Sterling Capital Management LLC lessened its holdings in First American Financial Corporation (NYSE:FAF – Free Report) by 66.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,834 shares of the insurance provider’s stock after selling 13,688 shares during the period. Sterling Capital Management LLC’s holdings in First American Financial were worth $412,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also modified their holdings of FAF. Bar Harbor Wealth Management lifted its position in First American Financial by 52.4% in the fourth quarter. Bar Harbor Wealth Management now owns 135,649 shares of the insurance provider’s stock valued at $8,334,000 after buying an additional 46,639 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of First American Financial by 4.1% during the third quarter. Dimensional Fund Advisors LP now owns 4,293,573 shares of the insurance provider’s stock valued at $275,816,000 after acquiring an additional 168,706 shares during the last quarter. Tudor Investment Corp ET AL acquired a new stake in shares of First American Financial during the third quarter valued at about $5,046,000. Jefferies Financial Group Inc. purchased a new stake in shares of First American Financial in the 4th quarter valued at approximately $6,713,000. Finally, iSAM Funds UK Ltd purchased a new stake in shares of First American Financial in the 3rd quarter valued at approximately $1,360,000. 89.05% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities analysts have recently commented on FAF shares. Keefe, Bruyette & Woods decreased their price objective 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. Zacks Research downgraded shares of First American Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Truist Financial boosted their target price on First American Financial from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Weiss Ratings upgraded First American Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, April 22nd. Finally, Wall Street Zen lowered First American Financial from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $83.25.
Insider Buying and Selling
In other First American Financial news, Director Margaret M. Mccarthy sold 6,630 shares of the business’s stock in a transaction on Friday, April 24th. The shares were sold at an average price of $70.59, for a total value of $468,011.70. Following the completion of the transaction, the director owned 24,024 shares in the company, valued at $1,695,854.16. The trade was a 21.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Lisa W. Cornehl sold 5,823 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $68.63, for a total transaction of $399,632.49. Following the completion of the transaction, the senior vice president owned 29,635 shares of the company’s stock, valued at approximately $2,033,850.05. This trade represents a 16.42% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.50% of the stock is owned by corporate insiders.
First American Financial Price Performance
NYSE FAF opened at $69.47 on Friday. The company has a market cap of $7.08 billion, a P/E ratio of 10.67, a P/E/G ratio of 0.68 and a beta of 1.23. The stock has a 50-day moving average of $67.87 and a two-hundred day moving average of $65.07. First American Financial Corporation has a 1-year low of $53.09 and a 1-year high of $71.47.
First American Financial (NYSE:FAF – Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.27. First American Financial had a net margin of 8.73% and a return on equity of 12.58%. The business had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the company earned $0.84 earnings per share. The business’s quarterly revenue was up 16.2% on a year-over-year basis. On average, analysts anticipate that First American Financial Corporation will post 6.75 EPS for the current fiscal year.
First American Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Monday, June 8th. First American Financial’s dividend payout ratio is presently 33.79%.
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.
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