RS Investment Management Co. LLC cut its position in shares of First American Financial Corp. (NYSE:FAF) by 49.2% during the second quarter, Holdings Channel reports. The institutional investor owned 779,424 shares of the company’s stock after selling 754,518 shares during the period. RS Investment Management Co. LLC’s holdings in First American Financial Corp. were worth $31,348,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of FAF. Norges Bank purchased a new stake in shares of First American Financial Corp. during the fourth quarter worth $38,884,000. Fox Run Management L.L.C. purchased a new stake in shares of First American Financial Corp. during the first quarter worth $358,000. Aperio Group LLC increased its stake in shares of First American Financial Corp. by 12.0% in the first quarter. Aperio Group LLC now owns 14,392 shares of the company’s stock worth $548,000 after buying an additional 1,540 shares during the period. Ramsey Quantitative Systems increased its stake in shares of First American Financial Corp. by 5.5% in the first quarter. Ramsey Quantitative Systems now owns 16,540 shares of the company’s stock worth $630,000 after buying an additional 858 shares during the period. Finally, Pacad Investment Ltd. increased its stake in shares of First American Financial Corp. by 27.5% in the first quarter. Pacad Investment Ltd. now owns 24,300 shares of the company’s stock worth $926,000 after buying an additional 5,241 shares during the period. 86.71% of the stock is owned by hedge funds and other institutional investors.
Shares of First American Financial Corp. (NYSE:FAF) traded up 0.76% during trading on Thursday, reaching $41.33. 507,461 shares of the company traded hands. The stock has a market capitalization of $4.53 billion, a PE ratio of 14.61 and a beta of 0.79. First American Financial Corp. has a 12-month low of $31.74 and a 12-month high of $43.55. The firm’s 50-day moving average is $41.81 and its 200-day moving average is $39.06.
First American Financial Corp. (NYSE:FAF) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.04. First American Financial Corp. had a net margin of 5.88% and a return on equity of 11.13%. The business earned $1.36 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the company posted $0.85 earnings per share. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, equities analysts predict that First American Financial Corp. will post $3.00 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 8th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date was Tuesday, September 6th. This is an increase from First American Financial Corp.’s previous quarterly dividend of $0.26. First American Financial Corp.’s dividend payout ratio (DPR) is 48.23%.
A number of analysts have recently weighed in on the stock. Zacks Investment Research raised shares of First American Financial Corp. from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday, July 14th. Piper Jaffray Cos. reaffirmed a “neutral” rating and set a $45.00 price target (up previously from $42.00) on shares of First American Financial Corp. in a report on Monday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. First American Financial Corp. currently has a consensus rating of “Hold” and an average target price of $43.00.
In related news, Director Mark C. Oman acquired 2,700 shares of the firm’s stock in a transaction that occurred on Thursday, August 18th. The stock was acquired at an average price of $42.08 per share, for a total transaction of $113,616.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.20% of the company’s stock.
About First American Financial Corp.
First American Financial Corporation is a holding company. Through its subsidiaries, the Company is engaged in the business of providing financial services. The Company’s segments include Title Insurance and Services, Specialty Insurance and corporate function. The Company’s title insurance and services segment issues title insurance policies on residential and commercial property in the United States and offers similar or related products and services internationally.
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