Mackenzie Financial Corp Makes New Investment in First American Financial Co. (NYSE:FAF)

Mackenzie Financial Corp bought a new position in shares of First American Financial Co. (NYSE:FAF) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,612 shares of the insurance provider’s stock, valued at approximately $813,000.

A number of other institutional investors and hedge funds also recently modified their holdings of FAF. Boston Partners raised its holdings in shares of First American Financial by 17.6% during the third quarter. Boston Partners now owns 3,169,320 shares of the insurance provider’s stock worth $178,994,000 after purchasing an additional 473,961 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in shares of First American Financial by 46.1% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,229,294 shares of the insurance provider’s stock worth $79,216,000 after acquiring an additional 387,848 shares during the last quarter. Ceredex Value Advisors LLC bought a new position in shares of First American Financial during the third quarter worth about $9,061,000. Invesco Ltd. grew its position in shares of First American Financial by 43.6% during the third quarter. Invesco Ltd. now owns 459,317 shares of the insurance provider’s stock worth $25,947,000 after acquiring an additional 139,532 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of First American Financial by 6.7% during the third quarter. Victory Capital Management Inc. now owns 2,135,149 shares of the insurance provider’s stock worth $120,615,000 after acquiring an additional 133,807 shares during the last quarter. 89.05% of the stock is owned by institutional investors and hedge funds.

First American Financial Trading Down 6.1 %

Shares of NYSE FAF opened at $54.27 on Friday. First American Financial Co. has a twelve month low of $49.55 and a twelve month high of $65.54. The company has a market capitalization of $5.62 billion, a price-to-earnings ratio of 26.09 and a beta of 1.28. The firm has a 50-day moving average of $57.70 and a two-hundred day moving average of $58.29.

First American Financial (NYSE:FAF) last issued its quarterly earnings results on Thursday, April 25th. The insurance provider reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.22). First American Financial had a net margin of 3.61% and a return on equity of 8.27%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period in the previous year, the company posted $0.49 earnings per share. First American Financial’s revenue was down 1.5% compared to the same quarter last year. As a group, research analysts predict that First American Financial Co. will post 4.28 earnings per share for the current year.

First American Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 8th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date was Thursday, March 7th. First American Financial’s dividend payout ratio is presently 101.92%.

Analyst Ratings Changes

FAF has been the subject of several recent research reports. Stephens restated an “overweight” rating and set a $72.00 price target on shares of First American Financial in a research report on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of First American Financial in a research report on Wednesday, January 10th. They set a “buy” rating for the company. Keefe, Bruyette & Woods upgraded shares of First American Financial from a “market perform” rating to an “outperform” rating and increased their target price for the company from $66.00 to $69.00 in a research report on Thursday, March 21st. Finally, TheStreet lowered shares of First American Financial from a “b-” rating to a “c+” rating in a research report on Tuesday, March 12th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $67.75.

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.