Fidelity National Financial (NYSE:FNF) Shares Gap Down Following Weak Earnings

Fidelity National Financial, Inc. (NYSE:FNF)’s stock price gapped down before the market opened on Thursday following a dissappointing earnings announcement. 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 trading hands.

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

Fidelity National Financial Dividend Announcement

The company also recently announced 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. This represents a $2.00 dividend on an annualized basis and a yield of 3.34%. Fidelity National Financial’s dividend payout ratio is currently 49.50%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Keefe, Bruyette & Woods upgraded shares of Fidelity National Financial from a “market perform” rating to an “outperform” rating and set a $69.00 price objective for the company in a research note on Tuesday, April 8th. Stephens upped 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 lifted their price objective on Fidelity National Financial from $61.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, February 24th. Finally, StockNews.com downgraded Fidelity National Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Fidelity National Financial has a consensus rating of “Moderate Buy” and a consensus price target of $71.60.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FNF. Gilbert & Cook Inc. grew its position in shares of Fidelity National Financial by 3.0% during the 1st quarter. Gilbert & Cook Inc. now owns 5,814 shares of the financial services provider’s stock valued at $378,000 after acquiring an additional 168 shares during the period. Journey Strategic Wealth LLC grew its holdings in Fidelity National Financial by 1.2% in the first quarter. Journey Strategic Wealth LLC now owns 14,482 shares of the financial services provider’s stock valued at $943,000 after purchasing an additional 175 shares during the period. Commerce Bank increased its position in shares of Fidelity National Financial by 3.1% in the first quarter. Commerce Bank now owns 5,977 shares of the financial services provider’s stock valued at $389,000 after buying an additional 177 shares in the last quarter. Peddock Capital Advisors LLC raised its stake in shares of Fidelity National Financial by 3.2% during the 1st quarter. Peddock Capital Advisors LLC now owns 5,663 shares of the financial services provider’s stock worth $369,000 after buying an additional 178 shares during the period. Finally, Kaizen Financial Strategies lifted its position in shares of Fidelity National Financial by 4.8% during the 1st quarter. Kaizen Financial Strategies now owns 4,136 shares of the financial services provider’s stock valued at $269,000 after buying an additional 188 shares in the last quarter. Hedge funds and other institutional investors own 81.17% of the company’s stock.

Fidelity National Financial Stock Down 6.9 %

The stock has a market cap of $16.44 billion, a price-to-earnings ratio of 12.88 and a beta of 1.14. The business’s 50 day moving average is $62.82 and its 200-day moving average is $60.40. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.24 and a current ratio of 0.24.

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.