Lazard Asset Management LLC Lowers Stake in First American Financial Corporation $FAF

Lazard Asset Management LLC reduced its position in First American Financial Corporation (NYSE:FAF) by 45.2% in the first quarter, HoldingsChannel.com reports. The firm owned 237,313 shares of the insurance provider’s stock after selling 195,611 shares during the period. Lazard Asset Management LLC’s holdings in First American Financial were worth $14,308,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Equitable Trust Co. raised its position in shares of First American Financial by 2.3% during the 1st quarter. Equitable Trust Co. now owns 6,980 shares of the insurance provider’s stock valued at $421,000 after purchasing an additional 160 shares during the period. Naples Global Advisors LLC boosted its holdings in First American Financial by 2.4% in the 4th quarter. Naples Global Advisors LLC now owns 7,500 shares of the insurance provider’s stock worth $461,000 after buying an additional 175 shares during the period. Inscription Capital LLC boosted its holdings in First American Financial by 2.4% in the 4th quarter. Inscription Capital LLC now owns 7,639 shares of the insurance provider’s stock worth $469,000 after buying an additional 181 shares during the period. Danske Bank A S increased its stake in First American Financial by 28.6% in the 4th quarter. Danske Bank A S now owns 900 shares of the insurance provider’s stock worth $55,000 after buying an additional 200 shares in the last quarter. Finally, Quarry LP increased its stake in First American Financial by 14.0% in the 4th quarter. Quarry LP now owns 1,658 shares of the insurance provider’s stock worth $102,000 after buying an additional 203 shares in the last quarter. 89.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First American Financial

In other First American Financial news, CAO Steven A. Adams sold 3,253 shares of First American Financial stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $74.99, for a total value of $243,942.47. Following the sale, the chief accounting officer owned 10,234 shares of the company’s stock, valued at $767,447.66. The trade was a 24.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Lisa W. Cornehl sold 5,823 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $68.63, for a total value of $399,632.49. Following the sale, the senior vice president directly owned 29,635 shares in the company, valued at $2,033,850.05. This trade represents a 16.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 3.50% of the company’s stock.

First American Financial Stock Down 1.3%

Shares of FAF stock opened at $78.16 on Thursday. The stock has a market cap of $7.98 billion, a P/E ratio of 10.83, a PEG ratio of 0.74 and a beta of 1.23. First American Financial Corporation has a 52 week low of $56.20 and a 52 week high of $79.87. The company’s fifty day simple moving average is $68.98 and its two-hundred day simple moving average is $66.35.

First American Financial (NYSE:FAF) last issued its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.28. First American Financial had a return on equity of 13.31% and a net margin of 9.33%.The firm had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the business posted $1.53 earnings per share. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, analysts anticipate that First American Financial Corporation will post 7.02 EPS for the current fiscal year.

First American Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were paid a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, June 8th. This represents a $2.20 dividend on an annualized basis and a yield of 2.8%. First American Financial’s dividend payout ratio is presently 30.47%.

Analyst Ratings Changes

FAF has been the topic of several research analyst reports. Zacks Research downgraded First American Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Barclays increased their target price on First American Financial from $80.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Wall Street Zen downgraded First American Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Stephens reissued an “overweight” rating and issued a $84.00 price target on shares of First American Financial in a report on Friday, June 12th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of First American Financial in a research note on Monday, July 20th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, First American Financial presently has a consensus rating of “Moderate Buy” and an average target price of $84.60.

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.