QRG Capital Management Inc. Cuts Stock Position in First American Financial Corporation $FAF

QRG Capital Management Inc. cut its holdings in shares of First American Financial Corporation (NYSE:FAF) by 84.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,690 shares of the insurance provider’s stock after selling 30,779 shares during the quarter. QRG Capital Management Inc.’s holdings in First American Financial were worth $366,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank purchased a new stake in First American Financial during the second quarter worth about $77,143,000. Channing Capital Management LLC grew its position in shares of First American Financial by 875.1% during the 2nd quarter. Channing Capital Management LLC now owns 1,323,513 shares of the insurance provider’s stock valued at $81,250,000 after acquiring an additional 1,187,787 shares during the period. Boston Partners grew its position in shares of First American Financial by 20.0% during the 2nd quarter. Boston Partners now owns 5,632,945 shares of the insurance provider’s stock valued at $345,971,000 after acquiring an additional 940,687 shares during the period. Frontier Capital Management Co. LLC purchased a new stake in shares of First American Financial during the 2nd quarter worth approximately $47,600,000. Finally, Reinhart Partners LLC. raised its holdings in shares of First American Financial by 31.3% in the 3rd quarter. Reinhart Partners LLC. now owns 1,598,007 shares of the insurance provider’s stock worth $102,657,000 after purchasing an additional 380,744 shares during the period. 89.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Keefe, Bruyette & Woods raised their target price on First American Financial from $79.00 to $81.00 and gave the stock an “outperform” rating in a research report on Thursday, December 18th. Truist Financial increased their price target on First American Financial from $73.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Wall Street Zen upgraded First American Financial from a “hold” rating to a “buy” rating in a research note on Sunday, December 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First American Financial in a report on Friday, December 26th. Finally, Barclays reduced their target price on shares of First American Financial from $71.00 to $68.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 6th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $75.75.

First American Financial Stock Down 2.4%

Shares of NYSE FAF opened at $63.46 on Friday. The company has a market cap of $6.47 billion, a P/E ratio of 13.65 and a beta of 1.27. First American Financial Corporation has a 52 week low of $53.09 and a 52 week high of $68.64. The business has a 50-day simple moving average of $62.84 and a two-hundred day simple moving average of $62.77.

First American Financial (NYSE:FAF) last announced its quarterly earnings results on Thursday, October 23rd. The insurance provider reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.28. First American Financial had a return on equity of 11.01% and a net margin of 6.80%.The firm had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the prior year, the business posted $1.34 earnings per share. The company’s revenue was up 40.7% on a year-over-year basis. Equities research analysts anticipate that First American Financial Corporation will post 5.35 EPS for the current year.

First American Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 9th will be paid a $0.55 dividend. The ex-dividend date is Monday, March 9th. This represents a $2.20 annualized dividend and a yield of 3.5%. First American Financial’s dividend payout ratio is currently 47.31%.

First American Financial Profile

First American Financial Corporation is a leading provider of title insurance, settlement services and diversified real estate-related data and analytics. Headquartered in Santa Ana, California, the company serves customers throughout the United States as well as in Canada, Europe, Latin America and Asia. Its business is built on the underwriting capabilities of its title insurance operations combined with comprehensive closing and escrow services for homebuyers, sellers, mortgage lenders and real estate professionals.

The company’s title insurance segment issues policies that protect property owners and mortgage lenders against defects in titles, liens or encumbrances that can arise during real property transactions.