Seven Eight Capital LP Acquires New Position in First American Corporation (The) (FAF)

Seven Eight Capital LP acquired a new stake in shares of First American Corporation (The) (NYSE:FAF) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 9,900 shares of the insurance provider’s stock, valued at approximately $442,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. BlackRock Inc. boosted its stake in First American Corporation (The) by 3,956.3% during the 1st quarter. BlackRock Inc. now owns 9,926,367 shares of the insurance provider’s stock valued at $389,909,000 after acquiring an additional 9,681,653 shares during the last quarter. State Street Corp boosted its stake in First American Corporation (The) by 3.7% during the 1st quarter. State Street Corp now owns 3,541,023 shares of the insurance provider’s stock valued at $139,091,000 after acquiring an additional 126,125 shares during the last quarter. Victory Capital Management Inc. bought a new position in First American Corporation (The) during the 2nd quarter valued at $76,312,000. Fisher Asset Management LLC boosted its stake in First American Corporation (The) by 5.1% during the 2nd quarter. Fisher Asset Management LLC now owns 1,479,732 shares of the insurance provider’s stock valued at $66,129,000 after acquiring an additional 71,581 shares during the last quarter. Finally, Hamlin Capital Management LLC boosted its stake in First American Corporation (The) by 37.1% during the 2nd quarter. Hamlin Capital Management LLC now owns 1,411,501 shares of the insurance provider’s stock valued at $63,080,000 after acquiring an additional 382,145 shares during the last quarter. Hedge funds and other institutional investors own 83.16% of the company’s stock.

A number of research firms have commented on FAF. Zacks Investment Research upgraded shares of First American Corporation (The) from a “hold” rating to a “strong-buy” rating and set a $56.00 price objective on the stock in a research note on Monday, July 31st. BidaskClub upgraded shares of First American Corporation (The) from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 20th.

In other First American Corporation (The) news, CFO Mark Edward Seaton sold 7,000 shares of First American Corporation (The) stock in a transaction on Friday, August 18th. The shares were sold at an average price of $48.33, for a total transaction of $338,310.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 3.10% of the stock is owned by insiders.

First American Corporation (NYSE:FAF) opened at 49.07 on Monday. First American Corporation has a 52-week low of $35.28 and a 52-week high of $49.57. The company has a market capitalization of $5.43 billion, a P/E ratio of 14.87 and a beta of 0.72. The stock has a 50 day moving average of $48.44 and a 200-day moving average of $43.59.

First American Corporation (The) (NYSE:FAF) last posted its quarterly earnings results on Thursday, July 27th. The insurance provider reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.18. First American Corporation (The) had a net margin of 6.38% and a return on equity of 12.22%. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the company earned $0.92 earnings per share. The business’s revenue was up 6.8% compared to the same quarter last year. On average, equities analysts forecast that First American Corporation will post $3.40 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 8th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, September 7th. This represents a $1.52 dividend on an annualized basis and a yield of 3.10%. This is an increase from First American Corporation (The)’s previous quarterly dividend of $0.34. First American Corporation (The)’s payout ratio is currently 46.06%.

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First American Corporation (The) Company Profile

First American Financial Corporation, through its subsidiaries, is engaged in the business of providing financial services. The Company operates through the title insurance and services segment, and specialty insurance segment. The title insurance and services segment provides title insurance, closing and/or escrow services and similar or related services domestically and internationally in connection with residential and commercial real estate transactions.

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Institutional Ownership by Quarter for First American Corporation (The) (NYSE:FAF)

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