Texas Permanent School Fund trimmed its position in First American Financial Co. (NYSE:FAF – Get Rating) by 2.1% in the 1st quarter, Holdings Channel reports. The firm owned 77,820 shares of the insurance provider’s stock after selling 1,665 shares during the quarter. Texas Permanent School Fund’s holdings in First American Financial were worth $5,044,000 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 company. HG Vora Capital Management LLC grew its stake in First American Financial by 8.4% in the 4th quarter. HG Vora Capital Management LLC now owns 10,300,000 shares of the insurance provider’s stock worth $805,769,000 after buying an additional 800,000 shares in the last quarter. State Street Corp grew its position in First American Financial by 2.3% in the fourth quarter. State Street Corp now owns 3,102,894 shares of the insurance provider’s stock worth $242,739,000 after acquiring an additional 68,969 shares in the last quarter. D. E. Shaw & Co. Inc. increased its stake in First American Financial by 56.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,751,230 shares of the insurance provider’s stock valued at $136,999,000 after acquiring an additional 634,833 shares during the last quarter. Victory Capital Management Inc. raised its position in First American Financial by 21.3% during the fourth quarter. Victory Capital Management Inc. now owns 1,210,488 shares of the insurance provider’s stock valued at $94,696,000 after purchasing an additional 212,653 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in First American Financial by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 926,809 shares of the insurance provider’s stock valued at $72,505,000 after purchasing an additional 13,302 shares in the last quarter. 84.95% of the stock is currently owned by hedge funds and other institutional investors.
In related news, COO Christopher Michael Leavell sold 39,206 shares of the firm’s stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $59.61, for a total value of $2,337,069.66. Following the completion of the sale, the chief operating officer now owns 166,465 shares of the company’s stock, valued at $9,922,978.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.20% of the company’s stock.
First American Financial Stock Performance
First American Financial (NYSE:FAF – Get Rating) last released its quarterly earnings data on Thursday, July 28th. The insurance provider reported $2.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.61. The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.12 billion. First American Financial had a net margin of 10.11% and a return on equity of 15.41%. The company’s revenue for the quarter was down 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.13 earnings per share. As a group, equities research analysts forecast that First American Financial Co. will post 6.41 earnings per share for the current fiscal year.
First American Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Wednesday, June 8th were given a $0.51 dividend. The ex-dividend date of this dividend was Tuesday, June 7th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.68%. First American Financial’s dividend payout ratio is currently 24.82%.
Analysts Set New Price Targets
FAF has been the topic of several recent research reports. Truist Financial reduced their price objective on First American Financial from $86.00 to $77.00 and set a “buy” rating on the stock in a research report on Wednesday, July 13th. Barclays decreased their target price on shares of First American Financial from $87.00 to $83.00 and set an “overweight” rating on the stock in a research report on Monday, July 11th. Finally, BTIG Research lowered their price target on shares of First American Financial from $81.00 to $79.00 and set a “buy” rating for the company in a research note on Friday, July 8th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $64.68.
About First American Financial
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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