Engineers Gate Manager LP Increases Stake in Fidelity National Financial, Inc. $FNF

Key Points

• Engineers Gate Manager LP nearly doubled its Fidelity National Financial stake during the second quarter, increasing holdings by 96.8% to 81,080 shares valued at approximately $3.8 million. Institutional investors collectively own 81.17% of FNF.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and an average price target of $56.00. FNF was trading at $44.18, below its 50-day and 200-day moving averages.
• FNF reported quarterly earnings of $1.39 per share, exceeding estimates, while revenue rose 11.4% year over year to $4.05 billion. The company also declared a quarterly dividend of $0.52 per share, representing a 4.7% annualized yield.

Engineers Gate Manager LP lifted its stake in Fidelity National Financial, Inc. (NYSE:FNF - Free Report) by 96.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 81,080 shares of the financial services provider's stock after buying an additional 39,888 shares during the quarter. Engineers Gate Manager LP's holdings in Fidelity National Financial were worth $3,824,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. California State Teachers Retirement System grew its position in shares of Fidelity National Financial by 4,524.8% during the second quarter. California State Teachers Retirement System now owns 20,659,240 shares of the financial services provider's stock valued at $974,290,000 after purchasing an additional 20,212,535 shares in the last quarter. Windacre Partnership LLC boosted its stake in Fidelity National Financial by 31.0% during the third quarter. Windacre Partnership LLC now owns 18,905,100 shares of the financial services provider's stock valued at $1,143,569,000 after buying an additional 4,477,900 shares during the last quarter. Norges Bank bought a new position in Fidelity National Financial during the fourth quarter valued at approximately $181,017,000. Bank of New York Mellon Corp bought a new position in Fidelity National Financial during the second quarter valued at approximately $112,882,000. Finally, AQR Capital Management LLC grew its holdings in Fidelity National Financial by 75.4% during the 3rd quarter. AQR Capital Management LLC now owns 5,057,355 shares of the financial services provider's stock valued at $304,503,000 after buying an additional 2,174,220 shares in the last quarter. Institutional investors own 81.17% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FNF. Stephens reaffirmed an "overweight" rating and set a $55.00 price objective on shares of Fidelity National Financial in a report on Monday, August 24th. National Bank Financial set a $54.00 price target on shares of Fidelity National Financial in a research report on Friday, August 7th. Barclays boosted their price target on shares of Fidelity National Financial from $51.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Zacks Research raised shares of Fidelity National Financial from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 26th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Fidelity National Financial in a research report on Tuesday. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Fidelity National Financial has a consensus rating of "Hold" and an average price target of $56.00.

Fidelity National Financial Trading Up 0.5%

FNF opened at $44.18 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.26 and a current ratio of 0.26. The stock's 50 day moving average price is $48.92 and its 200-day moving average price is $48.50. Fidelity National Financial, Inc. has a one year low of $42.78 and a one year high of $60.97. The stock has a market cap of $11.85 billion, a price-to-earnings ratio of 15.60, a P/E/G ratio of 0.65 and a beta of 0.93.

Fidelity National Financial (NYSE:FNF - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.31 by $0.08. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.79 billion. Fidelity National Financial had a return on equity of 16.07% and a net margin of 5.03%.Fidelity National Financial's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.16 EPS. On average, equities analysts forecast that Fidelity National Financial, Inc. will post 5.18 EPS for the current year.

Fidelity National Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Wednesday, September 16th. Fidelity National Financial's payout ratio is currently 73.50%.

Insider Activity

In related news, EVP Peter Sadowski sold 69,196 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $45.70, for a total value of $3,162,257.20. Following the transaction, the executive vice president owned 5,702 shares of the company's stock, valued at $260,581.40. This represents a 92.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.70% of the company's stock.

Fidelity National Financial Company Profile

Fidelity National Financial, Inc NYSE: FNF is a provider of title insurance, escrow and settlement services, and other title-related products in the United States. Through its Fidelity National Title Group businesses, the company helps protect property buyers, lenders and other parties against losses arising from defects in real estate titles and supports the closing of residential and commercial property transactions.

FNF's title operations include well-known brands such as Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title.

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