Norges Bank Purchases New Shares in First American Financial Corporation $FAF

Norges Bank acquired a new stake in shares of First American Financial Corporation (NYSE:FAF) in the second quarter, Holdings Channel reports. The fund acquired 1,256,609 shares of the insurance provider’s stock, valued at approximately $77,143,000.

Several other institutional investors have also made changes to their positions in FAF. Elevation Point Wealth Partners LLC acquired a new stake in shares of First American Financial during the second quarter valued at approximately $35,000. Atlantic Union Bankshares Corp purchased a new position in First American Financial during the 2nd quarter worth approximately $36,000. Ameritas Advisory Services LLC acquired a new stake in First American Financial during the 2nd quarter valued at $48,000. Ransom Advisory Ltd purchased a new stake in shares of First American Financial in the first quarter valued at $66,000. Finally, Jones Financial Companies Lllp boosted its position in shares of First American Financial by 121.3% in the first quarter. Jones Financial Companies Lllp now owns 1,483 shares of the insurance provider’s stock worth $97,000 after buying an additional 813 shares during the period. 89.05% of the stock is owned by hedge funds and other institutional investors.

First American Financial Stock Up 0.0%

NYSE FAF opened at $64.78 on Friday. The stock has a market capitalization of $6.60 billion, a PE ratio of 13.93 and a beta of 1.27. First American Financial Corporation has a 12-month low of $53.09 and a 12-month high of $69.53. The company has a 50 day moving average price of $62.84 and a two-hundred day moving average price of $61.82.

First American Financial (NYSE:FAF) last released its quarterly earnings results on Thursday, October 23rd. The insurance provider reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.28. The business had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.87 billion. First American Financial had a net margin of 6.80% and a return on equity of 11.01%. First American Financial’s revenue for the quarter was up 40.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.34 EPS. As a group, equities analysts anticipate that First American Financial Corporation will post 5.35 EPS for the current year.

First American Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Monday, December 8th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.4%. First American Financial’s dividend payout ratio is currently 47.31%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Wall Street Zen raised First American Financial from a “hold” rating to a “buy” rating in a research report on Sunday, October 26th. Stephens assumed coverage on shares of First American Financial in a research report on Friday, November 14th. They issued an “equal weight” rating for the company. Weiss Ratings upgraded shares of First American Financial from a “hold (c+)” rating to a “buy (b)” rating in a report on Saturday, October 25th. Barclays upped their price objective on shares of First American Financial from $70.00 to $71.00 and gave the company a “cautious” rating in a research note on Monday, October 6th. Finally, Truist Financial lifted their target price on shares of First American Financial from $73.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $76.00.

First American Financial Profile

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.