Fisher Asset Management LLC Reduces Stock Position in First American Financial Corporation $FAF

Key Points

• Fisher Asset Management trimmed its stake in First American Financial by 7.1% in the fourth quarter, selling 29,799 shares and leaving it with 392,276 shares valued at about $24.1 million.
• First American Financial reported strong quarterly results, with earnings of $1.33 per share beating estimates and revenue rising 16.2% year over year to $1.85 billion.
• The company announced a quarterly dividend of $0.55 per share, implying a 3.2% annual yield, while analysts broadly remain positive with an average rating of “Buy” and a target price of $82.50.

Fisher Asset Management LLC reduced its position in shares of First American Financial Corporation (NYSE:FAF - Free Report) by 7.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 392,276 shares of the insurance provider's stock after selling 29,799 shares during the period. Fisher Asset Management LLC owned 0.38% of First American Financial worth $24,101,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Naples Global Advisors LLC raised its stake in First American Financial by 2.4% in the fourth quarter. Naples Global Advisors LLC now owns 7,500 shares of the insurance provider's stock worth $461,000 after buying an additional 175 shares in the last quarter. Inscription Capital LLC grew its holdings in shares of First American Financial by 2.4% during the fourth quarter. Inscription Capital LLC now owns 7,639 shares of the insurance provider's stock valued at $469,000 after buying an additional 181 shares during the last quarter. Danske Bank A S grew its holdings in shares of First American Financial by 28.6% during the fourth quarter. Danske Bank A S now owns 900 shares of the insurance provider's stock valued at $55,000 after buying an additional 200 shares during the last quarter. Advisors Capital Management LLC grew its holdings in shares of First American Financial by 0.3% during the fourth quarter. Advisors Capital Management LLC now owns 68,189 shares of the insurance provider's stock valued at $4,190,000 after buying an additional 211 shares during the last quarter. Finally, Clearstead Advisors LLC boosted its holdings in First American Financial by 33.0% in the third quarter. Clearstead Advisors LLC now owns 859 shares of the insurance provider's stock worth $55,000 after purchasing an additional 213 shares during the last quarter. 89.05% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Wall Street Zen cut shares of First American Financial from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Stephens raised their target price on shares of First American Financial from $81.00 to $84.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Truist Financial raised their target price on shares of First American Financial from $82.00 to $85.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Zacks Research upgraded shares of First American Financial from a "hold" rating to a "strong-buy" rating in a report on Monday, April 27th. Finally, Weiss Ratings upgraded shares of First American Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat.com, First American Financial has an average rating of "Buy" and an average target price of $82.50.

Insider Activity at First American Financial

In other First American Financial news, SVP Lisa W. Cornehl sold 5,823 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $68.63, for a total value of $399,632.49. Following the transaction, the senior vice president directly owned 29,635 shares in the company, valued at approximately $2,033,850.05. This trade represents a 16.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Margaret M. Mccarthy sold 6,630 shares of the firm's stock in a transaction on Friday, April 24th. The shares were sold at an average price of $70.59, for a total transaction of $468,011.70. Following the sale, the director owned 24,024 shares in the company, valued at $1,695,854.16. The trade was a 21.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.50% of the stock is currently owned by company insiders.

First American Financial Trading Down 0.0%

FAF opened at $68.17 on Wednesday. First American Financial Corporation has a 1-year low of $53.09 and a 1-year high of $71.47. The company has a market capitalization of $6.95 billion, a PE ratio of 10.47, a PEG ratio of 0.65 and a beta of 1.28. The firm's 50 day simple moving average is $64.88 and its two-hundred day simple moving average is $64.45.

First American Financial (NYSE:FAF - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.27. First American Financial had a net margin of 8.73% and a return on equity of 12.58%. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same period last year, the firm earned $0.84 earnings per share. The company's quarterly revenue was up 16.2% on a year-over-year basis. Equities analysts forecast that First American Financial Corporation will post 6.83 earnings per share for the current fiscal year.

First American Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 8th will be given a $0.55 dividend. The ex-dividend date is Monday, June 8th. This represents a $2.20 annualized dividend and a yield of 3.2%. First American Financial's dividend payout ratio (DPR) is presently 33.79%.

First American Financial Profile

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.

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