Advisors Capital Management LLC Cuts Stock Position in First American Financial Corporation $FAF

Advisors Capital Management LLC cut its stake in shares of First American Financial Corporation (NYSE:FAF) by 1.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 58,664 shares of the insurance provider’s stock after selling 776 shares during the quarter. Advisors Capital Management LLC’s holdings in First American Financial were worth $3,850,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Alpine Bank Wealth Management acquired a new stake in shares of First American Financial in the first quarter valued at approximately $28,000. Richardson Capital Management LLC acquired a new stake in First American Financial in the first quarter valued at $39,000. Versant Capital Management Inc boosted its stake in shares of First American Financial by 645.7% during the first quarter. Versant Capital Management Inc now owns 962 shares of the insurance provider’s stock valued at $63,000 after acquiring an additional 833 shares during the last quarter. Ransom Advisory Ltd acquired a new stake in shares of First American Financial during the first quarter valued at $66,000. Finally, UMB Bank n.a. boosted its stake in First American Financial by 132.1% in the 1st quarter. UMB Bank n.a. now owns 1,216 shares of the insurance provider’s stock worth $80,000 after buying an additional 692 shares during the last quarter. 89.05% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Wall Street Zen upgraded First American Financial from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Barclays reduced their price objective on First American Financial from $72.00 to $70.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods lifted their target price on First American Financial from $77.00 to $79.00 and gave the company an “outperform” rating in a research note on Monday, July 28th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $75.00.

Insider Transactions at First American Financial

In other First American Financial news, Director Margaret M. Mccarthy sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $65.63, for a total transaction of $229,705.00. Following the transaction, the director owned 28,095 shares of the company’s stock, valued at $1,843,874.85. The trade was a 11.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.70% of the company’s stock.

First American Financial Stock Up 3.0%

First American Financial stock opened at $68.17 on Friday. First American Financial Corporation has a 12 month low of $53.09 and a 12 month high of $70.92. The business has a 50 day moving average price of $62.48 and a two-hundred day moving average price of $61.38. The stock has a market cap of $6.94 billion, a price-to-earnings ratio of 37.66 and a beta of 1.27.

First American Financial (NYSE:FAF) last released its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.13. First American Financial had a return on equity of 10.41% and a net margin of 2.90%.The firm had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same period last year, the firm posted $1.27 EPS. The business’s revenue was up 14.2% on a year-over-year basis. On average, analysts expect that First American Financial Corporation will post 5.35 earnings per share for the current fiscal year.

First American Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 22nd will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.2%. This is a positive change from First American Financial’s previous quarterly dividend of $0.54. The ex-dividend date is Monday, September 22nd. First American Financial’s dividend payout ratio is presently 119.34%.

First American Financial announced that its Board of Directors has initiated a share buyback program on Wednesday, July 23rd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 5.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

First American Financial Company Profile

First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Home Warranty segments. The Title Insurance and Services segment issues title insurance policies on residential and commercial property, as well as offers related products and services internationally.