Fidelity National Financial (NYSE:FNF) Shares Gap Down on Disappointing Earnings

Fidelity National Financial, Inc. (NYSE:FNF) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $64.33, but opened at $61.31. Fidelity National Financial shares last traded at $60.48, with a volume of 380,065 shares changing hands.

The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.35). The business had revenue of $2.73 billion during the quarter, compared to the consensus estimate of $3.32 billion. Fidelity National Financial had a return on equity of 15.36% and a net margin of 9.28%. Fidelity National Financial’s revenue was down 17.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.91 earnings per share.

Fidelity National Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Monday, June 16th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $2.00 annualized dividend and a dividend yield of 3.46%. Fidelity National Financial’s dividend payout ratio (DPR) is presently 49.50%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on FNF shares. Stephens raised their price target on shares of Fidelity National Financial from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Barclays raised their price objective on shares of Fidelity National Financial from $61.00 to $67.00 and gave the stock an “equal weight” rating in a report on Monday, February 24th. Keefe, Bruyette & Woods raised shares of Fidelity National Financial from a “market perform” rating to an “outperform” rating and set a $69.00 price target for the company in a report on Tuesday, April 8th. Finally, StockNews.com cut Fidelity National Financial from a “buy” rating to a “hold” rating in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Fidelity National Financial presently has an average rating of “Moderate Buy” and a consensus target price of $71.60.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC lifted its holdings in shares of Fidelity National Financial by 4.4% during the 3rd quarter. Barclays PLC now owns 216,755 shares of the financial services provider’s stock worth $13,451,000 after acquiring an additional 9,146 shares during the period. Tidal Investments LLC raised its position in Fidelity National Financial by 38.9% in the third quarter. Tidal Investments LLC now owns 6,756 shares of the financial services provider’s stock valued at $419,000 after purchasing an additional 1,892 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Fidelity National Financial by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 25,094 shares of the financial services provider’s stock valued at $1,557,000 after buying an additional 348 shares during the period. Pallas Capital Advisors LLC grew its holdings in Fidelity National Financial by 8.0% during the 4th quarter. Pallas Capital Advisors LLC now owns 5,836 shares of the financial services provider’s stock worth $328,000 after acquiring an additional 430 shares during the last quarter. Finally, Accurate Wealth Management LLC increased its stake in shares of Fidelity National Financial by 11.9% in the fourth quarter. Accurate Wealth Management LLC now owns 5,238 shares of the financial services provider’s stock valued at $284,000 after buying an additional 556 shares during the period. 81.17% of the stock is currently owned by institutional investors.

Fidelity National Financial Price Performance

The company has a current ratio of 0.24, a quick ratio of 0.24 and a debt-to-equity ratio of 0.47. The business’s 50-day simple moving average is $62.72 and its two-hundred day simple moving average is $60.38. The firm has a market cap of $15.88 billion, a price-to-earnings ratio of 12.44 and a beta of 1.14.

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.