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Fidelity National Financial Inc. Reports Operating Results (10-K)

February 23, 2011 | About:

Fidelity National Financial Inc. (NYSE:FNF) filed Annual Report for the period ended 2010-12-31.

Fidelity National Financial Inc. has a market cap of $3.18 billion; its shares were traded at around $14.01 with a P/E ratio of 9.1 and P/S ratio of 0.6. The dividend yield of Fidelity National Financial Inc. stocks is 5.1%.Hedge Fund Gurus that owns FNF: Richard Pzena of Pzena Investment Management LLC, Paul Tudor Jones of The Tudor Group, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns FNF: Tom Gayner of Markel Gayner Asset Management Corp, Charles Brandes of Brandes Investment, Chuck Royce of Royce& Associates, Murray Stahl of Horizon Asset Management, John Keeley of Keeley Fund Management, Mario Gabelli of GAMCO Investors, Jeremy Grantham of GMO LLC.

Highlight of Business Operations:

The aggregate market value of the shares of the common stock held by non-affiliates of the registrant as of June 30, 2010 was $2,814,002,098, based on the closing price of $12.99 as reported by the New York Stock Exchange.

Strategic acquisitions have been an important part of our growth strategy. On December 22, 2008, we completed the acquisition of LandAmerica Financial Group, Inc.’s (“LFG”) two principal title insurance underwriters, Commonwealth Land Title Insurance Company (“Commonwealth”) and Lawyers Title Insurance Corporation (“Lawyers”), as well as United Capital Title Insurance Company (“United”) (collectively, the “LFG Underwriters”). The total purchase price was $258.9 million, net of cash acquired of $5.9 million, and was comprised of $153.9 million paid by two of our title insurance underwriters, Fidelity National Title Insurance Company and Chicago Title Insurance Company, a $50.0 million subordinated note, which was paid in full during 2010 (see note I of Notes to Consolidated Financial Statements), $50.0 million in FNF common stock (3,176,620 shares valued at $15.74 per share at the time of closing), and $5.0 million in transaction costs.

On May 28, 2010, we completed the sale of our 32% interest in Sedgwick, our minority-owned affiliate that provides claims management services to large corporate and public sector entities, to a group of private equity funds. We received approximately $225.6 million in proceeds, of which $32.0 million was held in an indemnity escrow for our ownership interest, resulting in a pre-tax gain of approximately $98.4 million.

$4.8 billion in 1995 to $17.8 billion in 2005 and then decreased to $15.2 billion in 2007, $11.3 billion in 2008, and to $10.7 in 2009. Growth in the industry is closely tied to various macroeconomic factors, including, but not limited to, growth in the gross domestic product, inflation, unemployment, the availability of credit, consumer confidence, interest rates and sales of and prices for new and existing homes, as well as the volume of refinancing of previously issued mortgages.

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Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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