Zacks Investment Management lessened its holdings in First American Financial Corp (NYSE:FAF) by 11.6% during the 2nd quarter, Holdings Channel reports. The firm owned 25,088 shares of the insurance provider’s stock after selling 3,293 shares during the period. Zacks Investment Management’s holdings in First American Financial were worth $1,298,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. Three Peaks Capital Management LLC acquired a new position in First American Financial during the 1st quarter worth about $111,000. Financial Gravity Wealth Inc. acquired a new position in First American Financial during the 1st quarter worth about $252,000. Itau Unibanco Holding S.A. acquired a new position in First American Financial during the 2nd quarter worth about $265,000. ETRADE Capital Management LLC acquired a new position in First American Financial during the 1st quarter worth about $314,000. Finally, King Luther Capital Management Corp lifted its stake in First American Financial by 21.1% during the 1st quarter. King Luther Capital Management Corp now owns 5,538 shares of the insurance provider’s stock worth $325,000 after acquiring an additional 965 shares in the last quarter. 84.42% of the stock is currently owned by institutional investors and hedge funds.
FAF opened at $54.61 on Friday. First American Financial Corp has a 12-month low of $48.61 and a 12-month high of $62.71. The stock has a market cap of $6.07 billion, a P/E ratio of 19.86, a PEG ratio of 0.91 and a beta of 0.74.
First American Financial (NYSE:FAF) last issued its quarterly earnings results on Thursday, July 26th. The insurance provider reported $1.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.13. First American Financial had a return on equity of 15.03% and a net margin of 8.19%. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the prior year, the business earned $1.09 EPS. First American Financial’s revenue was up 2.5% on a year-over-year basis. analysts forecast that First American Financial Corp will post 4.58 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Monday, September 10th will be issued a dividend of $0.42 per share. This is an increase from First American Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, September 7th. This represents a $1.68 annualized dividend and a yield of 3.08%. First American Financial’s dividend payout ratio is 61.09%.
In other First American Financial news, insider Matthew F. Wajner sold 4,982 shares of the company’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $57.29, for a total transaction of $285,418.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kenneth D. Degiorgio sold 13,871 shares of the company’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $57.25, for a total value of $794,114.75. The disclosure for this sale can be found here. 3.00% of the stock is owned by corporate insiders.
Several research firms recently issued reports on FAF. Piper Jaffray Companies increased their target price on First American Financial from $63.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, July 27th. Keefe, Bruyette & Woods raised First American Financial from a “market perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a research note on Monday, July 16th. Finally, Zacks Investment Research raised First American Financial from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research note on Tuesday, June 26th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $57.50.
About First American Financial
First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Specialty Insurance segments. The Title Insurance and Services segment issues title insurance policies on residential and commercial property, as well as offers related products and services.
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