Assenagon Asset Management S.A. Makes New Investment in First American Financial Corporation $FAF

Key Points

• Assenagon Asset Management S.A. has acquired a new position in First American Financial Corporation, purchasing 75,097 shares valued at approximately $4.61 million during the second quarter.
• First American Financial's quarterly earnings reported $1.53 per share, exceeding estimates, and the company has announced a quarterly dividend increase to $0.55 per share, representing a 3.4% yield.
• Analysts have mixed views on First American Financial, with Barclays lowering its price target from $72 to $70, while other firms like Keefe, Bruyette & Woods have given an "outperform" rating and increased their price target from $77 to $79.

Assenagon Asset Management S.A. bought a new position in shares of First American Financial Corporation (NYSE:FAF - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 75,097 shares of the insurance provider's stock, valued at approximately $4,610,000. Assenagon Asset Management S.A. owned 0.07% of First American Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Boston Partners raised its holdings in shares of First American Financial by 23.0% during the first quarter. Boston Partners now owns 4,692,258 shares of the insurance provider's stock worth $307,181,000 after purchasing an additional 876,874 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of First American Financial by 4.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,150,660 shares of the insurance provider's stock worth $272,406,000 after acquiring an additional 187,144 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in shares of First American Financial by 6.2% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,626,142 shares of the insurance provider's stock worth $106,724,000 after acquiring an additional 95,165 shares during the period. Reinhart Partners LLC. increased its holdings in shares of First American Financial by 1.1% in the 2nd quarter. Reinhart Partners LLC. now owns 1,217,263 shares of the insurance provider's stock worth $74,729,000 after acquiring an additional 13,286 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of First American Financial by 3.2% in the 1st quarter. Northern Trust Corp now owns 1,063,232 shares of the insurance provider's stock worth $69,780,000 after acquiring an additional 32,610 shares during the period. 89.05% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at First American Financial

In other news, Director Margaret M. Mccarthy sold 3,500 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $65.63, for a total transaction of $229,705.00. Following the completion of the transaction, the director owned 28,095 shares in the company, valued at approximately $1,843,874.85. This trade represents a 11.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Barclays dropped their price objective on shares of First American Financial from $72.00 to $70.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 8th. Wall Street Zen raised shares of First American Financial from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of First American Financial from $77.00 to $79.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, First American Financial currently has a consensus rating of "Moderate Buy" and an average price target of $75.00.

First American Financial Trading Down 0.0%

NYSE:FAF opened at $65.31 on Thursday. First American Financial Corporation has a twelve month low of $53.09 and a twelve month high of $70.92. The company has a 50-day moving average of $63.87 and a 200-day moving average of $61.49. The firm has a market cap of $6.65 billion, a price-to-earnings ratio of 36.08 and a beta of 1.27.

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

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

First American Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 22nd will be given a dividend of $0.55 per share. This is a positive change from First American Financial's previous quarterly dividend of $0.54. The ex-dividend date is Monday, September 22nd. This represents a $2.20 annualized dividend and a dividend yield of 3.4%. First American Financial's payout ratio is 121.55%.

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.

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