BUZZ-Fidelity National Financial rises after quarterly profit beats expectations

Shares of title insurance provider Fidelity National Financial FNF.N rise as much as 7.4%; last up 3.9% at $59.82

FNF, late Thursday, posted Q4 adjusted profit of $366 million, or $1.34/shr, beating Wall Street expectations of $1.24/shr, according to data compiled by LSEG

The beat came as FNF's title business delivered strong performance, with adjusted earnings from the segment jumping to $263 million from $174 million a year earlier

"Our title segment has significantly outperformed prior cycle troughs and is well positioned for the eventual upturn in the residential housing market once mortgage interest rates begin to normalize" - Chairman William Foley II

CEO Michael Nolan told analysts the firm remains bullish on the long-term prospects for the title insurance business given the pent-up demand and basic need for housing that is expected to unleash growth over time

As of last close, FNF stock up 2.5% YTD