Fortis Group Advisors LLC Acquires New Holdings in First American Financial Co. (NYSE:FAF)

by · The Markets Daily

Fortis Group Advisors LLC purchased a new position in First American Financial Co. (NYSE:FAF – Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 28,315 shares of the insurance provider’s stock, valued at approximately $1,869,000.

A number of other hedge funds have also recently made changes to their positions in FAF. Dimensional Fund Advisors LP lifted its stake in First American Financial by 16.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,647,709 shares of the insurance provider’s stock worth $196,793,000 after purchasing an additional 515,710 shares in the last quarter. Boston Partners grew its stake in shares of First American Financial by 13.3% in the 1st quarter. Boston Partners now owns 4,074,181 shares of the insurance provider’s stock worth $248,237,000 after buying an additional 479,618 shares during the last quarter. Vanguard Group Inc. grew its position in First American Financial by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 10,567,038 shares of the insurance provider’s stock valued at $645,118,000 after purchasing an additional 431,089 shares during the last quarter. Reinhart Partners LLC. grew its holdings in shares of First American Financial by 65.8% during the second quarter. Reinhart Partners LLC. now owns 943,755 shares of the insurance provider’s stock valued at $50,916,000 after buying an additional 374,662 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of First American Financial by 245.1% in the 2nd quarter. AQR Capital Management LLC now owns 419,995 shares of the insurance provider’s stock worth $22,659,000 after purchasing an additional 298,302 shares in the last quarter. 89.05% of the stock is currently owned by institutional investors and hedge funds.

First American Financial Price Performance

NYSE:FAF traded down $0.47 during trading hours on Tuesday, reaching $63.97. The company had a trading volume of 67,420 shares, compared to its average volume of 668,907. First American Financial Co. has a 1-year low of $49.55 and a 1-year high of $67.88. The business’s 50 day moving average price is $64.53 and its 200-day moving average price is $58.96. The firm has a market cap of $6.64 billion, a PE ratio of 30.82 and a beta of 1.29.

First American Financial (NYSE:FAF – Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.14. First American Financial had a return on equity of 7.98% and a net margin of 3.28%. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same quarter in the previous year, the business earned $1.35 EPS. First American Financial’s revenue for the quarter was down 2.1% compared to the same quarter last year. On average, analysts expect that First American Financial Co. will post 3.89 earnings per share for the current fiscal year.

First American Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 20th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Friday, September 20th. This is an increase from First American Financial’s previous quarterly dividend of $0.53. First American Financial’s dividend payout ratio (DPR) is 103.35%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FAF shares. Keefe, Bruyette & Woods increased their price objective on shares of First American Financial from $66.00 to $72.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Barclays lifted their target price on First American Financial from $61.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Stephens reissued an “overweight” rating and issued a $66.00 price objective on shares of First American Financial in a research note on Thursday, July 25th. Finally, Truist Financial raised their price target on First American Financial from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.00.

Get Our Latest Analysis on First American Financial

About First American Financial

(Free Report)

First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Home Warranty segments. The Title Insurance and Services segment issues title insurance policies on residential and commercial property, as well as offers related products and services internationally.

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