First American Corporation (The) (FAF) Position Increased by Virginia Retirement Systems ET AL
Virginia Retirement Systems ET AL boosted its position in shares of First American Corporation (The) (NYSE:FAF) by 58.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 35,300 shares of the insurance provider’s stock after purchasing an additional 13,000 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in First American were worth $1,764,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Creative Planning lifted its stake in First American by 5.3% during the 2nd quarter. Creative Planning now owns 2,284 shares of the insurance provider’s stock valued at $102,000 after acquiring an additional 114 shares during the period. First Bank & Trust lifted its stake in First American by 46.6% during the 2nd quarter. First Bank & Trust now owns 2,622 shares of the insurance provider’s stock valued at $117,000 after acquiring an additional 833 shares during the period. Acrospire Investment Management LLC lifted its stake in First American by 352.3% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,696 shares of the insurance provider’s stock valued at $120,000 after acquiring an additional 2,100 shares during the period. Quantbot Technologies LP lifted its stake in First American by 78.1% during the 2nd quarter. Quantbot Technologies LP now owns 3,061 shares of the insurance provider’s stock valued at $136,000 after acquiring an additional 1,342 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in First American by 8.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,808 shares of the insurance provider’s stock valued at $170,000 after acquiring an additional 298 shares during the period. 83.43% of the stock is currently owned by institutional investors.
In other news, insider Kenneth D. Degiorgio sold 7,337 shares of the stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $55.11, for a total value of $404,342.07. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Dennis J. Gilmore sold 100,000 shares of the stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $54.97, for a total transaction of $5,497,000.00. Following the completion of the transaction, the chief executive officer now owns 611,141 shares in the company, valued at approximately $33,594,420.77. The disclosure for this sale can be found here. Insiders sold a total of 193,161 shares of company stock worth $10,639,325 in the last quarter. Company insiders own 3.10% of the company’s stock.
First American Corporation (NYSE FAF) traded up $0.02 on Wednesday, reaching $55.30. 486,600 shares of the company’s stock traded hands, compared to its average volume of 582,096. The company has a market cap of $6,125.99, a PE ratio of 15.70, a P/E/G ratio of 1.21 and a beta of 0.74. First American Corporation has a 1-year low of $35.28 and a 1-year high of $56.40.
First American (NYSE:FAF) last posted its earnings results on Thursday, October 26th. The insurance provider reported $1.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.12. The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.51 billion. First American had a net margin of 4.88% and a return on equity of 14.30%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.96 EPS. sell-side analysts anticipate that First American Corporation will post 3.51 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 8th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.75%. The ex-dividend date of this dividend is Thursday, December 7th. First American’s dividend payout ratio (DPR) is presently 60.08%.
Several research firms have issued reports on FAF. Zacks Investment Research cut shares of First American from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Barclays upped their target price on shares of First American from $52.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, October 27th.
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First American Company Profile
First American Financial Corporation, through its subsidiaries, is engaged in the business of providing financial services. The Company operates through the title insurance and services segment, and specialty insurance segment. The title insurance and services segment provides title insurance, closing and/or escrow services and similar or related services domestically and internationally in connection with residential and commercial real estate transactions.
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