Norges Bank Takes Position in First American Financial Corporation $FAF

Norges Bank purchased a new stake in shares of First American Financial Corporation (NYSE:FAF) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,220,879 shares of the insurance provider’s stock, valued at approximately $75,011,000. Norges Bank owned 1.20% of First American Financial as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Intech Investment Management LLC lifted its stake in First American Financial by 607.7% in the fourth quarter. Intech Investment Management LLC now owns 89,859 shares of the insurance provider’s stock valued at $5,521,000 after buying an additional 77,162 shares during the period. Baker Avenue Asset Management LP acquired a new position in First American Financial in the fourth quarter valued at about $284,000. Geode Capital Management LLC lifted its stake in First American Financial by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 1,793,179 shares of the insurance provider’s stock valued at $110,200,000 after buying an additional 19,752 shares during the period. Jackson Creek Investment Advisors LLC acquired a new position in First American Financial in the fourth quarter valued at about $1,608,000. Finally, Clearstead Advisors LLC lifted its stake in First American Financial by 94.3% in the fourth quarter. Clearstead Advisors LLC now owns 1,669 shares of the insurance provider’s stock valued at $103,000 after buying an additional 810 shares during the period. Institutional investors and hedge funds own 89.05% of the company’s stock.

First American Financial Price Performance

Shares of First American Financial stock opened at $66.97 on Friday. First American Financial Corporation has a 1 year low of $53.09 and a 1 year high of $71.47. The business has a 50-day moving average of $65.72 and a two-hundred day moving average of $64.60. The company has a market capitalization of $6.82 billion, a P/E ratio of 10.29, a price-to-earnings-growth ratio of 0.65 and a beta of 1.24.

First American Financial (NYSE:FAF) last announced its quarterly earnings results on Wednesday, April 22nd. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.27. First American Financial had a return on equity of 12.58% and a net margin of 8.73%.The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the prior year, the company earned $0.84 earnings per share. The company’s revenue for the quarter was up 16.2% compared to the same quarter last year. On average, equities analysts anticipate that First American Financial Corporation will post 6.81 EPS for the current fiscal year.

First American Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 8th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, June 8th. First American Financial’s dividend payout ratio is 33.79%.

Analyst Ratings Changes

FAF has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of First American Financial in a research note on Friday, February 13th. Zacks Research raised First American Financial from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 27th. Truist Financial increased their target price on First American Financial from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Barclays increased their target price on First American Financial from $72.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. Finally, Wall Street Zen lowered First American Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $82.50.

Insider Activity

In related news, Director Margaret M. Mccarthy sold 6,630 shares of the stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $70.59, for a total transaction of $468,011.70. Following the completion of the transaction, the director directly owned 24,024 shares in the company, valued at approximately $1,695,854.16. This trade represents a 21.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Lisa W. Cornehl sold 5,823 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $68.63, for a total value of $399,632.49. Following the transaction, the senior vice president owned 29,635 shares of the company’s stock, valued at approximately $2,033,850.05. The trade was a 16.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.50% of the stock is owned by corporate insiders.

About First American Financial

First American Financial Corporation is a leading provider of title insurance, settlement services and diversified real estate-related data and analytics. Headquartered in Santa Ana, California, the company serves customers throughout the United States as well as in Canada, Europe, Latin America and Asia. Its business is built on the underwriting capabilities of its title insurance operations combined with comprehensive closing and escrow services for homebuyers, sellers, mortgage lenders and real estate professionals.

The company’s title insurance segment issues policies that protect property owners and mortgage lenders against defects in titles, liens or encumbrances that can arise during real property transactions.