First American (FAF) Reaches New 52-Week High at $57.07
First American Corporation (The) (NYSE:FAF) shares hit a new 52-week high on Tuesday . The stock traded as high as $57.07 and last traded at $56.76, with a volume of 666900 shares traded. The stock had previously closed at $55.90.
FAF has been the topic of several analyst reports. Zacks Investment Research upgraded shares of First American from a “hold” rating to a “strong-buy” rating and set a $61.00 price target on the stock in a research note on Monday, October 30th. Barclays lifted their price target on shares of First American from $52.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, October 27th.
The firm has a market cap of $6,260.00, a PE ratio of 16.13, a P/E/G ratio of 1.24 and a beta of 0.74.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 8th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 7th. This represents a $1.52 annualized dividend and a dividend yield of 2.69%. First American’s payout ratio is 60.08%.
In other news, CEO Dennis J. Gilmore sold 100,000 shares of the firm’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $54.97, for a total transaction of $5,497,000.00. Following the sale, the chief executive officer now directly owns 611,141 shares in the company, valued at approximately $33,594,420.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kenneth D. Degiorgio sold 7,337 shares of First American stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $55.11, for a total transaction of $404,342.07. The disclosure for this sale can be found here. Insiders have sold a total of 193,161 shares of company stock worth $10,639,325 over the last 90 days. Insiders own 3.10% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Boston Partners increased its holdings in First American by 1.7% in the 3rd quarter. Boston Partners now owns 694,238 shares of the insurance provider’s stock valued at $34,692,000 after acquiring an additional 11,600 shares during the last quarter. Keybank National Association OH bought a new stake in First American in the 2nd quarter valued at $1,670,000. Federated Investors Inc. PA increased its holdings in First American by 20.2% in the 2nd quarter. Federated Investors Inc. PA now owns 55,605 shares of the insurance provider’s stock valued at $2,485,000 after acquiring an additional 9,360 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in First American by 6.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 494,766 shares of the insurance provider’s stock valued at $22,112,000 after acquiring an additional 28,135 shares during the last quarter. Finally, Phocas Financial Corp. increased its holdings in First American by 130.1% in the 2nd quarter. Phocas Financial Corp. now owns 254,578 shares of the insurance provider’s stock valued at $11,377,000 after acquiring an additional 143,941 shares during the last quarter. Institutional investors own 83.35% of the company’s stock.
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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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