Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of First American Financial Corp (NYSE:FAF) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 30,108 shares of the insurance provider’s stock, valued at approximately $1,557,000.
Several other hedge funds and other institutional investors have also made changes to their positions in FAF. JPMorgan Chase & Co. increased its stake in shares of First American Financial by 83.0% during the first quarter. JPMorgan Chase & Co. now owns 1,467,241 shares of the insurance provider’s stock valued at $86,098,000 after purchasing an additional 665,393 shares in the last quarter. American Century Companies Inc. bought a new position in shares of First American Financial during the first quarter valued at approximately $32,283,000. Millennium Management LLC increased its stake in shares of First American Financial by 73.3% during the first quarter. Millennium Management LLC now owns 983,685 shares of the insurance provider’s stock valued at $57,723,000 after purchasing an additional 415,975 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of First American Financial by 70.7% during the first quarter. Principal Financial Group Inc. now owns 966,832 shares of the insurance provider’s stock valued at $56,733,000 after purchasing an additional 400,378 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in shares of First American Financial by 791.4% during the second quarter. BNP Paribas Arbitrage SA now owns 440,727 shares of the insurance provider’s stock valued at $22,794,000 after purchasing an additional 391,283 shares in the last quarter. 84.62% of the stock is owned by institutional investors and hedge funds.
NYSE:FAF opened at $55.95 on Friday. First American Financial Corp has a 52 week low of $46.75 and a 52 week high of $62.71. The company has a market cap of $6.35 billion, a PE ratio of 20.35, a PEG ratio of 0.96 and a beta of 0.81.
First American Financial (NYSE:FAF) last posted its quarterly earnings results on Thursday, July 26th. The insurance provider reported $1.37 EPS for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.13. First American Financial had a net margin of 8.19% and a return on equity of 15.03%. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.47 billion. During the same quarter in the prior year, the company posted $1.09 earnings per share. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. sell-side analysts forecast that First American Financial Corp will post 4.53 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Monday, September 10th will be issued a dividend of $0.42 per share. This is a boost from First American Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, September 7th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.00%. First American Financial’s dividend payout ratio is presently 55.27%.
A number of equities analysts have weighed in on FAF shares. Zacks Investment Research downgraded shares of First American Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Keefe, Bruyette & Woods raised shares of First American Financial from a “market perform” rating to an “outperform” rating and set a $39.00 target price for the company in a research note on Monday, July 16th. Finally, Piper Jaffray Companies increased their price target on shares of First American Financial from $63.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, July 27th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $57.50.
First American Financial Company Profile
First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Specialty Insurance segments. The Title Insurance and Services segment issues title insurance policies on residential and commercial property, as well as offers related products and services.
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