Bank of Montreal Can increased its stake in shares of First American Financial Corp (NYSE:FAF) by 118.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 39,069 shares of the insurance provider’s stock after purchasing an additional 21,208 shares during the period. Bank of Montreal Can’s holdings in First American Financial were worth $2,015,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Itau Unibanco Holding S.A. purchased a new stake in First American Financial during the 2nd quarter worth about $265,000. HPM Partners LLC purchased a new stake in First American Financial during the 2nd quarter worth about $319,000. Private Advisor Group LLC purchased a new stake in First American Financial during the 2nd quarter worth about $333,000. Fox Run Management L.L.C. purchased a new stake in First American Financial during the 3rd quarter worth about $370,000. Finally, Atria Investments LLC purchased a new stake in First American Financial during the 3rd quarter worth about $393,000. 83.38% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE FAF opened at $46.56 on Friday. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 0.78 and a beta of 0.84. First American Financial Corp has a twelve month low of $41.96 and a twelve month high of $62.71.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 10th will be paid a $0.42 dividend. The ex-dividend date is Friday, December 7th. This represents a $1.68 dividend on an annualized basis and a yield of 3.61%. First American Financial’s dividend payout ratio is currently 61.09%.
A number of analysts recently issued reports on FAF shares. Keefe, Bruyette & Woods raised First American Financial from a “market perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a report on Monday, July 16th. ValuEngine cut First American Financial from a “hold” rating to a “sell” rating in a report on Wednesday, September 19th. Zacks Investment Research lowered First American Financial from a “buy” rating to a “hold” rating in a research note on Friday, October 5th. Finally, Piper Jaffray Companies upped their target price on First American Financial from $63.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, July 27th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. First American Financial presently has a consensus rating of “Hold” and a consensus target price of $57.50.
In other news, insider Matthew F. Wajner sold 4,982 shares of the stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $57.29, for a total transaction of $285,418.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Kenneth D. Degiorgio sold 13,871 shares of the stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $57.25, for a total value of $794,114.75. The disclosure for this sale can be found here. 3.00% of the stock is owned by corporate insiders.
About First American Financial
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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