Covington Capital Management cut its stake in First American Financial Corp (NYSE:FAF) by 28.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,500 shares of the insurance provider’s stock after selling 1,000 shares during the quarter. Covington Capital Management’s holdings in First American Financial were worth $140,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently modified their holdings of FAF. Cerebellum GP LLC purchased a new stake in shares of First American Financial during the fourth quarter valued at approximately $129,000. Macquarie Group Ltd. purchased a new stake in shares of First American Financial during the third quarter valued at approximately $190,000. Round Table Services LLC purchased a new stake in shares of First American Financial during the fourth quarter valued at approximately $210,000. Greenleaf Trust purchased a new stake in shares of First American Financial during the fourth quarter valued at approximately $215,000. Finally, Doyle Wealth Management purchased a new stake in shares of First American Financial during the fourth quarter valued at approximately $218,000. 84.91% of the stock is owned by hedge funds and other institutional investors.
Shares of First American Financial Corp (FAF) opened at $59.12 on Friday. First American Financial Corp has a 52-week low of $37.80 and a 52-week high of $62.71. The stock has a market capitalization of $6,679.80, a price-to-earnings ratio of 16.96, a price-to-earnings-growth ratio of 1.04 and a beta of 0.79.
First American Financial (NYSE:FAF) last released its earnings results on Thursday, February 8th. The insurance provider reported $0.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.04. First American Financial had a return on equity of 13.92% and a net margin of 7.33%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same period last year, the business posted $0.92 earnings per share. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. analysts anticipate that First American Financial Corp will post 4.44 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Thursday, March 8th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date was Wednesday, March 7th. First American Financial’s payout ratio is currently 40.43%.
A number of analysts recently commented on FAF shares. Zacks Investment Research raised First American Financial from a “hold” rating to a “buy” rating and set a $63.00 price target for the company in a research report on Thursday, December 28th. ValuEngine raised First American Financial from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Barclays decreased their target price on First American Financial from $75.00 to $70.00 and set an “overweight” rating for the company in a research report on Friday, February 9th. Finally, Stephens raised First American Financial from an “equal” rating to a “weight” rating in a research report on Monday, January 8th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $57.33.
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First American Financial 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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