Lazard Asset Management LLC Sells 195,611 Shares of First American Financial Corporation $FAF

Lazard Asset Management LLC reduced its position in First American Financial Corporation (NYSE:FAF) by 45.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 237,313 shares of the insurance provider’s stock after selling 195,611 shares during the period. Lazard Asset Management LLC owned about 0.23% of First American Financial worth $14,308,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Jones Financial Companies Lllp raised its stake in shares of First American Financial by 121.3% in the first quarter. Jones Financial Companies Lllp now owns 1,483 shares of the insurance provider’s stock worth $97,000 after purchasing an additional 813 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of First American Financial by 10.8% during the first quarter. Goldman Sachs Group Inc. now owns 293,058 shares of the insurance provider’s stock valued at $19,233,000 after buying an additional 28,666 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of First American Financial by 7.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 414,146 shares of the insurance provider’s stock valued at $27,180,000 after buying an additional 27,600 shares during the last quarter. Jane Street Group LLC increased its holdings in First American Financial by 182.5% in the 1st quarter. Jane Street Group LLC now owns 67,572 shares of the insurance provider’s stock worth $4,435,000 after buying an additional 43,651 shares in the last quarter. Finally, Focus Partners Wealth increased its holdings in First American Financial by 11.3% in the 1st quarter. Focus Partners Wealth now owns 4,282 shares of the insurance provider’s stock worth $281,000 after buying an additional 435 shares in the last quarter. 89.05% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Steven A. Adams sold 3,253 shares of the company’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $74.99, for a total value of $243,942.47. Following the completion of the sale, the chief accounting officer directly owned 10,234 shares in the company, valued at $767,447.66. This represents a 24.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Lisa W. Cornehl sold 5,823 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $68.63, for a total value of $399,632.49. Following the completion of the transaction, the senior vice president directly owned 29,635 shares in the company, valued at approximately $2,033,850.05. This represents a 16.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 3.50% of the company’s stock.

First American Financial Stock Down 1.3%

First American Financial stock opened at $78.16 on Thursday. First American Financial Corporation has a 52-week low of $56.20 and a 52-week high of $79.87. The company has a market cap of $7.98 billion, a P/E ratio of 10.83, a P/E/G ratio of 0.74 and a beta of 1.23. The business has a 50-day simple moving average of $68.98 and a two-hundred day simple moving average of $66.35.

First American Financial (NYSE:FAF) last posted its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.28. The company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.03 billion. First American Financial had a net margin of 9.33% and a return on equity of 13.31%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.53 earnings per share. Research analysts anticipate that First American Financial Corporation will post 7.02 EPS for the current fiscal year.

First American Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 8th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Monday, June 8th. First American Financial’s dividend payout ratio (DPR) is currently 30.47%.

Analysts Set New Price Targets

Several research firms have issued reports on FAF. Weiss Ratings restated a “buy (b)” rating on shares of First American Financial in a research note on Monday, July 20th. Truist Financial lifted their price target on shares of First American Financial from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Keefe, Bruyette & Woods boosted their price objective on shares of First American Financial from $84.00 to $86.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Stephens restated an “overweight” rating and set a $84.00 price objective on shares of First American Financial in a research report on Friday, June 12th. Finally, Benchmark assumed coverage on shares of First American Financial in a report on Tuesday, July 21st. They issued a “buy” rating and a $85.00 target price on the stock. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.60.

About First American Financial

First American Financial Corporation is a leading provider of title insurance, settlement services and diversified real estate-related data and analytics. Headquartered in Santa Ana, California, the company serves customers throughout the United States as well as in Canada, Europe, Latin America and Asia. Its business is built on the underwriting capabilities of its title insurance operations combined with comprehensive closing and escrow services for homebuyers, sellers, mortgage lenders and real estate professionals.

The company’s title insurance segment issues policies that protect property owners and mortgage lenders against defects in titles, liens or encumbrances that can arise during real property transactions.