Fidelity National Financial Cuts Dividend By 50%
October 23, 2008
Fidelity National Financial, Inc.'s board has declared a quarterly cash dividend of $0.15 per share, a 50% reduction from the company's previous quarterly dividend of $0.30. The dividend will be payable on December 31 to stockholders of record as of December 17.
Company chairman William P. Foley said "The significant slowdown in the title business has hindered our ability to produce the cash flow necessary to maintain our dividend at its current level."
Jacksonville, Florida-based Fidelity National Financial is a provider of title insurance, specialty insurance, claims management services and information services.
The company's title insurance underwriters include Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business.
The company is also a provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. FNF offers information services in the human resource, retail and transportation markets through another minority-owned subsidiary, Ceridian Corporation.
Source: Fidelity National Financial