First American Financial (NYSE:FAF) Releases Quarterly Earnings Results, Misses Expectations By $0.07 EPS
by Danessa Lincoln · The Markets DailyFirst American Financial (NYSE:FAF – Get Free Report) released its quarterly earnings data on Wednesday. The insurance provider reported $1.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.85 by ($0.07), FiscalAI reports. The firm had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.10 billion. First American Financial had a net margin of 9.33% and a return on equity of 13.31%. During the same quarter in the prior year, the firm posted $1.84 earnings per share.
First American Financial Stock Up 0.6%
NYSE:FAF traded up $0.43 during trading hours on Wednesday, reaching $66.69. The company had a trading volume of 1,612,233 shares, compared to its average volume of 962,890. The stock has a 50-day moving average of $68.91 and a two-hundred day moving average of $68.69. First American Financial has a one year low of $56.20 and a one year high of $79.87. The firm has a market capitalization of $6.81 billion, a PE ratio of 9.24, a PEG ratio of 0.60 and a beta of 1.24.
First American Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, October 5th. Investors of record on Monday, September 28th were paid a $0.55 dividend. The ex-dividend date of this dividend was Monday, September 28th. This represents a $2.20 annualized dividend and a yield of 3.3%. First American Financial’s payout ratio is currently 33.80%.
Analyst Ratings Changes
Several research analysts recently commented on FAF shares. Keefe, Bruyette & Woods raised their target price on First American Financial from $84.00 to $86.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Zacks Research lowered shares of First American Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Benchmark initiated coverage on shares of First American Financial in a report on Tuesday, July 21st. They issued a “buy” rating and a $85.00 price target on the stock. Barclays dropped their price objective on shares of First American Financial from $83.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, October 5th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of First American Financial in a report on Friday, October 16th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $82.80.
Check Out Our Latest Research Report on FAF
Insider Transactions at First American Financial
In other First American Financial news, CAO Steven Adams sold 3,253 shares of First American Financial stock in a transaction on Friday, July 24th. The stock was sold at an average price of $74.99, for a total transaction of $243,942.47. Following the completion of the transaction, the chief accounting officer directly owned 10,234 shares of the company’s stock, valued at approximately $767,447.66. This trade represents a 24.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.50% of the stock is owned by corporate insiders.
First American Financial Company Profile
First American Financial Corporation (NYSE: FAF) is a provider of title insurance, settlement services and financial technology solutions for the real estate and mortgage industries. Through its First American Title operations, the company helps protect property owners, lenders and other parties against title defects and related risks during real estate transactions.
The company’s services include title searches and examination, title insurance policies, escrow and closing services, and transaction coordination.
See Also
- Five stocks we like better than First American Financial
- GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall?
- Intercepting Growth: Karman Secures $218M Lockheed Martin Deal
- Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs
- Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors