Loading...
Docoh

Fidelity National Financial (FNF)

Fidelity National Financial, Inc. is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States.

Company profile

Ticker
FNF
Exchange
Website
CEO
Raymond R. Quirk
Employees
Location
Fiscal year end
Industry (SIC)
Former names
Fidelity National Title Group, Inc.
SEC CIK
Subsidiaries
FNTG Holdings, LLC • Chicago Title Insurance Company • Fidelity National Title Group, Inc. • ServiceLink Holdings, Inc. • Fidelity National Title Insurance Company • Commonwealth Land Title Insurance Company • F&G Annuities & Life, Inc. ...
IRS number
161725106

FNF stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$58.50
Low target
$49.00
High target
$68.00
Stephens & Co.
Maintains
Overweight
$49.00
26 Sep 22
Barclays
Maintains
Overweight
$68.00
4 Aug 22

Investment data

Data from SEC filings
33 long holdings
End of quarter 30 Jun 22
Value
 
#Shares
 
Prev Q
 
Change
%, QoQ
$101.25M 15M 15M 0
$97.5M 50M 50M 0
$71.16M 2M 2M 0
$65.18M 4.21M 4.21M 0
$47.08M 1M 1M 0
$44.46M 290.29K 290.29K 0
$31.09M 186.52K 186.52K 0
$26.06M 195.95K 195.95K 0
$22.18M 224.6K 224.6K 0
$21.08M 229.92K 229.92K 0
$20.35M 683K NEW
$19.48M 106.7K 106.7K 0
$16.66M 32.44K 32.44K 0
$14.35M 336.41K 336.41K 0
$13.72M 31.92K 31.92K 0
$13.41M 639.83K 639.83K 0
$10.38M 58.48K 58.48K 0
$10.2M 90.15K 90.15K 0
$9.12M 100K 100K 0
$7.9M 40K 40K 0
$7.63M 500K 500K 0
$7.4M 1.27M 1.27M 0
$6.24M 280K 280K 0
$5.34M 150K 150K 0
$5.22M 40.33K 40.33K 0
$2.08M 154.78K NEW
$1.56M 228.91K 228.91K 0
$872K 241.47K 241.47K 0
$626K 9.57K 9.57K 0
$502K 47.98K 47.98K 0
$217K 9.55K 9.55K 0
$205K 31.35K 31.35K 0
$7K 4.28K 4.28K 0
4.78M EXIT
500K EXIT
14.25K EXIT
Holdings list only includes long positions. Only includes long positions.

Calendar

5 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 2.43B 2.43B 2.43B 2.43B 2.43B 2.43B
Cash burn (monthly) 122.33M 87.08M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 373.94M 266.19M n/a n/a n/a n/a
Cash remaining 2.05B 2.16B n/a n/a n/a n/a
Runway (months of cash) 16.8 24.8 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
14 Sep 22 John D Rood Common Stock Option exercise Acquire M No No 25.53 21,414 546.7K 224,567
14 Sep 22 John D Rood FNF Group Stock Option (right to purchase) Common Stock Option exercise Dispose M No No 25.53 21,414 546.7K 0
14 Sep 22 Shea Peter O Jr Common Stock Sell Dispose S No No 40.826 13,389 546.62K 200,642
14 Sep 22 Shea Peter O Jr Common Stock Option exercise Acquire M No No 25.53 21,414 546.7K 214,031
14 Sep 22 Shea Peter O Jr FNF Group Stock Option (right to purchase) Common Stock Option exercise Dispose M No No 25.53 21,414 546.7K 0
8 Sep 22 Foley William P Ii Common Stock Option exercise Acquire M No No 25.53 600,546 15.33M 4,948,423.579
8 Sep 22 Foley William P Ii FNF Group Stock Option (right to purchase) Common Stock Option exercise Dispose M No No 25.53 600,546 15.33M 0
19 Aug 22 Sadowski Peter T Common Stock Sell Dispose S No No 40.8547 22,500 919.23K 105,897.922
10 Aug 22 Hagerty Thomas M Common Stock Sell Dispose S No No 40.009 13,663 546.64K 325,539.6
10 Aug 22 Hagerty Thomas M Common Stock Option exercise Acquire M No No 21.84 21,414 467.68K 339,202.6
13F holders Current Prev Q Change
Total holders 601 625 -3.8%
Opened positions 76 89 -14.6%
Closed positions 100 89 +12.4%
Increased positions 211 233 -9.4%
Reduced positions 209 198 +5.6%
13F shares Current Prev Q Change
Total value 7.82B 10.65B -26.6%
Total shares 211.75M 218.15M -2.9%
Total puts 338.2K 225.4K +50.0%
Total calls 1.02M 694.41K +46.6%
Total put/call ratio 0.3 0.3 +2.4%
Largest owners Shares Value Change
BLK Blackrock 36.24M $1.34B +6.6%
Vanguard 29.29M $1.08B +1.4%
Brave Warrior Advisors 9.12M $337.06M -0.3%
PFG Principal Financial Group Inc - Registered Shares 7.4M $273.63M -6.9%
STT State Street 6.62M $244.56M -10.7%
First Trust Advisors 6.08M $224.85M -29.2%
Charles Schwab Investment Management 5.11M $189.01M +5.0%
Cooke & Bieler 4.94M $182.65M -1.8%
Geode Capital Management 4.45M $164.36M -4.5%
Pictet Asset Management 3.54M $130.9M -0.9%
Largest transactions Shares Bought/sold Change
First Trust Advisors 6.08M -2.51M -29.2%
Steven Patrick Farmer 2.44M +2.44M NEW
Wellington Management 1.25M -2.35M -65.3%
BLK Blackrock 36.24M +2.24M +6.6%
Lord, Abbett & Co. 2.78M -1.86M -40.0%
River Road Asset Management 1.2M -1.74M -59.2%
Virginia Retirement Systems Et Al 0 -965.2K EXIT
STT State Street 6.62M -790.67K -10.7%
Aqr Capital Management 1.58M +730.86K +86.2%
Parametric Portfolio Associates 0 -707.46K EXIT

