Corebridge Financial Inc. Trims Stock Position in Fidelity National Financial, Inc. $FNF

Key Points

• Corebridge Financial Inc. reduced its stake in Fidelity National Financial by 2.4%, bringing its total holdings to approximately $18.68 million after selling 7,016 shares.
• Barclays recently lowered its price target for Fidelity National Financial from $67.00 to $65.00, maintaining an "equal weight" rating on the stock.
• Fidelity National Financial declared a quarterly dividend of $0.50 per share, reflecting a 3.3% yield, with the payout scheduled for September 30th.

Corebridge Financial Inc. lowered its stake in Fidelity National Financial, Inc. (NYSE:FNF - Free Report) by 2.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 287,130 shares of the financial services provider's stock after selling 7,016 shares during the period. Corebridge Financial Inc. owned approximately 0.10% of Fidelity National Financial worth $18,686,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of FNF. Nuveen LLC acquired a new position in shares of Fidelity National Financial in the first quarter valued at approximately $178,433,000. AQR Capital Management LLC grew its holdings in Fidelity National Financial by 135.8% during the fourth quarter. AQR Capital Management LLC now owns 1,167,485 shares of the financial services provider's stock worth $65,543,000 after acquiring an additional 672,323 shares during the period. GAMMA Investing LLC grew its holdings in Fidelity National Financial by 8,302.5% during the first quarter. GAMMA Investing LLC now owns 626,655 shares of the financial services provider's stock worth $40,783,000 after acquiring an additional 619,197 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Fidelity National Financial by 7.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 9,001,001 shares of the financial services provider's stock worth $585,785,000 after acquiring an additional 588,113 shares during the period. Finally, Millennium Management LLC grew its holdings in Fidelity National Financial by 41.2% during the fourth quarter. Millennium Management LLC now owns 1,946,962 shares of the financial services provider's stock worth $109,302,000 after acquiring an additional 568,013 shares during the period. Institutional investors and hedge funds own 81.17% of the company's stock.

Wall Street Analyst Weigh In

Separately, Barclays dropped their price objective on Fidelity National Financial from $67.00 to $65.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 8th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Fidelity National Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.20.

Fidelity National Financial Price Performance

Shares of NYSE:FNF traded up $0.32 on Friday, hitting $59.94. The company had a trading volume of 984,600 shares, compared to its average volume of 1,561,608. The company has a current ratio of 0.24, a quick ratio of 0.24 and a debt-to-equity ratio of 0.50. Fidelity National Financial, Inc. has a 52-week low of $50.61 and a 52-week high of $66.72. The business has a 50 day moving average of $57.20 and a 200 day moving average of $58.98. The company has a market cap of $16.29 billion, a PE ratio of 15.21 and a beta of 1.02.

Fidelity National Financial (NYSE:FNF - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.40 by ($0.24). Fidelity National Financial had a net margin of 7.93% and a return on equity of 14.30%. The company had revenue of $3.64 billion during the quarter, compared to analysts' expectations of $3.64 billion. During the same quarter in the prior year, the company earned $1.24 earnings per share. The firm's revenue was up 15.1% compared to the same quarter last year. As a group, equities analysts anticipate that Fidelity National Financial, Inc. will post 6.28 earnings per share for the current fiscal year.

Fidelity National Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 16th. This represents a $2.00 annualized dividend and a yield of 3.3%. Fidelity National Financial's dividend payout ratio is 50.76%.

About Fidelity National Financial

Fidelity National Financial, Inc, together with its subsidiaries, provides various insurance products in the United States. The company operates through Title, F&G, and Corporate and Other segments. It offers title insurance, escrow, and other title related services, including trust activities, trustee sales guarantees, recordings and reconveyances, and home warranty products.