Manning & Napier Advisors LLC Decreases Position in First American Financial Corporation $FAF

Key Points

• Manning & Napier Advisors cut its First American Financial stake by 7.1% in Q1, selling 73,312 shares and leaving it with 953,168 shares valued at about $57.5 million.
• First American Financial reported strong quarterly results, with EPS of $1.33 versus $1.06 expected and revenue of $1.85 billion, up 16.2% year over year.
• The company also maintained a quarterly dividend of $0.55 per share, equivalent to an annualized yield of 3.2%, while analysts currently rate the stock a Moderate Buy with a consensus target price of $84.00.

Manning & Napier Advisors LLC decreased its holdings in First American Financial Corporation (NYSE:FAF - Free Report) by 7.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 953,168 shares of the insurance provider's stock after selling 73,312 shares during the period. Manning & Napier Advisors LLC owned about 0.94% of First American Financial worth $57,466,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Bar Harbor Wealth Management grew its stake in shares of First American Financial by 52.4% during the fourth quarter. Bar Harbor Wealth Management now owns 135,649 shares of the insurance provider's stock worth $8,334,000 after purchasing an additional 46,639 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in First American Financial in the fourth quarter valued at $6,713,000. Jackson Creek Investment Advisors LLC purchased a new stake in First American Financial during the 4th quarter worth about $1,608,000. Tudor Investment Corp ET AL acquired a new position in shares of First American Financial during the 3rd quarter worth about $5,046,000. Finally, iSAM Funds UK Ltd acquired a new position in shares of First American Financial during the 3rd quarter worth about $1,360,000. Hedge funds and other institutional investors own 89.05% of the company's stock.

Insider Buying and Selling at First American Financial

In other First American Financial news, 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 transaction, the director directly owned 24,024 shares of the company's stock, valued at approximately $1,695,854.16. This trade represents a 21.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Lisa W. Cornehl sold 5,823 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $68.63, for a total transaction of $399,632.49. Following the completion of the sale, the senior vice president directly owned 29,635 shares of the company's stock, valued at $2,033,850.05. The trade was a 16.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.50% of the company's stock.

First American Financial Price Performance

Shares of FAF traded down $0.97 during midday trading on Friday, reaching $69.29. 700,734 shares of the stock were exchanged, compared to its average volume of 999,516. First American Financial Corporation has a twelve month low of $54.19 and a twelve month high of $71.93. The company has a market capitalization of $7.06 billion, a price-to-earnings ratio of 10.64, a PEG ratio of 0.68 and a beta of 1.23. The business's 50-day moving average price is $67.87 and its 200 day moving average price is $65.29.

First American Financial (NYSE:FAF - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.06 by $0.27. The firm had revenue of $1.85 billion during the quarter, compared to analysts' expectations of $1.80 billion. First American Financial had a return on equity of 12.58% and a net margin of 8.73%.The business's revenue was up 16.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 EPS. As a group, equities research analysts expect that First American Financial Corporation will post 6.75 earnings per share for the current fiscal year.

First American Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were paid a dividend of $0.55 per share. The ex-dividend date was Monday, June 8th. This represents a $2.20 dividend on an annualized basis and a yield of 3.2%. First American Financial's dividend payout ratio is currently 33.79%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FAF shares. Truist Financial raised their target price on First American Financial from $82.00 to $85.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. Stephens reaffirmed an "overweight" rating and issued a $84.00 price target on shares of First American Financial in a report on Friday, June 12th. Weiss Ratings upgraded shares of First American Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, April 22nd. Zacks Research cut shares of First American Financial from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 23rd. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of First American Financial from $87.00 to $84.00 and set an "outperform" rating for the company in a research report on Thursday, June 25th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, First American Financial currently has an average rating of "Moderate Buy" and a consensus target price of $84.00.

First American Financial Company 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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