Truist Financial Corp Grows Stake in First American Financial Corporation $FAF

Truist Financial Corp raised its stake in First American Financial Corporation (NYSE:FAF) by 10.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,340 shares of the insurance provider’s stock after purchasing an additional 1,121 shares during the quarter. Truist Financial Corp’s holdings in First American Financial were worth $758,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in FAF. Alpine Bank Wealth Management purchased a new position in First American Financial in the first quarter valued at about $28,000. Richardson Capital Management LLC purchased a new position in First American Financial in the first quarter valued at about $39,000. Ransom Advisory Ltd purchased a new position in First American Financial in the first quarter valued at about $66,000. GAMMA Investing LLC raised its position in First American Financial by 23.9% in the first quarter. GAMMA Investing LLC now owns 1,327 shares of the insurance provider’s stock valued at $87,000 after purchasing an additional 256 shares during the period. Finally, Jones Financial Companies Lllp raised its position in First American Financial by 121.3% in the first quarter. Jones Financial Companies Lllp now owns 1,483 shares of the insurance provider’s stock valued at $97,000 after purchasing an additional 813 shares during the period. 89.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on FAF shares. Weiss Ratings reissued a “hold (c+)” rating on shares of First American Financial in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their target price on First American Financial from $77.00 to $79.00 and gave the stock an “outperform” rating in a research report on Monday, July 28th. Barclays lifted their target price on First American Financial from $70.00 to $71.00 and gave the stock a “cautious” rating in a research report on Monday, October 6th. Finally, Wall Street Zen raised First American Financial from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $75.25.

Insider Activity at First American Financial

In other news, Director Margaret M. Mccarthy sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $65.63, for a total transaction of $229,705.00. Following the completion of the transaction, the director directly owned 28,095 shares of the company’s stock, valued at approximately $1,843,874.85. This represents a 11.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.70% of the company’s stock.

First American Financial Stock Up 2.2%

Shares of First American Financial stock opened at $60.31 on Wednesday. The firm has a market cap of $6.14 billion, a P/E ratio of 33.32 and a beta of 1.27. First American Financial Corporation has a fifty-two week low of $53.09 and a fifty-two week high of $70.92. The business has a 50-day moving average price of $64.66 and a 200 day moving average price of $61.23.

First American Financial (NYSE:FAF) last announced its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.13. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.78 billion. First American Financial had a return on equity of 10.41% and a net margin of 2.90%.First American Financial’s quarterly revenue was up 14.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.27 earnings per share. As a group, equities research analysts anticipate that First American Financial Corporation will post 5.35 earnings per share for the current year.

First American Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 22nd were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 3.6%. This is a boost from First American Financial’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Monday, September 22nd. First American Financial’s dividend payout ratio is currently 121.55%.

First American Financial declared that its board has approved a stock buyback plan on Wednesday, July 23rd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the insurance provider to purchase up to 5.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

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.