OLD National Bancorp IN Trims Position in First American Financial Corporation $FAF

OLD National Bancorp IN trimmed its holdings in shares of First American Financial Corporation (NYSE:FAF) by 48.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,536 shares of the insurance provider’s stock after selling 36,800 shares during the period. OLD National Bancorp IN’s holdings in First American Financial were worth $2,540,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Elevation Point Wealth Partners LLC purchased a new position in shares of First American Financial during the second quarter worth $35,000. Atlantic Union Bankshares Corp acquired a new stake in First American Financial during the 2nd quarter worth about $36,000. Ameritas Advisory Services LLC acquired a new stake in First American Financial during the 2nd quarter worth about $48,000. EverSource Wealth Advisors LLC raised its stake in shares of First American Financial by 189.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 912 shares of the insurance provider’s stock valued at $56,000 after buying an additional 597 shares during the last quarter. Finally, Ransom Advisory Ltd acquired a new position in shares of First American Financial in the 1st quarter valued at about $66,000. Institutional investors and hedge funds own 89.05% of the company’s stock.

First American Financial Price Performance

Shares of FAF stock opened at $60.89 on Wednesday. First American Financial Corporation has a 1-year low of $53.09 and a 1-year high of $68.64. The company has a market cap of $6.20 billion, a price-to-earnings ratio of 13.09 and a beta of 1.27. The stock has a 50 day simple moving average of $63.15 and a 200-day simple moving average of $62.56.

First American Financial (NYSE:FAF) last issued its quarterly earnings results on Thursday, October 23rd. The insurance provider reported $1.70 EPS for the quarter, topping the consensus estimate of $1.42 by $0.28. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. First American Financial had a net margin of 6.80% and a return on equity of 11.01%. The firm’s revenue was up 40.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.34 EPS. Analysts anticipate that First American Financial Corporation will post 5.35 earnings per share for the current fiscal year.

First American Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 8th were paid a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, December 8th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.6%. First American Financial’s payout ratio is currently 47.31%.

Analysts Set New Price Targets

FAF has been the topic of several analyst reports. Keefe, Bruyette & Woods raised their target price on First American Financial from $79.00 to $81.00 and gave the stock an “outperform” rating in a report on Thursday, December 18th. Truist Financial raised their price objective on shares of First American Financial from $73.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Barclays lifted their target price on shares of First American Financial from $70.00 to $71.00 and gave the company a “cautious” rating in a report on Monday, October 6th. Weiss Ratings raised shares of First American Financial from a “hold (c+)” rating to a “buy (b)” rating in a report on Saturday, October 25th. Finally, Stephens assumed coverage on shares of First American Financial in a research report on Friday, November 14th. They set an “equal weight” rating on the stock. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $76.50.

First American Financial Profile

First American Financial Corporation is a leading provider of title insurance, settlement services and diversified real estate-related data and analytics. Headquartered in Santa Ana, California, the company serves customers throughout the United States as well as in Canada, Europe, Latin America and Asia. Its business is built on the underwriting capabilities of its title insurance operations combined with comprehensive closing and escrow services for homebuyers, sellers, mortgage lenders and real estate professionals.

The company’s title insurance segment issues policies that protect property owners and mortgage lenders against defects in titles, liens or encumbrances that can arise during real property transactions.