Keith Meister, a former pupil of Carl Icahn, has just revealed a new stake in Fidelity National Financial Inc (NYSE:FNF). Meister and his hedge fund, Corvex Capital, own 7% of the insurance and mortgage servicer, which adds to the relatively slim exposure they had to the financial sector.
The stock of Fidelity has been up 20% since January. Last week, the company reported about its public offering under which it plans to sell 17.25 million shares of its common stock for $26.75 apiece. In the third quarter of the year, the consolidated net revenue of Fidelity increased to $2.2 billion, from $2.0 billion a year ago. Net earnings, however, dropped to $98 million, from $234 million.
Jonathon Jacobson’s Highfields Capital Management also holds shares of Fidelity, and his position contained around 6.4 million at the end of the second quarter.
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