SG Americas Securities LLC cut its stake in shares of First American Corporation (The) (NYSE:FAF) by 54.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,323 shares of the insurance provider’s stock after selling 38,221 shares during the period. SG Americas Securities LLC’s holdings in First American were worth $1,615,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of FAF. Russell Investments Group Ltd. increased its position in First American by 69.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 73,064 shares of the insurance provider’s stock worth $3,651,000 after purchasing an additional 30,054 shares in the last quarter. Retirement Systems of Alabama boosted its stake in shares of First American by 36.7% during the 3rd quarter. Retirement Systems of Alabama now owns 194,362 shares of the insurance provider’s stock valued at $9,712,000 after buying an additional 52,194 shares during the last quarter. Swiss National Bank boosted its stake in shares of First American by 0.8% during the 3rd quarter. Swiss National Bank now owns 184,900 shares of the insurance provider’s stock valued at $9,239,000 after buying an additional 1,500 shares during the last quarter. Principal Financial Group Inc. lifted its stake in First American by 11.2% during the third quarter. Principal Financial Group Inc. now owns 523,078 shares of the insurance provider’s stock worth $26,138,000 after purchasing an additional 52,632 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in First American by 2.6% during the third quarter. Oregon Public Employees Retirement Fund now owns 41,155 shares of the insurance provider’s stock worth $2,057,000 after purchasing an additional 1,038 shares during the last quarter. Institutional investors own 83.43% of the company’s stock.
In other First American news, CFO Mark Edward Seaton sold 9,981 shares of the company’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $54.87, for a total value of $547,657.47. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kenneth D. Degiorgio sold 7,337 shares of the stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $55.11, for a total value of $404,342.07. The disclosure for this sale can be found here. Insiders have sold 193,161 shares of company stock valued at $10,639,325 over the last ninety days. 3.10% of the stock is owned by insiders.
First American (NYSE:FAF) last released its earnings results on Thursday, October 26th. The insurance provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.12. The company had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.51 billion. First American had a return on equity of 14.30% and a net margin of 4.88%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.96 earnings per share. sell-side analysts anticipate that First American Corporation will post 3.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders 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 dividend on an annualized basis and a yield of 2.75%. First American’s payout ratio is 60.08%.
A number of research analysts have recently commented on FAF shares. Zacks Investment Research lowered First American from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Barclays raised their price objective on 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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