Keith Meister‘s Corvex Capital has taken steps to reduce its exposure to FNF Group of Fidelity National Financial, Inc. (NYSE:FNF) according to a recent filing with the Securities and Exchange Commission. Whereas Corvex held 19.1 million shares of the company at the end of March, as reported in its 13F filing for the first quarter, its stake has since been reduced to 13.2 million shares, equivalent to 4.8% of the company’s outstanding stock.
The largest U.S. title insurer, FNF Group of Fidelity National Financial, Inc. (NYSE:FNF) ended Wednesday’s trading session at $36.71 per share, up by 7.68% for the year. The stock is currently traded at a trailing price-to-earnings (P/E) ratio of 18, in-line with most of its peers. Fidelity National Financial also holds a 55% stake in Black Knight Financial Services Inc (NYSE:BKFS), a provider of cloud-based software for mortgage lenders, which trades at 30-times earnings estimates. When factoring in this aspect, Fidelity National Financial becomes significantly undervalued compared to its main competitor First American Financial Corp (NYSE:FAF), according to Jeremy Campbell, an analyst at Barclays.
At the end of July, Fidelity National reported second quarter results that topped analysts’ estimates. Revenue came in at $2.40 billion, with earnings of $0.74 per share when adjusted for one-time costs, above the expectations of $0.65 in earnings per share and $2.04 billion in revenue.
Fidelity National Financial, Inc. (NYSE:FNF) had attracted the attention (and investment dollars) of a score of top hedge funds as of March 31. Harris Associates, run by Natixis Global Asset Management, reported opening a stake in the stock during the first quarter, having acquired a little over 16 million shares during that time. Daniel S. Och‘s OZ Management held 4.52 million FNF shares at the end of March, down by 28% from the end of the previous quarter. Overall, 44 of the funds in our database reported holding a stake in the company as of the end of March, up from 40 three months earlier.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| CORVEX MANAGEMENT | 13,195,195 | 0 | 13,195,195 | 0 | 13,195,195 | 4.8% |
| KEITH MEISTER | 13,195,195 | 0 | 13,195,195 | 0 | 13,195,195 | 4.8% |
Page 1 of 6 – SEC Filing
(Name, Address and Telephone Number of Person
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