Zacks Investment Research upgraded shares of First American Financial (NYSE:FAF) from a hold rating to a buy rating in a research report report published on Thursday, December 28th. Zacks Investment Research currently has $63.00 target price on the insurance provider’s stock.
According to Zacks, “First American Financial Corporation provides financial services through its Title Insurance and Services segment and its Specialty Insurance segment. The Title Insurance and Services segment provides title insurance policies and provides escrow and real estate closing services on residential and commercial property. It also maintains, manages, and provides access to automated title plant records and images; accommodates tax-deferred exchanges of real estate; and provides investment advisory, trust, lending, and deposit services. The Specialty Insurance segment offers property and casualty insurance, including homeowners insurance, as well as provides home warranty policies. This segment markets its property and casualty insurance products through direct distribution channels, including employees and agents, as well as a network of brokers. First American Financial Corporation is based in Santa Ana, California. “
Separately, Barclays boosted their price objective on shares of First American Financial from $52.00 to $60.00 and gave the stock an overweight rating in a report on Friday, October 27th. One research analyst has rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $54.00.
First American Financial (NYSE:FAF) last announced its quarterly earnings data 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. First American Financial had a net margin of 4.88% and a return on equity of 14.30%. The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the business earned $0.96 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. equities research analysts anticipate that First American Financial will post 3.55 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 8th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, December 7th. This represents a $1.52 dividend on an annualized basis and a yield of 2.55%. First American Financial’s dividend payout ratio is presently 60.08%.
In other news, CEO Dennis J. Gilmore sold 100,000 shares of the business’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 completion of the sale, the chief executive officer now owns 611,141 shares of the company’s stock, valued at approximately $33,594,420.77. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Kenneth D. Degiorgio sold 7,337 shares of the business’s 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. Over the last quarter, insiders have sold 193,161 shares of company stock valued at $10,639,325. Company insiders own 3.10% of the company’s stock.
Several hedge funds have recently modified their holdings of FAF. Prudential Financial Inc. boosted its holdings in First American Financial by 162.5% in the 3rd quarter. Prudential Financial Inc. now owns 1,069,020 shares of the insurance provider’s stock worth $53,419,000 after buying an additional 661,701 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in First American Financial by 35.3% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 125,023 shares of the insurance provider’s stock worth $6,247,000 after buying an additional 32,616 shares during the period. Sterling Capital Management LLC boosted its holdings in First American Financial by 119.0% in the 3rd quarter. Sterling Capital Management LLC now owns 89,888 shares of the insurance provider’s stock worth $4,492,000 after buying an additional 48,846 shares during the period. Guardian Capital LP bought a new position in First American Financial in the 3rd quarter worth $222,000. Finally, California Public Employees Retirement System boosted its holdings in First American Financial by 9.4% in the 3rd quarter. California Public Employees Retirement System now owns 288,088 shares of the insurance provider’s stock worth $14,396,000 after buying an additional 24,688 shares during the period. 83.35% of the stock is owned by hedge funds and other institutional investors.
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First American Financial 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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