First American (FAF) Sets New 12-Month High at $56.50
Shares of First American Corporation (The) (NYSE:FAF) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $56.50 and last traded at $56.04, with a volume of 557500 shares traded. The stock had previously closed at $55.57.
FAF has been the topic of several analyst reports. Zacks Investment Research lowered shares of First American from a “buy” rating to a “hold” rating in a research report on Friday, November 17th. Barclays upped their price target on shares of First American from $52.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, October 27th.
The stock has a market cap of $6,220.00, a PE ratio of 15.92, a PEG ratio of 1.23 and a beta of 0.74.
First American (NYSE:FAF) last issued its quarterly earnings data on Thursday, October 26th. The insurance provider reported $1.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.12. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.51 billion. First American had a net margin of 4.88% and a return on equity of 14.30%. The company’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.96 earnings per share. equities analysts expect that First American Corporation will post 3.51 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 8th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $1.52 annualized dividend and a dividend yield of 2.69%. First American’s dividend payout ratio (DPR) is presently 60.08%.
In related news, COO Christopher Michael Leavell sold 75,843 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $55.25, for a total value of $4,190,325.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Dennis J. Gilmore sold 100,000 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 611,141 shares in the company, valued at $33,594,420.77. The disclosure for this sale can be found here. Insiders sold 193,161 shares of company stock worth $10,639,325 over the last 90 days. 3.10% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in FAF. Creative Planning grew its stake in First American by 5.3% during the second quarter. Creative Planning now owns 2,284 shares of the insurance provider’s stock worth $102,000 after buying an additional 114 shares in the last quarter. Russell Investments Group Ltd. grew its stake in First American by 4.4% during the second quarter. Russell Investments Group Ltd. now owns 43,010 shares of the insurance provider’s stock worth $1,922,000 after buying an additional 1,814 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in First American by 0.6% during the second quarter. Great West Life Assurance Co. Can now owns 65,313 shares of the insurance provider’s stock worth $2,917,000 after buying an additional 377 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of First American by 16.9% in the second quarter. Daiwa Securities Group Inc. now owns 5,026 shares of the insurance provider’s stock worth $225,000 after acquiring an additional 726 shares during the last quarter. Finally, World Asset Management Inc lifted its holdings in shares of First American by 0.8% in the second quarter. World Asset Management Inc now owns 7,480 shares of the insurance provider’s stock worth $334,000 after acquiring an additional 61 shares during the last quarter. Hedge funds and other institutional investors own 83.43% of the company’s stock.
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About First American
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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