Envestnet Asset Management Inc. Boosts Stake in First American Financial Corporation (NYSE:FAF)

Envestnet Asset Management Inc. increased its position in First American Financial Corporation (NYSE:FAF) by 2.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 132,150 shares of the insurance provider’s stock after purchasing an additional 3,557 shares during the period. Envestnet Asset Management Inc. owned 0.13% of First American Financial worth $8,673,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Penserra Capital Management LLC grew its holdings in First American Financial by 137.9% during the 1st quarter. Penserra Capital Management LLC now owns 10,548 shares of the insurance provider’s stock valued at $691,000 after buying an additional 6,115 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of First American Financial by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 236,876 shares of the insurance provider’s stock worth $15,546,000 after buying an additional 794 shares during the period. Teacher Retirement System of Texas raised its position in First American Financial by 266.5% in the first quarter. Teacher Retirement System of Texas now owns 85,407 shares of the insurance provider’s stock valued at $5,605,000 after purchasing an additional 62,106 shares during the period. Summit Trail Advisors LLC purchased a new position in First American Financial in the first quarter valued at about $686,000. Finally, Richardson Capital Management LLC acquired a new stake in shares of First American Financial during the first quarter valued at about $39,000. 89.05% of the stock is owned by hedge funds and other institutional investors.

First American Financial Trading Up 0.1%

Shares of FAF opened at $56.28 on Tuesday. The firm has a market capitalization of $5.79 billion, a P/E ratio of 37.27 and a beta of 1.24. First American Financial Corporation has a 12-month low of $53.09 and a 12-month high of $70.92. The firm has a fifty day moving average price of $58.33 and a 200-day moving average price of $61.00.

First American Financial (NYSE:FAF) last announced its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.19. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.53 billion. First American Financial had a return on equity of 10.05% and a net margin of 2.52%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. Analysts predict that First American Financial Corporation will post 5.35 earnings per share for the current year.

First American Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date was Monday, June 9th. First American Financial’s dividend payout ratio is currently 143.05%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on FAF shares. Wall Street Zen cut shares of First American Financial from a “buy” rating to a “hold” rating in a report on Saturday, July 12th. Barclays dropped their price target on shares of First American Financial from $72.00 to $70.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods raised their price target on shares of First American Financial from $75.00 to $77.00 and gave the company an “outperform” rating in a report on Monday, April 28th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, First American Financial currently has a consensus rating of “Moderate Buy” and an average target price of $74.50.

First American Financial Company 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.