News Summary
The New York State Teachers Retirement System has boosted its investment in Fidelity National Financial, increasing its holdings by 22.5% in the second quarter. This significant acquisition adds 24,916 shares to the retirement system’s total, bringing its ownership to 135,764 shares valued at $7.61 million. Other institutional investors have also adjusted their positions, with hedge funds now controlling 81.17% of the company’s stock. Analysts have generally rated Fidelity National Financial positively, indicating a growing confidence in the firm’s financial health and future projections.
New York State Teachers Retirement System has increased its holdings in Fidelity National Financial, Inc. (NYSE:FNF) by 22.5% during the second quarter, according to a recent disclosure with the Securities and Exchange Commission. The acquisition of an additional 24,916 shares means that the retirement system now owns a total of 135,764 shares in the company, valued at $7,611,000 at the end of the reporting period.
This strategic investment comes as other institutional investors have also made adjustments to their positions in Fidelity National Financial during the same quarter. TD Asset Management Inc raised its stake by 3.7%, earning ownership of 90,179 shares worth $5,055,000 after purchasing 3,248 additional shares. Meanwhile, NorthRock Partners LLC has acquired a new stake valued at approximately $277,000, while Envestnet Portfolio Solutions Inc. lifted its position by an impressive 46.3%, now holding 9,404 shares valued at $527,000 following an additional purchase of 2,975 shares. Additionally, Aberdeen Group plc increased its stake by 6.0%, ending up with 147,842 shares worth $8,288,000 after acquiring an extra 8,363 shares. Notably, Blue Trust Inc. dramatically boosted its stake by 4,545.5%, now owning 511 shares worth $29,000 due to the purchase of 500 extra shares.
Overall, hedge funds and institutional investors now control an impressive 81.17% of Fidelity National Financial’s stock, indicating high confidence in the firm from major investors.
Recent ratings from research analysts have primarily been positive. Weiss Ratings reiterated a “buy (b)” rating on FNF shares on October 8, while Barclays maintained a “cautious” rating on October 6. National Bankshares also set a price target of $64.00 for the stock on the same date. Out of five analysts who have evaluated the stock, four have given it a Buy rating, while one has rated it Hold, resulting in Fidelity National Financial receiving a consensus rating of “Moderate Buy” with a target price of $69.83 according to MarketBeat.
As of Monday, shares of Fidelity National Financial opened at $55.20. The company’s 50-day simple moving average is currently at $59.04, while the 200-day moving average stands at $58.00. Moreover, Fidelity National Financial holds a market capitalization of $15.00 billion, with a price-to-earnings (PE) ratio of 14.01 and a beta of 1.05. The company’s financial health is bolstered by a debt-to-equity ratio of 0.50, quick ratio of 0.24, and a current ratio of 0.24. Over the past year, the stock has exhibited volatility with a 1-year low of $50.61 and a high of $66.72.
In its last earnings report, made public on July 13, Fidelity National Financial reported earnings of $0.76 per share alongside revenue of $3.17 billion. The firm enjoys a net margin of 7.93% and a return on equity of 14.30%, with analysts forecasting earnings per share of 6.28 for the current fiscal year.
Additionally, Fidelity National Financial has recently announced a quarterly dividend of $0.50, which was paid on September 30. With an annualized yield of $2.00, the company’s dividend yield stands at 3.6%. The ex-dividend date was September 16, and its dividend payout ratio currently sits at 50.76%.
Fidelity National Financial, Inc. is actively engaged in providing various insurance products within the U.S., including title insurance, escrow services, and home warranties, contributing significantly to its substantial market presence.
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