Fidelity National Chief Plans Stock Sale

Fidelity National Financial Inc. Chairman William P. Foley II revealed Thursday that he plans to sell about 100,000 shares of restricted stock, potentially raising about $1.5 million.

The stock sale--which represents only about 2% of his total stock holdings in the Irvine-based title insurer--nevertheless came as a surprise to some investors, particularly since Fidelity’s stock is trading near its 52-week low and the company’s board of directors has been aggressively buying back shares in an attempt to boost confidence on Wall Street.

Earlier this month, Fidelity announced plans to increase its stock buyback program from 4 million to 6 million shares.

Officials at Fidelity could not be reached for comment Thursday.

Analysts speculated that Foley was selling the stock to raise cash for a personal financial or tax-planning need, and doubted whether the sale signaled a lack of confidence in the company’s prospects.

Fidelity’s stock price rose Thursday, along with shares of other title insurers, on hopes that the Federal Reserve Board will not raise interest rates at its next meeting.

The company’s shares were up $1.13 to $15.19 a share in New York Stock Exchange trading.