Corebridge Financial Inc. Trims Position in First American Financial Co. (NYSE:FAF)

Corebridge Financial Inc. trimmed its stake in First American Financial Co. (NYSE:FAF) by 4.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 116,530 shares of the insurance provider’s stock after selling 5,117 shares during the period. Corebridge Financial Inc.’s holdings in First American Financial were worth $7,276,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in FAF. Vanguard Group Inc. raised its stake in shares of First American Financial by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 10,625,017 shares of the insurance provider’s stock valued at $663,426,000 after acquiring an additional 107,925 shares in the last quarter. Victory Capital Management Inc. raised its position in First American Financial by 3.1% during the 4th quarter. Victory Capital Management Inc. now owns 2,573,788 shares of the insurance provider’s stock valued at $160,707,000 after purchasing an additional 78,022 shares in the last quarter. Geode Capital Management LLC grew its position in shares of First American Financial by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,700,903 shares of the insurance provider’s stock worth $112,306,000 after buying an additional 12,668 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of First American Financial by 2.5% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,530,977 shares of the insurance provider’s stock valued at $95,594,000 after buying an additional 37,866 shares during the period. Finally, Wellington Management Group LLP bought a new stake in shares of First American Financial in the third quarter valued at about $95,638,000. 89.05% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Mark Edward Seaton sold 12,679 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $64.28, for a total value of $815,006.12. Following the completion of the transaction, the chief financial officer now directly owns 195,812 shares of the company’s stock, valued at $12,586,795.36. This trade represents a 6.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dennis J. Gilmore sold 111,971 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $63.60, for a total transaction of $7,121,355.60. Following the sale, the director now directly owns 494,574 shares in the company, valued at approximately $31,454,906.40. This represents a 18.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 127,707 shares of company stock worth $8,136,565 in the last ninety days. 3.70% of the stock is owned by insiders.

First American Financial Stock Performance

Shares of First American Financial stock opened at $65.68 on Friday. First American Financial Co. has a one year low of $51.60 and a one year high of $70.92. The company has a market capitalization of $6.77 billion, a PE ratio of 52.54 and a beta of 1.34. The company has a 50-day simple moving average of $63.88 and a two-hundred day simple moving average of $64.40.

First American Financial (NYSE:FAF) last posted its earnings results on Wednesday, February 12th. The insurance provider reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.22. First American Financial had a net margin of 2.14% and a return on equity of 9.35%. On average, equities analysts predict that First American Financial Co. will post 5.35 earnings per share for the current fiscal year.

First American Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 10th were given a $0.54 dividend. The ex-dividend date was Monday, March 10th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.29%. First American Financial’s payout ratio is 172.80%.

Analyst Ratings Changes

A number of research firms have commented on FAF. Stephens raised their target price on shares of First American Financial from $73.00 to $78.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Keefe, Bruyette & Woods lifted their price objective on shares of First American Financial from $74.00 to $75.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th.

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.