Magnetar Financial LLC Cuts Stock Holdings in First American Financial Corporation $FAF

Magnetar Financial LLC lowered its position in First American Financial Corporation (NYSE:FAF) by 18.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 95,997 shares of the insurance provider’s stock after selling 22,357 shares during the period. Magnetar Financial LLC owned about 0.09% of First American Financial worth $6,167,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in FAF. SJS Investment Consulting Inc. increased its position in First American Financial by 2,887.5% during the 3rd quarter. SJS Investment Consulting Inc. now owns 478 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 462 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in shares of First American Financial in the 2nd quarter valued at approximately $35,000. Atlantic Union Bankshares Corp purchased a new stake in shares of First American Financial in the second quarter valued at approximately $36,000. First Horizon Corp purchased a new stake in shares of First American Financial in the third quarter valued at approximately $37,000. Finally, Tripletail Wealth Management LLC acquired a new position in First American Financial during the third quarter worth $41,000. Hedge funds and other institutional investors own 89.05% of the company’s stock.

First American Financial Trading Down 1.2%

NYSE:FAF opened at $65.51 on Wednesday. The firm has a 50-day moving average price of $64.77 and a two-hundred day moving average price of $64.09. First American Financial Corporation has a twelve month low of $53.09 and a twelve month high of $71.47. The company has a market capitalization of $6.67 billion, a P/E ratio of 10.90, a price-to-earnings-growth ratio of 0.69 and a beta of 1.25.

First American Financial (NYSE:FAF) last announced its quarterly earnings results on Wednesday, February 11th. The insurance provider reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.50. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.80 billion. First American Financial had a net margin of 8.34% and a return on equity of 11.92%. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.35 earnings per share. On average, equities research analysts predict that First American Financial Corporation will post 5.35 earnings per share for the current year.

First American Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 9th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Monday, March 9th. This represents a $2.20 dividend on an annualized basis and a yield of 3.4%. First American Financial’s dividend payout ratio is presently 36.61%.

Insider Transactions at First American Financial

In related news, Director Parker S. Kennedy bought 44,841 shares of the stock in a transaction on Tuesday, February 17th. The shares were purchased at an average price of $67.85 per share, for a total transaction of $3,042,461.85. Following the acquisition, the director owned 251,552 shares in the company, valued at $17,067,803.20. This represents a 21.69% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on FAF shares. Stephens upgraded First American Financial from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $70.00 to $81.00 in a research report on Monday, March 2nd. Truist Financial boosted their target price on shares of First American Financial from $76.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of First American Financial in a research note on Friday, February 13th. Wall Street Zen upgraded shares of First American Financial from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Barclays boosted their price objective on shares of First American Financial from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, First American Financial currently has an average rating of “Moderate Buy” and a consensus price target of $78.50.

First American Financial Company 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.