Verition Fund Management LLC Trims Holdings in First American Financial Co. (NYSE:FAF)

Verition Fund Management LLC decreased its holdings in First American Financial Co. (NYSE:FAFGet Rating) by 42.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,524 shares of the insurance provider’s stock after selling 8,476 shares during the quarter. Verition Fund Management LLC’s holdings in First American Financial were worth $747,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FAF. Eaton Vance Management raised its position in First American Financial by 3.5% during the 4th quarter. Eaton Vance Management now owns 4,877 shares of the insurance provider’s stock worth $315,000 after buying an additional 167 shares during the last quarter. Captrust Financial Advisors raised its position in First American Financial by 2.4% during the 1st quarter. Captrust Financial Advisors now owns 7,282 shares of the insurance provider’s stock worth $472,000 after buying an additional 174 shares during the last quarter. Wrapmanager Inc. raised its position in First American Financial by 5.5% during the 1st quarter. Wrapmanager Inc. now owns 3,407 shares of the insurance provider’s stock worth $221,000 after buying an additional 177 shares during the last quarter. Occidental Asset Management LLC raised its position in First American Financial by 0.6% during the 1st quarter. Occidental Asset Management LLC now owns 31,242 shares of the insurance provider’s stock worth $2,025,000 after buying an additional 198 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in First American Financial by 0.3% during the 1st quarter. State of Alaska Department of Revenue now owns 79,508 shares of the insurance provider’s stock worth $5,153,000 after buying an additional 245 shares during the last quarter. Hedge funds and other institutional investors own 87.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FAF. Barclays cut their price objective on shares of First American Financial from $87.00 to $83.00 and set an “overweight” rating for the company in a research report on Monday, July 11th. BTIG Research lowered their price target on shares of First American Financial from $81.00 to $79.00 and set a “buy” rating on the stock in a research note on Friday, July 8th. Finally, Truist Financial lowered their price target on shares of First American Financial from $86.00 to $77.00 and set a “buy” rating on the stock in a research note on Wednesday, July 13th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $64.68.

First American Financial Trading Down 3.3 %

Shares of NYSE FAF opened at $47.74 on Friday. The stock has a market cap of $4.97 billion, a price-to-earnings ratio of 5.81 and a beta of 1.22. First American Financial Co. has a 52 week low of $47.20 and a 52 week high of $81.54. The company’s 50-day moving average price is $55.01 and its 200 day moving average price is $57.97.

First American Financial (NYSE:FAFGet Rating) last issued its quarterly earnings data on Thursday, July 28th. The insurance provider reported $2.23 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.61. The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.12 billion. First American Financial had a net margin of 10.11% and a return on equity of 15.41%. The firm’s revenue was down 9.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.13 EPS. As a group, research analysts expect that First American Financial Co. will post 6.38 earnings per share for the current year.

First American Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.36%. This is a positive change from First American Financial’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Wednesday, September 7th. First American Financial’s dividend payout ratio is 25.30%.

About First American Financial

(Get Rating)

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.

Further Reading

Institutional Ownership by Quarter for First American Financial (NYSE:FAF)

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