Holocene Advisors LP Acquires New Position in First American Financial Co. (NYSE:FAF)

Holocene Advisors LP bought a new position in shares of First American Financial Co. (NYSE:FAF) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 557,537 shares of the insurance provider’s stock, valued at approximately $36,803,000.

Several other large investors have also recently modified their holdings of the business. Blossom Wealth Management lifted its stake in shares of First American Financial by 2.4% during the 3rd quarter. Blossom Wealth Management now owns 7,105 shares of the insurance provider’s stock valued at $469,000 after buying an additional 165 shares in the last quarter. Custom Index Systems LLC boosted its holdings in shares of First American Financial by 2.3% in the second quarter. Custom Index Systems LLC now owns 8,218 shares of the insurance provider’s stock worth $443,000 after acquiring an additional 182 shares during the period. Pacer Advisors Inc. grew its position in shares of First American Financial by 1.2% in the second quarter. Pacer Advisors Inc. now owns 15,560 shares of the insurance provider’s stock valued at $839,000 after purchasing an additional 187 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of First American Financial by 56.9% during the 2nd quarter. GAMMA Investing LLC now owns 709 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 257 shares during the period. Finally, Linden Thomas Advisory Services LLC lifted its holdings in First American Financial by 1.1% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 25,897 shares of the insurance provider’s stock worth $1,397,000 after purchasing an additional 284 shares in the last quarter. Hedge funds and other institutional investors own 89.05% of the company’s stock.

First American Financial Trading Up 0.5 %

FAF stock opened at $70.49 on Tuesday. The company’s 50 day moving average is $65.39 and its 200 day moving average is $60.95. The stock has a market cap of $7.26 billion, a price-to-earnings ratio of 79.20 and a beta of 1.30. First American Financial Co. has a 1-year low of $51.60 and a 1-year high of $70.92.

First American Financial (NYSE:FAF) last issued its quarterly earnings results on Wednesday, October 23rd. The insurance provider reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.19. First American Financial had a net margin of 1.58% and a return on equity of 7.95%. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the firm earned $1.22 EPS. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, sell-side analysts forecast that First American Financial Co. will post 4.07 EPS for the current fiscal year.

First American Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $2.16 dividend on an annualized basis and a yield of 3.06%. First American Financial’s payout ratio is 242.70%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FAF. Stephens lifted their target price on First American Financial from $66.00 to $73.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Truist Financial boosted their price objective on shares of First American Financial from $68.00 to $73.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods increased their target price 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. Finally, Barclays boosted their price target on shares of First American Financial from $70.00 to $72.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $72.50.

About First American Financial

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.