Financial report summary

?
Competition
Black Knight InfoServDoma
Risks
  • We have recorded goodwill as a result of prior acquisitions, and an economic downturn could cause these balances to become impaired, requiring write-downs that would reduce our operating income.
  • Our management has historically sought to grow through acquisitions, both in our current lines of business as well as in lines of business outside of our traditional areas of focus or geographic areas. This expansion of our business subjects us to associated risks, such as risks and uncertainties associated with new companies, the diversion of management’s attention and lack of experience in operating unrelated businesses, and may affect our credit and ability to repay our debt.
  • We are a holding company and depend on distributions from our subsidiaries for cash.
  • Our business could be interrupted or compromised if we experience difficulties arising from outsourcing relationships.
  • If we are unable to attract and retain national marketing organizations and independent agents, sales of our products may be reduced.
  • Failure of our enterprise-wide risk management processes could result in unexpected monetary losses, damage to our reputation, additional costs or impairment of our ability to conduct business effectively.
  • If we experience changes in the rate or severity of title insurance claims, it may be necessary for us to record additional charges to our claim loss reserve. This may result in lower net earnings and the potential for earnings volatility.
  • If the rating agencies downgrade our insurance companies, our results of operations and competitive position in the title insurance industry may suffer.
  • If our claim loss prevention procedures fail, we could incur significant claim losses.
  • Our use of independent agents for a significant amount of our title insurance policies could adversely impact the frequency and severity of title claims.
  • Because we are dependent upon California and Texas for approximately 14.6% and 13.0% and of our title insurance premiums, respectively, our Title segment may be adversely affected by regulatory conditions in California and/or Texas.
  • Concentration in certain states for the distribution of our life insurance and annuity products in our F&G segment may subject us to losses attributable to economic downturns or catastrophes in those states.
  • Our subsidiaries must comply with extensive regulations. These regulations may increase our costs or impede or impose burdensome conditions on actions that we might seek to take to increase the revenues of those subsidiaries.
  • State regulation of the rates we charge for title insurance could adversely affect our results of operations.
  • Our F&G business is highly regulated and subject to numerous legal restrictions and regulations.
  • Regulatory investigations of the insurance industry may lead to fines, settlements, new regulation or legal uncertainty, which could negatively affect our results of operations.
  • We are subject to the credit risk of our counterparties, including companies with whom we have reinsurance agreements or we have purchased call options.
  • If financial institutions at which we hold escrow funds fail, it could have a material adverse impact on our company.
  • If economic and credit market conditions deteriorate, it could have a material adverse impact on our investment portfolio.
  • Equity market volatility could negatively impact our business.
  • Our investments are subject to market and credit risks. These risks could be heightened during periods of extreme volatility or disruption in financial and credit markets.
  • If adverse changes in the levels of real estate activity occur, our revenues may decline.
  • Interest rate fluctuations could adversely affect our business, financial condition, liquidity, results of operations and cash flows.
  • The Setting Every Community Up for Retirement Enhancement Act of 2019 may impact our business and the markets in which we compete.
  • Our business could be materially and adversely affected by the occurrence of a catastrophe, including natural or man-made disasters.
  • Failure of our information security systems or processes could result in a loss or disclosure of confidential information, damage to our reputation, monetary losses, additional costs and impairment of our ability to conduct business effectively.
  • Failure to respond to rapid changes in technology could adversely affect our results of operations or financial condition.
  • We are the subject of various legal proceedings that could have a material adverse effect on our results of operations.
  • Our F&G insurance subsidiaries operate in a highly competitive industry, which could limit our ability to gain or maintain our position in the industry and could materially adversely affect our business, financial condition and results of operations.
  • The loss of key personnel could negatively affect our financial results and impair our operating abilities.
Management Discussion
  •  Revenues.
  • Total revenues decreased by $1,223 million in the three months ended June 30, 2022 and decreased by $1,158 million in the six months ended June 30, 2022 compared to the corresponding periods in 2021.
  • Net earnings from continuing operations decreased by $163 million in the three months ended June 30, 2022 and decreased by $368 million in the six months ended June 30, 2022 compared to the corresponding periods in 2021.

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: automatically, bar, head, notice, petitioned, prejudice, retrospective, SOFR, transition, vehicle
Removed: AAA, Allred, alter, began, Blake, block, collect, confidence, consumer, CPPIB, deficiency, demurrer, ego, emergency, fifty, Fin, headcount, lead, marketing, Melissa, Mgmt, multiyear, outbreak, Ovation, Polly, revision, unable, variability, Yu, Yuan