Fidelity National Financial's common stock closed nearly 4% higher on Friday on news that the title insurance underwriter is creating a tracking stock for its investment portfolio.
The company has investments in restaurant holding companies and in an aftermarket auto parts manufacturer, among other things. The move e
FNF is contributing the investment portfolio and $200 million in financial support ($100 million in a loan and the rest in cash) to Fidelity National Financial Ventures. FNFV will have a net asset value of $1.3 billion.
This news made FNF the largest gainer on the Mortgage Industry Equity Composite for Friday. There were seven MIEC stocks which closed higher on the day, including Redwood Trust and Radian Group, each up 1.3%
Astoria Financial had the largest decline among the remaining 10 MIEC stocks, down almost 3%. Dime Community, another bank in the New York metro area, lost over 2%. Bank of Hawaii and Home Loan Servicing Solutions each lost nearly 2%.