Millennium Management LLC Cuts Stock Position in First American Financial Co. (NYSE:FAF)

Millennium Management LLC trimmed its position in First American Financial Co. (NYSE:FAF) by 21.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 942,446 shares of the insurance provider’s stock after selling 258,373 shares during the period. Millennium Management LLC owned approximately 0.91% of First American Financial worth $50,845,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Custom Index Systems LLC lifted its stake in shares of First American Financial by 2.3% in the 2nd quarter. Custom Index Systems LLC now owns 8,218 shares of the insurance provider’s stock worth $443,000 after acquiring an additional 182 shares during the period. Pacer Advisors Inc. lifted its position in First American Financial by 1.2% in the second quarter. Pacer Advisors Inc. now owns 15,560 shares of the insurance provider’s stock valued at $839,000 after purchasing an additional 187 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in First American Financial by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 10,327 shares of the insurance provider’s stock valued at $630,000 after purchasing an additional 193 shares in the last quarter. Blossom Wealth Management increased its position in First American Financial by 2.9% during the 2nd quarter. Blossom Wealth Management now owns 6,940 shares of the insurance provider’s stock worth $374,000 after purchasing an additional 195 shares during the period. Finally, Bessemer Group Inc. raised its stake in shares of First American Financial by 4.9% during the 1st quarter. Bessemer Group Inc. now owns 4,985 shares of the insurance provider’s stock worth $304,000 after buying an additional 234 shares in the last quarter. 89.05% of the stock is currently owned by hedge funds and other institutional investors.

First American Financial Stock Up 0.5 %

NYSE:FAF opened at $66.02 on Tuesday. First American Financial Co. has a 52-week low of $49.55 and a 52-week high of $67.88. The stock has a fifty day simple moving average of $62.82 and a 200-day simple moving average of $58.23. The company has a market capitalization of $6.85 billion, a PE ratio of 31.59 and a beta of 1.29.

First American Financial (NYSE:FAF) last announced its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.14. First American Financial had a net margin of 3.28% and a return on equity of 7.98%. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the prior year, the firm earned $1.35 earnings per share. The company’s revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, equities analysts anticipate that First American Financial Co. will post 3.89 earnings per share for the current year.

First American Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 20th were given a dividend of $0.54 per share. This is an increase from First American Financial’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Friday, September 20th. This represents a $2.16 annualized dividend and a yield of 3.27%. First American Financial’s dividend payout ratio (DPR) is presently 103.35%.

Analyst Ratings Changes

FAF has been the topic of a number of analyst reports. Barclays decreased their price target on First American Financial from $65.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods boosted their target price on shares of First American Financial from $66.00 to $72.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Stephens reiterated an “overweight” rating and issued a $66.00 price target on shares of First American Financial in a report on Thursday, July 25th. Finally, Truist Financial raised their price objective on shares of First American Financial from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.75.

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.