Bank of Nova Scotia Acquires 10,738 Shares of First American Financial Corporation (NYSE:FAF)

Bank of Nova Scotia raised its holdings in shares of First American Financial Corporation (NYSE:FAF - Free Report) by 44.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,011 shares of the insurance provider's stock after purchasing an additional 10,738 shares during the quarter. Bank of Nova Scotia's holdings in First American Financial were worth $2,298,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in FAF. Alpine Bank Wealth Management purchased a new position in First American Financial in the first quarter worth $28,000. Richardson Capital Management LLC purchased a new position in shares of First American Financial during the 1st quarter valued at $39,000. Versant Capital Management Inc grew its holdings 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 worth $63,000 after purchasing an additional 833 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of 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 acquiring an additional 692 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of First American Financial by 23.9% in 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 in the last quarter. Institutional investors and hedge funds own 89.05% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of First American Financial from $77.00 to $79.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Barclays decreased their price target on shares of First American Financial from $72.00 to $70.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 8th. Finally, Wall Street Zen raised shares of First American Financial from a "hold" rating to a "buy" rating in a research note on Saturday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, First American Financial has an average rating of "Moderate Buy" and a consensus price target of $75.00.

First American Financial Stock Up 0.3%

FAF traded up $0.18 during midday trading on Friday, hitting $62.72. 454,979 shares of the company traded hands, compared to its average volume of 1,209,095. First American Financial Corporation has a 52 week low of $53.09 and a 52 week high of $70.92. The firm has a market capitalization of $6.38 billion, a PE ratio of 34.65 and a beta of 1.24. The company's 50-day moving average is $59.20 and its 200 day moving average is $60.97.

First American Financial (NYSE:FAF - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The insurance provider reported $1.53 earnings per share (EPS) 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 period in the previous year, the business posted $1.27 earnings per share. The firm's quarterly revenue was up 14.2% compared to the same quarter last year. On average, sell-side analysts predict that First American Financial Corporation will post 5.35 earnings per share for the current fiscal year.

First American Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.4%. The ex-dividend date was Monday, June 9th. First American Financial's dividend payout ratio is presently 119.34%.

First American Financial announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

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.