Cadence Capital Management LLC Has $1.95 Million Stake in Fidelity National Financial Inc (FNF)
Cadence Capital Management LLC boosted its stake in Fidelity National Financial Inc (NYSE:FNF) by 25.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 49,556 shares of the financial services provider’s stock after acquiring an additional 9,985 shares during the quarter. Cadence Capital Management LLC’s holdings in Fidelity National Financial were worth $1,950,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Andra AP fonden acquired a new stake in Fidelity National Financial in the 2nd quarter valued at $7,848,000. Golden Gate Private Equity Inc. grew its stake in Fidelity National Financial by 28.7% in the 2nd quarter. Golden Gate Private Equity Inc. now owns 118,900 shares of the financial services provider’s stock valued at $4,473,000 after acquiring an additional 26,500 shares during the period. PNC Financial Services Group Inc. grew its stake in Fidelity National Financial by 0.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 472,997 shares of the financial services provider’s stock valued at $17,793,000 after acquiring an additional 2,670 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Fidelity National Financial by 8.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 949,136 shares of the financial services provider’s stock valued at $35,706,000 after acquiring an additional 72,065 shares during the period. Finally, Boston Partners grew its stake in Fidelity National Financial by 21.0% in the 2nd quarter. Boston Partners now owns 122,290 shares of the financial services provider’s stock valued at $4,601,000 after acquiring an additional 21,229 shares during the period. 82.85% of the stock is currently owned by hedge funds and other institutional investors.
In other Fidelity National Financial news, COO Roger S. Jewkes sold 42,025 shares of Fidelity National Financial stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $39.52, for a total transaction of $1,660,828.00. Following the sale, the chief operating officer now owns 201,762 shares of the company’s stock, valued at approximately $7,973,634.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Cary H. Thompson sold 85,639 shares of Fidelity National Financial stock in a transaction on Friday, September 7th. The stock was sold at an average price of $40.10, for a total transaction of $3,434,123.90. Following the sale, the director now directly owns 74,000 shares in the company, valued at approximately $2,967,400. The disclosure for this sale can be found here. Insiders own 6.10% of the company’s stock.
Fidelity National Financial (NYSE:FNF) last announced its earnings results on Wednesday, October 24th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.01). Fidelity National Financial had a return on equity of 16.32% and a net margin of 10.54%. The business had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same period last year, the firm earned $0.71 EPS. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, analysts forecast that Fidelity National Financial Inc will post 2.76 earnings per share for the current fiscal year.
Fidelity National Financial announced that its Board of Directors has initiated a stock repurchase program on Tuesday, July 17th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally 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, December 28th. Shareholders of record on Friday, December 14th will be paid a dividend of $0.30 per share. The ex-dividend date is Thursday, December 13th. This represents a $1.20 annualized dividend and a yield of 3.57%. Fidelity National Financial’s dividend payout ratio (DPR) is presently 52.86%.
A number of research firms recently issued reports on FNF. Barclays set a $43.00 price target on shares of Fidelity National Financial and gave the company a “buy” rating in a research note on Friday, October 26th. Zacks Investment Research raised shares of Fidelity National Financial from a “sell” rating to a “hold” rating in a research note on Friday, July 20th. ValuEngine raised shares of Fidelity National Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Finally, 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 note on Monday, July 16th. Two investment analysts have rated the stock with a sell rating and four have given a buy rating to the stock. Fidelity National Financial has a consensus rating of “Hold” and an average target price of $43.40.
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Fidelity National Financial 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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