Fidelity National Financial, Inc. $FNF Shares Sold by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC has reduced its stake in Fidelity National Financial, Inc. by 19.4%, now owning approximately 1,158,909 shares worth about $75 million.
• Fidelity National Financial reported a quarterly earnings miss with $1.16 EPS compared to analysts' expectations of $1.40, despite a 15.1% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.50 per share, representing a yield of 3.4%, with an ex-dividend date set for September 16th.

Hsbc Holdings PLC lessened its position in shares of Fidelity National Financial, Inc. (NYSE:FNF - Free Report) by 19.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,158,909 shares of the financial services provider's stock after selling 278,551 shares during the quarter. Hsbc Holdings PLC owned approximately 0.42% of Fidelity National Financial worth $75,414,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in FNF. Vanguard Group Inc. raised its stake in Fidelity National Financial by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 27,174,914 shares of the financial services provider's stock valued at $1,768,543,000 after purchasing an additional 120,595 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Fidelity National Financial by 7.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,001,001 shares of the financial services provider's stock valued at $585,785,000 after purchasing an additional 588,113 shares during the last quarter. Victory Capital Management Inc. raised its stake in Fidelity National Financial by 1.5% in the 1st quarter. Victory Capital Management Inc. now owns 8,214,280 shares of the financial services provider's stock valued at $534,585,000 after purchasing an additional 121,096 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Fidelity National Financial by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,385,420 shares of the financial services provider's stock valued at $190,060,000 after purchasing an additional 16,095 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Fidelity National Financial in the 1st quarter valued at about $178,433,000. Institutional investors and hedge funds own 81.17% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Barclays cut their target price on shares of Fidelity National Financial from $67.00 to $65.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 8th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. 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 Stock Down 0.5%

NYSE FNF traded down $0.3080 on Monday, reaching $60.5120. The company had a trading volume of 302,569 shares, compared to its average volume of 1,574,921. The firm has a market capitalization of $16.44 billion, a PE ratio of 15.34 and a beta of 1.02. Fidelity National Financial, Inc. has a 1 year low of $50.61 and a 1 year high of $66.72. The firm has a 50-day moving average of $56.61 and a 200-day moving average of $58.91. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.24 and a quick ratio of 0.24.

Fidelity National Financial (NYSE:FNF - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.16 earnings per share for the quarter, missing analysts' consensus estimates 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 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 EPS. The firm's revenue was up 15.1% compared to the same quarter last year. On average, equities research analysts anticipate that Fidelity National Financial, Inc. will post 6.28 EPS for the current fiscal year.

Fidelity National Financial Announces Dividend

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