Pictet Asset Management Holding SA Buys 96,733 Shares of First American Financial Corporation $FAF

Pictet Asset Management Holding SA raised its stake in First American Financial Corporation (NYSE:FAF) by 18.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 609,045 shares of the insurance provider’s stock after acquiring an additional 96,733 shares during the quarter. Pictet Asset Management Holding SA’s holdings in First American Financial were worth $36,993,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in FAF. Elevation Wealth Partners LLC increased its stake in shares of First American Financial by 70.7% during the third quarter. Elevation Wealth Partners LLC now owns 437 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 181 shares during the period. Root Financial Partners LLC acquired a new position in First American Financial in the 3rd quarter valued at $32,000. Wealth Enhancement Trust Services Inc. lifted its holdings in shares of First American Financial by 140.0% during the third quarter. Wealth Enhancement Trust Services Inc. now owns 600 shares of the insurance provider’s stock worth $36,000 after buying an additional 350 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in shares of First American Financial during the second quarter worth $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of First American Financial during the second quarter worth $73,000. Institutional investors own 89.05% of the company’s stock.

First American Financial Stock Down 1.7%

FAF opened at $67.52 on Wednesday. The stock has a market capitalization of $6.89 billion, a price-to-earnings ratio of 9.57 and a beta of 1.22. First American Financial Corporation has a twelve month low of $56.20 and a twelve month high of $79.87. The company has a 50-day simple moving average of $66.68 and a 200 day simple moving average of $67.53.

First American Financial (NYSE:FAF) last released its earnings results on Wednesday, October 21st. The insurance provider reported $1.78 EPS for the quarter, missing the consensus estimate of $1.85 by ($0.07). The firm had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.10 billion. First American Financial had a net margin of 9.05% and a return on equity of 13.41%. During the same period in the prior year, the business earned $1.84 earnings per share. Sell-side analysts anticipate that First American Financial Corporation will post 6.94 EPS for the current fiscal year.

First American Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 8th will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 3.6%. This is a positive change from First American Financial’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Tuesday, December 8th. First American Financial’s payout ratio is 34.37%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FAF. Truist Financial reduced their target price on shares of First American Financial from $80.00 to $78.00 and set a “buy” rating for the company in a research report on Friday, October 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of First American Financial in a research note on Friday, October 16th. Benchmark initiated coverage on shares of First American Financial in a research report on Tuesday, July 21st. They set a “buy” rating and a $85.00 target price on the stock. Keefe, Bruyette & Woods raised their target price on shares of First American Financial from $84.00 to $86.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Finally, Barclays lowered their price objective on First American Financial from $79.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday, October 23rd. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.60.

About First American Financial

First American Financial Corporation provides title insurance, settlement services and related solutions for residential and commercial real estate transactions. Its services help buyers, sellers, real estate professionals and mortgage lenders manage the transfer of property ownership and related risks. The company also offers property data, analytics and technology tools, along with specialty insurance products such as home warranties. Its services support activities including title searches, escrow and closing, and the management of real estate records.