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State of Alaska Department of Revenue Boosts Holdings in First American Financial Co. (NYSE:FAF)

Defense World ·  Sep 21, 2022 07:52

State of Alaska Department of Revenue lifted its stake in First American Financial Co. (NYSE:FAF – Get Rating) by 10.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,167 shares of the insurance provider's stock after purchasing an additional 8,659 shares during the quarter. State of Alaska Department of Revenue owned 0.08% of First American Financial worth $4,665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of FAF. TCI Wealth Advisors Inc. raised its position in shares of First American Financial by 313.1% in the 1st quarter. TCI Wealth Advisors Inc. now owns 409 shares of the insurance provider's stock worth $27,000 after purchasing an additional 310 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in shares of First American Financial in the 1st quarter worth about $46,000. GHP Investment Advisors Inc. purchased a new position in shares of First American Financial in the 1st quarter worth about $153,000. Covestor Ltd raised its position in shares of First American Financial by 99.4% in the 1st quarter. Covestor Ltd now owns 2,676 shares of the insurance provider's stock worth $173,000 after purchasing an additional 1,334 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of First American Financial by 15.9% in the 1st quarter. Van ECK Associates Corp now owns 2,846 shares of the insurance provider's stock worth $184,000 after purchasing an additional 391 shares during the last quarter. Hedge funds and other institutional investors own 87.23% of the company's stock.

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First American Financial Stock Down 3.2 %

First American Financial stock opened at $49.49 on Wednesday. The business has a 50-day simple moving average of $55.22 and a two-hundred day simple moving average of $58.15. The company has a market cap of $5.15 billion, a P/E ratio of 6.02 and a beta of 1.22. First American Financial Co. has a 52-week low of $48.81 and a 52-week high of $81.54.

First American Financial (NYSE:FAF – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The insurance provider reported $2.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.61. The business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.12 billion. First American Financial had a return on equity of 15.41% and a net margin of 10.11%. The business's quarterly revenue was down 9.0% compared to the same quarter last year. During the same period in the previous year, the company posted $2.13 EPS. Research analysts anticipate that First American Financial Co. will post 6.38 EPS for the current fiscal year.

First American Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 8th were given a dividend of $0.52 per share. This is a boost from First American Financial's previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date was Wednesday, September 7th. First American Financial's payout ratio is presently 25.30%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FAF shares. Barclays reduced their price objective on First American Financial from $87.00 to $83.00 and set an "overweight" rating for the company in a report on Monday, July 11th. Truist Financial reduced their price objective on First American Financial from $86.00 to $77.00 and set a "buy" rating for the company in a report on Wednesday, July 13th. Finally, BTIG Research reduced their price objective on First American Financial from $81.00 to $79.00 and set a "buy" rating for the company in a report on Friday, July 8th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.68.

First American Financial Company Profile

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First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Specialty Insurance segments. The Title Insurance and Services segment issues title insurance policies on residential and commercial property, as well as offers related products and services.

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