Pictet Asset Management Holding SA Decreases Stock Holdings in Fidelity National Financial, Inc. $FNF

Key Points

• Pictet Asset Management Holding SA reduced its stake in Fidelity National Financial by 15.1% in the first quarter, selling 118,309 shares and leaving it with 663,816 shares worth about $30.8 million.
• FNF reported mixed quarterly results, posting earnings of $0.93 per share versus the $1.09 consensus estimate, while revenue of $3.23 billion also came in below expectations. Revenue still rose 18.2% year over year.
• The company declared a quarterly dividend of $0.52 per share, annualizing to $2.08 and a yield of 4.4%. At the same time, analyst sentiment remains cautious, with a consensus rating of Hold and an average price target of $55.50.

Pictet Asset Management Holding SA cut its holdings in Fidelity National Financial, Inc. (NYSE:FNF - Free Report) by 15.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 663,816 shares of the financial services provider's stock after selling 118,309 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.24% of Fidelity National Financial worth $30,788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Canton Hathaway LLC bought a new stake in shares of Fidelity National Financial in the 4th quarter worth approximately $26,000. Commonwealth Retirement Investments LLC bought a new position in shares of Fidelity National Financial during the fourth quarter valued at approximately $28,000. Headlands Technologies LLC purchased a new stake in Fidelity National Financial in the second quarter worth $32,000. Cary Street Partners Investment Advisory LLC lifted its stake in Fidelity National Financial by 57.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 970 shares of the financial services provider's stock worth $53,000 after acquiring an additional 353 shares during the period. Finally, Torren Management LLC bought a new stake in Fidelity National Financial in the fourth quarter valued at $57,000. Hedge funds and other institutional investors own 81.17% of the company's stock.

Fidelity National Financial Trading Down 0.9%

NYSE:FNF opened at $47.16 on Wednesday. The firm has a market capitalization of $12.69 billion, a P/E ratio of 17.24, a PEG ratio of 0.69 and a beta of 0.96. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.25 and a quick ratio of 0.25. Fidelity National Financial, Inc. has a one year low of $42.78 and a one year high of $61.40. The company's 50-day simple moving average is $48.56 and its 200 day simple moving average is $50.79.

Fidelity National Financial (NYSE:FNF - Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.93 earnings per share for the quarter, missing analysts' consensus estimates of $1.09 by ($0.16). Fidelity National Financial had a net margin of 5.10% and a return on equity of 15.49%. The business had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.61 billion. During the same period in the prior year, the business posted $0.78 EPS. Fidelity National Financial's revenue for the quarter was up 18.2% on a year-over-year basis. As a group, analysts forecast that Fidelity National Financial, Inc. will post 5.29 EPS for the current fiscal year.

Fidelity National Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, June 16th. Fidelity National Financial's dividend payout ratio (DPR) is 75.91%.

Analysts Set New Price Targets

A number of brokerages have issued reports on FNF. Weiss Ratings reissued a "hold (c)" rating on shares of Fidelity National Financial in a research report on Thursday, June 11th. Keefe, Bruyette & Woods dropped their target price on shares of Fidelity National Financial from $67.00 to $64.00 and set an "outperform" rating for the company in a research report on Thursday, June 25th. Zacks Research lowered shares of Fidelity National Financial from a "hold" rating to a "strong sell" rating in a research note on Friday, May 8th. National Bank Financial set a $50.00 price target on shares of Fidelity National Financial in a research report on Monday, May 11th. Finally, Stephens decreased their price target on shares of Fidelity National Financial from $61.00 to $58.00 and set an "overweight" rating for the company in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fidelity National Financial presently has an average rating of "Hold" and a consensus price target of $55.50.

Insiders Place Their Bets

In other Fidelity National Financial news, EVP Peter T. Sadowski sold 69,196 shares of Fidelity National Financial stock in a transaction on Friday, June 26th. The stock was sold at an average price of $45.70, for a total transaction of $3,162,257.20. Following the completion of the transaction, the executive vice president owned 5,702 shares in the company, valued at approximately $260,581.40. The trade was a 92.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.70% of the stock is currently owned by company insiders.

About Fidelity National Financial

Fidelity National Financial NYSE: FNF is a leading provider of title insurance and transaction services to the real estate and mortgage industries. The company underwrites title insurance policies that protect property owners and lenders against title defects, liens, and other encumbrances. Alongside its core title insurance operations, FNF offers escrow and closing services, e-recording solutions, and real estate data and analytics through a network of agents and underwriters.

FNF operates through two primary segments: Title Insurance and Specialty Insurance and Services.

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