First American Financial Corporation (NYSE:FAF) Shares Bought by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH significantly increased its stake in First American Financial Corporation by purchasing 46,066 shares, raising its ownership by 49.8% to a total of 138,510 shares valued at approximately $9.09 million.
• First American Financial reported better-than-expected earnings, achieving $1.53 EPS against the estimated $1.40, with revenue of $1.84 billion surpassing analyst forecasts.
• The company has initiated a $300 million stock repurchase plan, reflecting confidence in its stock value, alongside announcing a quarterly dividend of $0.54 per share.

Allianz Asset Management GmbH raised its holdings in shares of First American Financial Corporation (NYSE:FAF - Free Report) by 49.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 138,510 shares of the insurance provider's stock after acquiring an additional 46,066 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.13% of First American Financial worth $9,090,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in FAF. Alpine Bank Wealth Management purchased a new stake in shares of First American Financial in the 1st quarter valued at about $28,000. Richardson Capital Management LLC purchased a new stake in shares of First American Financial in the 1st quarter valued at about $39,000. Versant Capital Management Inc lifted its holdings in shares of First American Financial by 645.7% in the 1st quarter. Versant Capital Management Inc now owns 962 shares of the insurance provider's stock valued at $63,000 after purchasing an additional 833 shares during the last quarter. UMB Bank n.a. boosted its stake in First American Financial by 132.1% during the 1st quarter. UMB Bank n.a. now owns 1,216 shares of the insurance provider's stock worth $80,000 after purchasing an additional 692 shares during the period. Finally, GAMMA Investing LLC boosted its stake in First American Financial by 23.9% during the 1st quarter. GAMMA Investing LLC now owns 1,327 shares of the insurance provider's stock worth $87,000 after purchasing an additional 256 shares during the period. 89.05% of the stock is owned by hedge funds and other institutional investors.

First American Financial Trading Down 1.3%

Shares of NYSE:FAF traded down $0.81 during trading on Wednesday, hitting $60.22. 1,047,772 shares of the stock were exchanged, compared to its average volume of 1,614,021. The company has a fifty day moving average price of $58.18 and a two-hundred day moving average price of $60.94. The company has a market cap of $6.13 billion, a PE ratio of 33.27 and a beta of 1.24. First American Financial Corporation has a 12-month low of $53.09 and a 12-month high of $70.92.

First American Financial (NYSE:FAF - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $1.53 EPS for the quarter, topping the consensus estimate of $1.40 by $0.13. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.78 billion. First American Financial had a return on equity of 10.41% and a net margin of 2.90%. The company's quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.27 EPS. Equities research analysts anticipate that First American Financial Corporation will post 5.35 earnings per share for the current fiscal year.

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

First American Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Monday, June 9th. This represents a $2.16 annualized dividend and a dividend yield of 3.59%. First American Financial's dividend payout ratio is currently 119.34%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wall Street Zen cut First American Financial from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Keefe, Bruyette & Woods boosted their price target on First American Financial from $77.00 to $79.00 and gave the company an "outperform" rating in a research report on Monday. Finally, Barclays dropped their price target on First American Financial from $72.00 to $70.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $75.00.

First American Financial 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.