First American Financial (NYSE:FAF) Hits New 52-Week High – Here’s What Happened

Shares of First American Financial Corporation (NYSE:FAF) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $71.93 and last traded at $71.5250, with a volume of 120038 shares trading hands. The stock had previously closed at $69.57.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FAF. Zacks Research cut First American Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Weiss Ratings raised shares of First American Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, April 22nd. Truist Financial boosted their price objective on First American Financial from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Stephens reiterated an “overweight” rating and set a $84.00 price objective on shares of First American Financial in a research report on Friday, June 12th. Finally, Wall Street Zen downgraded shares of First American Financial from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, First American Financial presently has an average rating of “Moderate Buy” and a consensus target price of $84.00.

First American Financial Trading Up 3.2%

The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of 11.02, a P/E/G ratio of 0.68 and a beta of 1.23. The business’s 50 day moving average price is $67.88 and its two-hundred day moving average price is $65.50.

First American Financial (NYSE:FAF) last announced its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.27. First American Financial had a net margin of 8.73% and a return on equity of 12.58%. The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the prior year, the business earned $0.84 earnings per share. The company’s revenue for the quarter was up 16.2% compared to the same quarter last year. Analysts expect that First American Financial Corporation will post 6.75 EPS for the current year.

First American Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 8th were given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 3.1%. The ex-dividend date was Monday, June 8th. First American Financial’s dividend payout ratio is 33.79%.

Insiders Place Their Bets

In related news, SVP Lisa W. Cornehl sold 5,823 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $68.63, for a total transaction of $399,632.49. Following the completion of the transaction, the senior vice president directly owned 29,635 shares of the company’s stock, valued at $2,033,850.05. This trade represents a 16.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Margaret M. Mccarthy sold 6,630 shares of First American Financial stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $70.59, for a total value of $468,011.70. Following the completion of the transaction, the director directly owned 24,024 shares in the company, valued at approximately $1,695,854.16. This represents a 21.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of First American Financial

Several large investors have recently modified their holdings of FAF. V Square Quantitative Management LLC acquired a new stake in shares of First American Financial in the 4th quarter valued at about $27,000. Duncker Streett & Co. Inc. lifted its stake in First American Financial by 616.4% during the 1st quarter. Duncker Streett & Co. Inc. now owns 437 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 376 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in First American Financial by 1,107.5% during the 4th quarter. Global Retirement Partners LLC now owns 483 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 443 shares during the last quarter. Danske Bank A S bought a new stake in shares of First American Financial in the 3rd quarter worth $45,000. Finally, IFP Advisors Inc raised its holdings in shares of First American Financial by 568.8% in the fourth quarter. IFP Advisors Inc now owns 749 shares of the insurance provider’s stock valued at $46,000 after purchasing an additional 637 shares during the last quarter. Institutional investors and hedge funds own 89.05% of the company’s stock.

First American Financial Company 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.