Meeder Asset Management Inc. decreased its stake in First American Financial Corp (NYSE:FAF) by 53.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,840 shares of the insurance provider’s stock after selling 26,654 shares during the period. Meeder Asset Management Inc.’s holdings in First American Financial were worth $1,178,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Parallel Advisors LLC grew its holdings in shares of First American Financial by 139.9% in the 3rd quarter. Parallel Advisors LLC now owns 3,498 shares of the insurance provider’s stock valued at $180,000 after acquiring an additional 2,040 shares in the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of First American Financial in the 2nd quarter valued at about $265,000. HPM Partners LLC bought a new position in shares of First American Financial in the 2nd quarter valued at about $319,000. Private Advisor Group LLC bought a new position in shares of First American Financial in the 2nd quarter valued at about $333,000. Finally, Seven Eight Capital LP bought a new position in shares of First American Financial in the 3rd quarter valued at about $340,000. Institutional investors own 83.38% of the company’s stock.
In related news, EVP Kenneth D. Degiorgio sold 13,871 shares of First American Financial stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $57.25, for a total transaction of $794,114.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew F. Wajner sold 4,982 shares of First American Financial stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $57.29, for a total value of $285,418.78. The disclosure for this sale can be found here. Company insiders own 3.00% of the company’s stock.
First American Financial (NYSE:FAF) last posted its quarterly earnings results on Thursday, October 25th. The insurance provider reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.02). First American Financial had a return on equity of 13.68% and a net margin of 10.39%. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.55 billion. On average, sell-side analysts expect that First American Financial Corp will post 4.47 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 10th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.61%. First American Financial’s payout ratio is currently 61.09%.
Several equities analysts have recently weighed in on FAF shares. Keefe, Bruyette & Woods upgraded First American Financial from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a report on Monday, July 16th. Piper Jaffray Companies raised their price objective on First American Financial from $63.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, July 27th. ValuEngine cut First American Financial from a “hold” rating to a “sell” rating in a report on Wednesday, September 19th. Finally, Zacks Investment Research cut First American Financial from a “buy” rating to a “hold” rating in a report on Friday, October 5th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $57.50.
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First American Financial Company Profile
First American Financial Corp. operates as an insurance company. It provides title insurance and settlement services to the real estate and mortgage industries. The company operates its business through the following segments: Title Insurance & Services and Specialty Insurance. The Title Insurance & Services segment provides title insurance, escrow, closing services and similar or related financial services domestically and internationally in connection with residential and commercial real estate transactions.
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