Bowling Portfolio Management LLC Purchases New Stake in First American Financial Co. (NYSE:FAF)

Bowling Portfolio Management LLC purchased a new stake in shares of First American Financial Co. (NYSE:FAF – Get Rating) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 24,943 shares of the insurance provider’s stock, valued at approximately $1,617,000.

Other large investors have also recently bought and sold shares of the company. HG Vora Capital Management LLC raised its holdings in First American Financial by 8.4% in the 4th quarter. HG Vora Capital Management LLC now owns 10,300,000 shares of the insurance provider’s stock worth $805,769,000 after purchasing an additional 800,000 shares in the last quarter. D. E. Shaw & Co. Inc. raised its holdings in First American Financial by 56.9% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,751,230 shares of the insurance provider’s stock worth $136,999,000 after purchasing an additional 634,833 shares in the last quarter. Invesco Ltd. raised its holdings in First American Financial by 84.6% in the 4th quarter. Invesco Ltd. now owns 498,062 shares of the insurance provider’s stock worth $38,962,000 after purchasing an additional 228,233 shares in the last quarter. Victory Capital Management Inc. raised its holdings in First American Financial by 21.3% in the 4th quarter. Victory Capital Management Inc. now owns 1,210,488 shares of the insurance provider’s stock worth $94,696,000 after purchasing an additional 212,653 shares in the last quarter. Finally, Great Lakes Advisors LLC raised its holdings in First American Financial by 280.5% in the 4th quarter. Great Lakes Advisors LLC now owns 269,799 shares of the insurance provider’s stock worth $21,106,000 after purchasing an additional 198,885 shares in the last quarter. Institutional investors own 84.95% of the company’s stock.

Shares of FAF stock opened at $49.98 on Thursday. First American Financial Co. has a one year low of $48.81 and a one year high of $81.54. The company’s 50-day moving average is $58.43 and its 200 day moving average is $66.81. The company has a market capitalization of $5.37 billion, a price-to-earnings ratio of 5.03 and a beta of 1.21.

First American Financial (NYSE:FAF – Get Rating) last announced its quarterly earnings data on Thursday, April 28th. The insurance provider reported $1.17 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.04). First American Financial had a net margin of 11.98% and a return on equity of 15.61%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $1.97 billion. As a group, analysts anticipate that First American Financial Co. will post 6.59 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Wednesday, June 8th were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 4.08%. The ex-dividend date was Tuesday, June 7th. First American Financial’s dividend payout ratio (DPR) is 20.54%.

FAF has been the topic of a number of recent research reports. Credit Suisse Group downgraded shares of First American Financial from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $97.00 to $74.00 in a research report on Friday, April 1st. StockNews.com initiated coverage on shares of First American Financial in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, BTIG Research reduced their target price on shares of First American Financial from $93.00 to $86.00 in a research report on Tuesday, April 12th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, First American Financial presently has an average rating of “Moderate Buy” and a consensus price target of $70.88.

In related news, COO Christopher Michael Leavell sold 39,206 shares of the stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $59.61, for a total transaction of $2,337,069.66. Following the sale, the chief operating officer now directly owns 166,465 shares of the company’s stock, valued at approximately $9,922,978.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.20% of the company’s stock.

About First American Financial (Get Rating)

First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Specialty Insurance segments. The Title Insurance and Services segment issues title insurance policies on residential and commercial property, as well as offers related products and services.

Further Reading

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