N.Y. Investor Dumps Fidelity National Shares

A New York institutional investor in financial services said Wednesday that it has cut its stake in Fidelity National Financial Inc., which operates the nation’s largest real estate title insurer, to 8.6% from 9.9%.

Leucadia National Corp., which manages finances for insurance companies and holds investments in other businesses, sold 850,375 shares of Fidelity National at $24.45 to $24.69 between Sept. 28 and Tuesday, according to a document filed with the Securities and Exchange Commission.

Leucadia now holds 5.8 million common shares of Fidelity, parent company of Fidelity National Insurance Co. in Irvine, according to the filing. Last April, Leucadia reported that it owned 6.5 million Fidelity shares.

Fidelity National stock, which dropped 25 cents Wednesday to close at $24.13 a share, has gained 68% this year. Leucadia shares, up about 14% on the year, fell 6 cents to $26.25 a share.