Geode Capital Management LLC Has $110.20 Million Position in First American Financial Corporation $FAF

Key Points

• Geode Capital Management increased its stake in First American Financial by 1.1% in the fourth quarter, bringing its holding to 1.79 million shares valued at about $110.2 million.
• First American Financial reported strong quarterly results, with EPS of $1.33 beating estimates and revenue of $1.85 billion topping forecasts; revenue was also up 16.2% year over year.
• The company declared a quarterly dividend of $0.55 per share, and analysts currently maintain a consensus Buy rating with a target price of $82.50.

Geode Capital Management LLC grew its stake in First American Financial Corporation (NYSE:FAF - Free Report) by 1.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,793,179 shares of the insurance provider's stock after purchasing an additional 19,752 shares during the period. Geode Capital Management LLC owned about 1.76% of First American Financial worth $110,200,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new stake in First American Financial during the 4th quarter worth approximately $27,000. Global Retirement Partners LLC boosted its position in First American Financial by 1,107.5% during the 4th quarter. Global Retirement Partners LLC now owns 483 shares of the insurance provider's stock worth $30,000 after buying an additional 443 shares during the period. Danske Bank A S acquired a new stake in First American Financial during the 3rd quarter worth approximately $45,000. IFP Advisors Inc lifted its position in shares of First American Financial by 568.8% in the 4th quarter. IFP Advisors Inc now owns 749 shares of the insurance provider's stock worth $46,000 after purchasing an additional 637 shares during the period. Finally, Advisory Services Network LLC acquired a new position in shares of First American Financial in the 3rd quarter worth approximately $52,000. 89.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

First American Financial Stock Up 1.6%

NYSE FAF opened at $66.97 on Friday. The company has a market cap of $6.82 billion, a PE ratio of 10.29, a price-to-earnings-growth ratio of 0.63 and a beta of 1.24. First American Financial Corporation has a 52 week low of $53.09 and a 52 week high of $71.47. The firm's 50-day simple moving average is $65.72 and its two-hundred day simple moving average is $64.60.

First American Financial (NYSE:FAF - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The insurance provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.06 by $0.27. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.80 billion. First American Financial had a net margin of 8.73% and a return on equity of 12.58%. The company's revenue was up 16.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.84 earnings per share. As a group, equities research analysts anticipate that First American Financial Corporation will post 6.81 EPS for the current year.

First American Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 8th will be given a dividend of $0.55 per share. The ex-dividend date is Monday, June 8th. This represents a $2.20 annualized dividend and a dividend yield of 3.3%. First American Financial's dividend payout ratio is currently 33.79%.

Analyst Ratings Changes

FAF has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of First American Financial in a research report on Friday, February 13th. Zacks Research upgraded shares of First American Financial from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 27th. Wall Street Zen lowered shares of First American Financial from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Barclays boosted their price target on shares of First American Financial from $72.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, April 24th. Finally, Truist Financial lifted their price objective 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. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $82.50.

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.

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