Fidelity National Financial, Inc. $FNF Position Lessened by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC reduced its stake in Fidelity National Financial by 33.8%, owning approximately 1.4 million shares valued at about $79 million after selling 719,197 shares in the second quarter.
• Research reports indicate a shift in sentiment, with Barclays lowering its target price from $67.00 to $65.00 while maintaining an "equal weight" rating, amid a consensus rating of "Moderate Buy" and a target price of $71.20.
• Fidelity National Financial reported a miss on earnings for the last quarter, delivering EPS of $1.16 against a consensus estimate of $1.40, with a revenue of $3.64 billion.

DAVENPORT & Co LLC lowered its position in Fidelity National Financial, Inc. (NYSE:FNF - Free Report) by 33.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,406,563 shares of the financial services provider's stock after selling 719,197 shares during the quarter. DAVENPORT & Co LLC owned approximately 0.51% of Fidelity National Financial worth $78,994,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Cary Street Partners Investment Advisory LLC increased its holdings in Fidelity National Financial by 80.0% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 468 shares of the financial services provider's stock worth $30,000 after buying an additional 208 shares during the last quarter. Opal Wealth Advisors LLC acquired a new position in shares of Fidelity National Financial during the 1st quarter worth $32,000. Rise Advisors LLC bought a new position in shares of Fidelity National Financial during the 1st quarter valued at $32,000. Synergy Investment Management LLC bought a new position in shares of Fidelity National Financial during the 1st quarter valued at $36,000. Finally, Olde Wealth Management LLC acquired a new stake in shares of Fidelity National Financial in the 1st quarter valued at $40,000. 81.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FNF has been the topic of several recent research reports. Barclays cut their target price 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. Weiss Ratings reissued a "buy (b)" rating on shares of Fidelity National Financial in a research note on Saturday, September 27th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $71.20.

Fidelity National Financial Price Performance

Shares of NYSE:FNF opened at $59.96 on Monday. The company has a market cap of $16.29 billion, a price-to-earnings ratio of 15.22 and a beta of 1.05. The business has a 50 day moving average price of $59.32 and a 200 day moving average price of $58.63. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 0.50. Fidelity National Financial, Inc. has a twelve month low of $50.61 and a twelve month high of $66.72.

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

Fidelity National Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 3.3%. Fidelity National Financial's dividend payout ratio is 50.76%.

Fidelity National Financial Company Profile

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.

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