Pictet Asset Management Holding SA Trims Position in First American Financial Corporation $FAF

Pictet Asset Management Holding SA lowered its stake in shares of First American Financial Corporation (NYSE:FAF) by 27.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 263,255 shares of the insurance provider’s stock after selling 101,237 shares during the quarter. Pictet Asset Management Holding SA owned about 0.26% of First American Financial worth $15,872,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Naples Global Advisors LLC lifted its position in First American Financial by 2.4% during the 4th quarter. Naples Global Advisors LLC now owns 7,500 shares of the insurance provider’s stock worth $461,000 after acquiring an additional 175 shares during the period. Inscription Capital LLC raised its stake in shares of First American Financial by 2.4% during the fourth quarter. Inscription Capital LLC now owns 7,639 shares of the insurance provider’s stock worth $469,000 after purchasing an additional 181 shares during the last quarter. Danske Bank A S raised its stake in shares of First American Financial by 28.6% during the fourth quarter. Danske Bank A S now owns 900 shares of the insurance provider’s stock worth $55,000 after purchasing an additional 200 shares during the last quarter. Quarry LP lifted its holdings in shares of First American Financial by 14.0% during the fourth quarter. Quarry LP now owns 1,658 shares of the insurance provider’s stock worth $102,000 after purchasing an additional 203 shares during the period. Finally, Advisors Capital Management LLC lifted its holdings in shares of First American Financial by 0.3% during the fourth quarter. Advisors Capital Management LLC now owns 68,189 shares of the insurance provider’s stock worth $4,190,000 after purchasing an additional 211 shares during the period. Institutional investors and hedge funds own 89.05% of the company’s stock.

First American Financial Price Performance

NYSE FAF opened at $69.47 on Friday. The company has a market capitalization of $7.08 billion, a P/E ratio of 10.67, a PEG ratio of 0.68 and a beta of 1.23. First American Financial Corporation has a 1-year low of $53.09 and a 1-year high of $71.47. The business has a 50 day moving average price of $67.81 and a 200 day moving average price of $65.04.

First American Financial (NYSE:FAF) last issued its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.27. The firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.80 billion. First American Financial had a net margin of 8.73% and a return on equity of 12.58%. The firm’s revenue was up 16.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.84 EPS. On average, research analysts expect that First American Financial Corporation will post 6.8 earnings per share for the current fiscal year.

First American Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 8th were given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Monday, June 8th. First American Financial’s dividend payout ratio is currently 33.79%.

Analyst Ratings Changes

FAF has been the topic of several recent research reports. Wall Street Zen cut shares of First American Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Keefe, Bruyette & Woods lowered their target price on shares of First American Financial from $87.00 to $84.00 and set an “outperform” rating on the stock in a report on Thursday, June 25th. Barclays boosted their price target on shares of First American Financial from $72.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Zacks Research cut shares of First American Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Finally, Stephens restated an “overweight” rating and issued a $84.00 price objective on shares of First American Financial in a research report on Friday, June 12th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.25.

Insider Buying and Selling at First American Financial

In related news, Director Margaret M. Mccarthy sold 6,630 shares of the stock in a transaction on Friday, April 24th. The stock was sold at an average price of $70.59, for a total transaction of $468,011.70. Following the sale, the director owned 24,024 shares of the company’s stock, valued at $1,695,854.16. This trade represents a 21.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Lisa W. Cornehl sold 5,823 shares of First American Financial stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $68.63, for a total value of $399,632.49. Following the sale, the senior vice president owned 29,635 shares of the company’s stock, valued at approximately $2,033,850.05. This represents a 16.42% decrease in their position. The SEC filing for this sale provides additional information. 3.50% of the stock is owned by corporate insiders.

About First American Financial

First American Financial Corporation is a leading provider of title insurance, settlement services and diversified real estate-related data and analytics. Headquartered in Santa Ana, California, the company serves customers throughout the United States as well as in Canada, Europe, Latin America and Asia. Its business is built on the underwriting capabilities of its title insurance operations combined with comprehensive closing and escrow services for homebuyers, sellers, mortgage lenders and real estate professionals.

The company’s title insurance segment issues policies that protect property owners and mortgage lenders against defects in titles, liens or encumbrances that can arise during real property transactions.