Barings LLC raised its holdings in shares of First American Corporation (The) (NYSE:FAF) by 122.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,100 shares of the insurance provider’s stock after purchasing an additional 6,100 shares during the quarter. Barings LLC’s holdings in First American were worth $555,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the company. Teacher Retirement System of Texas raised its holdings in shares of First American by 0.4% in the second quarter. Teacher Retirement System of Texas now owns 8,813 shares of the insurance provider’s stock valued at $394,000 after acquiring an additional 32 shares in the last quarter. World Asset Management Inc raised its holdings in shares of First American by 0.8% in the second quarter. World Asset Management Inc now owns 7,480 shares of the insurance provider’s stock valued at $334,000 after acquiring an additional 61 shares in the last quarter. Creative Planning raised its holdings in shares of First American by 5.3% in the second quarter. Creative Planning now owns 2,284 shares of the insurance provider’s stock valued at $102,000 after acquiring an additional 114 shares in the last quarter. Forward Management LLC raised its holdings in shares of First American by 3.3% in the second quarter. Forward Management LLC now owns 8,279 shares of the insurance provider’s stock valued at $370,000 after acquiring an additional 267 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of First American by 8.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,808 shares of the insurance provider’s stock valued at $170,000 after acquiring an additional 298 shares in the last quarter. Institutional investors and hedge funds own 83.43% of the company’s stock.
In other First American news, CFO Mark Edward Seaton sold 9,981 shares of First American stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $54.87, for a total value of $547,657.47. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Christopher Michael Leavell sold 75,843 shares of First American stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $55.25, for a total value of $4,190,325.75. The disclosure for this sale can be found here. Insiders sold 193,161 shares of company stock worth $10,639,325 in the last quarter. 3.10% of the stock is owned by insiders.
First American (NYSE:FAF) last released its quarterly earnings data on Thursday, October 26th. The insurance provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.12. The firm had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.51 billion. First American had a return on equity of 14.30% and a net margin of 4.88%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the company posted $0.96 earnings per share. sell-side analysts forecast that First American Corporation will post 3.51 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 8th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $1.52 annualized dividend and a yield of 2.75%. First American’s dividend payout ratio (DPR) is presently 60.08%.
Several research firms recently weighed in on FAF. Barclays lifted their price objective on First American from $52.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, October 27th. Zacks Investment Research downgraded First American from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th.
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About First American
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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