Fidelity National Financial (NYSE:FNF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The brokerage currently has a $53.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 10.97% from the stock’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. “
Separately, Barclays boosted their target price on Fidelity National Financial from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday.
Fidelity National Financial (NYSE:FNF) last posted its earnings results on Tuesday, August 3rd. The financial services provider reported $2.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.67. Fidelity National Financial had a return on equity of 25.33% and a net margin of 17.05%. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.04 billion. On average, equities research analysts forecast that Fidelity National Financial will post 6.61 EPS for the current fiscal year.
Fidelity National Financial declared that its board has approved a stock repurchase plan on Tuesday, August 3rd that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 0.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
In related news, COO Roger S. Jewkes sold 13,018 shares of the stock in a transaction that occurred on Wednesday, August 25th. The stock was sold at an average price of $49.17, for a total transaction of $640,095.06. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Peter T. Sadowski sold 25,000 shares of the firm’s stock in a transaction on Friday, July 16th. The shares were sold at an average price of $44.10, for a total value of $1,102,500.00. The disclosure for this sale can be found here. Insiders sold 105,000 shares of company stock worth $4,920,321 in the last ninety days. 5.20% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Paragon Wealth Strategies LLC bought a new position in Fidelity National Financial during the 2nd quarter worth $33,000. Benjamin F. Edwards & Company Inc. raised its position in Fidelity National Financial by 31.6% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,134 shares of the financial services provider’s stock worth $46,000 after purchasing an additional 272 shares during the last quarter. Logan Capital Management Inc. bought a new position in Fidelity National Financial during the 1st quarter worth $47,000. SRS Capital Advisors Inc. bought a new position in Fidelity National Financial during the 2nd quarter worth $58,000. Finally, PNC Managed Account Solutions Inc. bought a new position in Fidelity National Financial during the 2nd quarter worth $63,000. Institutional investors own 78.40% of the company’s stock.
Fidelity National Financial Company Profile
Fidelity National Financial, Inc is engaged in the provision of title insurance and transaction services to real estate and mortgage industries. Its services include title insurance, escrow and other title-related services, including trust activities, trustee sales guarantees, recordings and reconveyances, and home warranty products; and technology and transaction services to the real estate and mortgage industries.
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