Magnetar Financial LLC Reduces Stock Position in Fidelity National Financial, Inc. $FNF

Key Points

• Magnetar Financial LLC has reduced its stake in Fidelity National Financial, Inc. by 81.0%, selling 61,169 shares during the first quarter, leaving it with approximately 14,370 shares valued at $935,000.
• Barclays has lowered its price target on Fidelity National Financial shares from $67.00 to $65.00, maintaining an "equal weight" rating, while the stock currently has a consensus rating of "Moderate Buy" with an average target price of $71.20.
• The company has announced a quarterly dividend of $0.50 payable on September 30th, with an annualized yield of 3.3%, and a dividend payout ratio of 50.76%.

Magnetar Financial LLC cut its holdings in shares of Fidelity National Financial, Inc. (NYSE:FNF - Free Report) by 81.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,370 shares of the financial services provider's stock after selling 61,169 shares during the period. Magnetar Financial LLC's holdings in Fidelity National Financial were worth $935,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pallas Capital Advisors LLC increased its position in shares of Fidelity National Financial by 109.7% during the first quarter. Pallas Capital Advisors LLC now owns 12,241 shares of the financial services provider's stock worth $797,000 after acquiring an additional 6,405 shares in the last quarter. Oppenheimer & Co. Inc. increased its position in shares of Fidelity National Financial by 5.8% during the first quarter. Oppenheimer & Co. Inc. now owns 23,189 shares of the financial services provider's stock worth $1,509,000 after acquiring an additional 1,267 shares in the last quarter. Private Trust Co. NA increased its position in shares of Fidelity National Financial by 38.7% during the first quarter. Private Trust Co. NA now owns 738 shares of the financial services provider's stock worth $48,000 after acquiring an additional 206 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Fidelity National Financial by 4.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 85,118 shares of the financial services provider's stock worth $5,540,000 after acquiring an additional 3,510 shares in the last quarter. Finally, Asset Management One Co. Ltd. increased its position in shares of Fidelity National Financial by 3.0% during the first quarter. Asset Management One Co. Ltd. now owns 97,207 shares of the financial services provider's stock worth $6,326,000 after acquiring an additional 2,807 shares in the last quarter. 81.17% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Barclays decreased 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 report on Tuesday, July 8th. Four investment 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 has a consensus rating of "Moderate Buy" and an average price target of $71.20.

Fidelity National Financial Stock Performance

FNF traded up $1.01 during midday trading on Wednesday, reaching $59.62. The company had a trading volume of 1,213,641 shares, compared to its average volume of 1,562,538. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.24 and a current ratio of 0.24. The stock has a market cap of $16.20 billion, a PE ratio of 15.13 and a beta of 1.05. Fidelity National Financial, Inc. has a 12-month low of $50.61 and a 12-month high of $66.72. The business has a 50-day moving average price of $57.42 and a two-hundred day moving average price of $59.02.

Fidelity National Financial (NYSE:FNF - Get Free Report) last released its 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). The company had revenue of $3.64 billion during the quarter, compared to analysts' expectations of $3.64 billion. Fidelity National Financial had a net margin of 7.93% and a return on equity of 14.30%. The firm's revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.24 earnings per share. On average, sell-side analysts expect 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 declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date 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.