
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In other Fidelity National Financial news, President Michael Joseph Nolan sold 80,748 shares of the stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $43.52, for a total transaction of $3,514,152.96. Following the completion of the transaction, the president now owns 176,062 shares of the company’s stock, valued at approximately $7,662,218.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter T. Sadowski sold 17,288 shares of the stock in a transaction dated Thursday, March 23rd. The shares were sold at an average price of $38.75, for a total transaction of $669,910.00. The disclosure for this sale can be found here. Insiders have sold a total of 264,074 shares of company stock valued at $10,963,053 in the last three months. Insiders own 5.00% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Fidelity National Financial by 4,066.1% in the first 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 during the period. Orbis Allan Gray Ltd increased its position in Fidelity National Financial by 49.7% in the fourth quarter. Orbis Allan Gray Ltd now owns 6,220,056 shares of the financial services provider’s stock valued at $211,233,000 after buying an additional 2,065,395 shares during the period. Vanguard Group Inc. increased its position in Fidelity National Financial by 4.3% in the first 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 during the period. State Street Corp increased its position in Fidelity National Financial by 15.8% in the fourth quarter. State Street Corp now owns 5,697,188 shares of the financial services provider’s stock valued at $193,482,000 after buying an additional 776,690 shares during the period. Finally, American Century Companies Inc. bought a new position in Fidelity National Financial during the first quarter valued at approximately $26,861,000. 84.21% of the stock is owned by institutional investors and hedge funds.
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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