Envestnet Asset Management Inc. Lowers Stock Position in First American Financial Corporation $FAF

Envestnet Asset Management Inc. decreased its position in First American Financial Corporation (NYSE:FAF) by 19.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 106,571 shares of the insurance provider’s stock after selling 25,579 shares during the period. Envestnet Asset Management Inc.’s holdings in First American Financial were worth $6,542,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Adams Wealth Management grew its position in shares of First American Financial by 1.9% during the 1st quarter. Adams Wealth Management now owns 10,983 shares of the insurance provider’s stock valued at $721,000 after acquiring an additional 207 shares during the period. CacheTech Inc. boosted its position in First American Financial by 1.9% during the first quarter. CacheTech Inc. now owns 10,983 shares of the insurance provider’s stock worth $721,000 after purchasing an additional 207 shares in the last quarter. American Century Companies Inc. grew its holdings in First American Financial by 0.5% in the first quarter. American Century Companies Inc. now owns 43,006 shares of the insurance provider’s stock valued at $2,823,000 after purchasing an additional 229 shares during the period. Knightsbridge Asset Management LLC grew its holdings in First American Financial by 3.7% in the first quarter. Knightsbridge Asset Management LLC now owns 7,778 shares of the insurance provider’s stock valued at $510,000 after purchasing an additional 281 shares during the period. Finally, HighTower Advisors LLC increased its position in shares of First American Financial by 3.5% in the first quarter. HighTower Advisors LLC now owns 8,638 shares of the insurance provider’s stock valued at $567,000 after buying an additional 290 shares in the last quarter. Institutional investors and hedge funds own 89.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on FAF shares. Barclays lifted their price target on shares of First American Financial from $70.00 to $71.00 and gave the company a “cautious” rating in a research note on Monday, October 6th. Truist Financial lifted their target price on shares of First American Financial from $73.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. Keefe, Bruyette & Woods boosted their target price on shares of First American Financial from $77.00 to $79.00 and gave the stock an “outperform” rating in a research note on Monday, July 28th. Wall Street Zen raised shares of First American Financial from a “hold” rating to a “buy” rating in a research note on Sunday, October 26th. Finally, Weiss Ratings upgraded First American Financial from a “hold (c+)” rating to a “buy (b)” rating in a research note on Saturday, October 25th. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $76.00.

First American Financial Trading Up 1.7%

FAF stock opened at $64.14 on Wednesday. The firm has a 50-day moving average of $63.50 and a two-hundred day moving average of $61.40. First American Financial Corporation has a 12 month low of $53.09 and a 12 month high of $70.92. The company has a market cap of $6.54 billion, a price-to-earnings ratio of 13.79 and a beta of 1.24.

First American Financial (NYSE:FAF) last posted its quarterly earnings results on Thursday, October 23rd. The insurance provider reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.42. First American Financial had a return on equity of 11.01% and a net margin of 6.80%.The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the business earned $1.34 earnings per share. The business’s revenue was up 40.7% compared to the same quarter last year. As a group, equities analysts forecast that First American Financial Corporation will post 5.35 earnings per share for the current year.

First American Financial announced that its Board of Directors has initiated a share buyback plan on Wednesday, July 23rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 5.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

First American Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, December 8th. First American Financial’s payout ratio is currently 47.31%.

First American Financial Profile

First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Home Warranty segments. The Title Insurance and Services segment issues title insurance policies on residential and commercial property, as well as offers related products and services internationally.