Barclays on U.S. Consumer Finance: Title Insurance 2Q11 Preview
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Price: $71.83 -0.22%
Rating Summary:
8 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
8 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays on U.S. Consumer Finance: Title Insurance 2Q11 Preview
Barclays analyst says, "First Amreican (NYSE: FAF) has disclosed its order count for all three months of 2Q11 and it appears open orders were up only 5% q-o-q and closed orders were down 4%. We do not get comparable data from FNF, but considering refinance activity appears to be slowing and FNF has been stronger than FAF at capturing refi volume, we would not be surprised to see FNF post slightly weaker numbers for open and closed orders."
"We are lowering our 2Q11 estimate for Fidelity National Financial (NYSE: FNF) to $0.30 from $0.32, but are raising our 4Q11 estimate to $0.65 from $0.25 (lifting our full year 2011 estimate to $1.45 from $1.20) to account for slightly weaker than expected 2Q11 volumes and the gain from the sale of the flood insurance business that management expects to close in 4Q11."
"We are maintaining our 2Q11 estimate of $0.23 for FAF, but because recent opened order data was weaker than expected, showing only modest signs of a seasonal pick-up, we are incrementally negative about full-year volumes, so we are lowering our estimates for full year 2011 and 2012 to $0.60 and $1.00 from $0.70 and $1.15, respectively."
Barclays analyst says, "First Amreican (NYSE: FAF) has disclosed its order count for all three months of 2Q11 and it appears open orders were up only 5% q-o-q and closed orders were down 4%. We do not get comparable data from FNF, but considering refinance activity appears to be slowing and FNF has been stronger than FAF at capturing refi volume, we would not be surprised to see FNF post slightly weaker numbers for open and closed orders."
"We are lowering our 2Q11 estimate for Fidelity National Financial (NYSE: FNF) to $0.30 from $0.32, but are raising our 4Q11 estimate to $0.65 from $0.25 (lifting our full year 2011 estimate to $1.45 from $1.20) to account for slightly weaker than expected 2Q11 volumes and the gain from the sale of the flood insurance business that management expects to close in 4Q11."
"We are maintaining our 2Q11 estimate of $0.23 for FAF, but because recent opened order data was weaker than expected, showing only modest signs of a seasonal pick-up, we are incrementally negative about full-year volumes, so we are lowering our estimates for full year 2011 and 2012 to $0.60 and $1.00 from $0.70 and $1.15, respectively."
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