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Title Companies in Jacksonville Did Well in 2009

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By : John Cutts    99 or more times read
The impact of the 2009 stock market recovery on publicly traded firms in Jacksonville, including three title companies, provides some insight on how the national economy will affect both the stock trading business and the mortgage market in the 2010 calendar year.

An examination of public company financial data in the city showed that title insurance business, Fidelity National Financial, recorded a revenue increase; along with its two spinoff companies, Lender Processing Services Inc. and Fidelity National Information Services Inc.

The analysis of local public companiesí financial performance in the fiscal year 2009 was based on growth in revenue, shareholder return and growth in earnings. Of the 23 listed companies in the city, only nine recorded higher earnings compared with 2008.

Among the nine are title companies Fidelity National Financial and the business entities created from it; Fidelity National Information Services and Lender Processing Services. The double digit increase in Fidelity Nationalís revenue is partly credited to its mortgage activities in 2009. The insurerís acquisition of LandAmerica Financial Groupís insurance units also contributed to its financial gains.

Meanwhile, Lender Processing Services, which offers mortgage defaults and mortgage loans processing services, can look at its increased foreclosure and mortgage refinancing activities in 2009 as the primary reason for its improved financial performance.

In the case of Fidelity National Information, its 2010 revenue is expected to be even higher than its fiscal 2009 records. The spin off firm acquired Metavante Technologies Inc. in 2009, causing it to record slightly lower revenue in the recently ended fiscal period than what was expected. The combined Fidelity National Information-Metavante revenue in 2009 would have reached the $5 billion mark.

The 23 public companiesí financial performance was evaluated by financial analysts using adjusted per share earnings data. Financial statistics for the firms included earnings from operations minus credits or special charges. For those businesses tracked by analysts from Wall Street, data on earnings per share was supplied by Thomson Financial.

All in all, fiscal 2009 had not been a bad year for these Jacksonville public firms, particularly for the local title companies. Compared with 2008, when there were just three local businesses that recorded positive financial returns, the recently ended fiscal 2009 can be categorized as an improvement.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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