Swiss National Bank Buys 72,700 Shares of Fidelity National Financial Inc (FNF)
Swiss National Bank grew its stake in shares of Fidelity National Financial Inc (NYSE:FNF) by 8.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 906,857 shares of the financial services provider’s stock after purchasing an additional 72,700 shares during the quarter. Swiss National Bank owned 0.33% of Fidelity National Financial worth $34,116,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. S&CO Inc. bought a new stake in Fidelity National Financial in the first quarter worth $200,000. Oppenheimer & Co. Inc. bought a new stake in Fidelity National Financial in the first quarter worth $505,000. Westpac Banking Corp lifted its position in Fidelity National Financial by 211.2% in the first quarter. Westpac Banking Corp now owns 48,739 shares of the financial services provider’s stock worth $1,951,000 after buying an additional 33,077 shares during the last quarter. SG Americas Securities LLC lifted its position in Fidelity National Financial by 226.9% in the first quarter. SG Americas Securities LLC now owns 27,769 shares of the financial services provider’s stock worth $1,111,000 after buying an additional 19,275 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in Fidelity National Financial by 171.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 105,222 shares of the financial services provider’s stock worth $4,256,000 after buying an additional 66,478 shares during the last quarter. Institutional investors own 82.48% of the company’s stock.
FNF stock opened at $40.00 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.80 and a current ratio of 0.80. Fidelity National Financial Inc has a twelve month low of $32.67 and a twelve month high of $42.52. The firm has a market capitalization of $10.98 billion, a price-to-earnings ratio of 17.62 and a beta of 0.84.
Fidelity National Financial announced that its board has authorized a share repurchase program on Tuesday, July 17th that allows the company to repurchase 25,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.00%. Fidelity National Financial’s payout ratio is 52.86%.
In other Fidelity National Financial news, insider Brent B. Bickett sold 50,000 shares of the stock in a transaction 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Roger S. Jewkes sold 42,025 shares of the stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $39.52, for a total value of $1,660,828.00. Following the completion of the sale, the chief operating officer now owns 201,762 shares in the company, valued at approximately $7,973,634.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,688 shares of company stock worth $7,505,007. Insiders own 6.10% of the company’s stock.
FNF has been the subject of a number of analyst reports. Zacks Investment Research upgraded Fidelity National Financial from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Monday, August 6th. Keefe, Bruyette & Woods upgraded Fidelity National Financial from a “market perform” rating to an “outperform” rating and set a $39.00 price target for the company in a research report on Monday, July 16th. Finally, ValuEngine downgraded Fidelity National Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, May 22nd. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. Fidelity National Financial presently has an average rating of “Buy” and a consensus target price of $43.50.
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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