Wedge Capital Management L L P NC grew its position in First American Financial Co. (NYSE:FAF – Get Rating) by 5.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,530 shares of the insurance provider's stock after purchasing an additional 252 shares during the period. Wedge Capital Management L L P NC's holdings in First American Financial were worth $240,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of First American Financial by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 12,031,143 shares of the insurance provider's stock valued at $779,858,000 after acquiring an additional 245,974 shares during the last quarter. HG Vora Capital Management LLC increased its holdings in shares of First American Financial by 5.3% during the 1st quarter. HG Vora Capital Management LLC now owns 10,850,000 shares of the insurance provider's stock valued at $703,297,000 after acquiring an additional 550,000 shares during the last quarter. BlackRock Inc. increased its holdings in shares of First American Financial by 3.3% during the 1st quarter. BlackRock Inc. now owns 9,629,986 shares of the insurance provider's stock valued at $624,215,000 after acquiring an additional 303,214 shares during the last quarter. State Street Corp grew its holdings in First American Financial by 2.9% in the 1st quarter. State Street Corp now owns 3,193,170 shares of the insurance provider's stock valued at $206,981,000 after buying an additional 90,276 shares during the last quarter. Finally, LSV Asset Management grew its holdings in First American Financial by 8.0% in the 1st quarter. LSV Asset Management now owns 2,499,311 shares of the insurance provider's stock valued at $162,005,000 after buying an additional 185,694 shares during the last quarter. 87.23% of the stock is owned by institutional investors and hedge funds.
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Shares of FAF stock opened at $49.37 on Thursday. The stock has a 50 day moving average of $55.12 and a two-hundred day moving average of $58.08. First American Financial Co. has a 12 month low of $48.81 and a 12 month high of $81.54. The company has a market capitalization of $5.14 billion, a P/E ratio of 6.01 and a beta of 1.22.
First American Financial (NYSE:FAF – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The insurance provider reported $2.23 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.61. First American Financial had a return on equity of 15.41% and a net margin of 10.11%. The company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.12 billion. During the same quarter last year, the company earned $2.13 EPS. The company's quarterly revenue was down 9.0% on a year-over-year basis. Sell-side analysts predict that First American Financial Co. will post 6.38 earnings per share for the current fiscal year.First American Financial Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 8th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.21%. The ex-dividend date was Wednesday, September 7th. This is an increase from First American Financial's previous quarterly dividend of $0.51. First American Financial's dividend payout ratio (DPR) is 25.30%.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on the company. Barclays lowered their target price on First American Financial from $87.00 to $83.00 and set an "overweight" rating on the stock in a report on Monday, July 11th. BTIG Research lowered their target price on First American Financial from $81.00 to $79.00 and set a "buy" rating on the stock in a report on Friday, July 8th. Finally, Truist Financial lowered their target price on First American Financial from $86.00 to $77.00 and set a "buy" rating on the stock in a report on Wednesday, July 13th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, First American Financial presently has an average rating of "Moderate Buy" and a consensus target price of $64.68.
About First American Financial
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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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