Meeder Asset Management Inc. grew its holdings in First American Financial Corp (NYSE:FAF) by 643.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 30,309 shares of the insurance provider’s stock after buying an additional 26,230 shares during the period. Meeder Asset Management Inc.’s holdings in First American Financial were worth $1,629,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. Quadrant Capital Group LLC lifted its stake in First American Financial by 1,170.5% during the 1st quarter. Quadrant Capital Group LLC now owns 991 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 913 shares in the last quarter. Nordea Investment Management AB lifted its stake in First American Financial by 1.2% during the 1st quarter. Nordea Investment Management AB now owns 91,374 shares of the insurance provider’s stock worth $4,706,000 after acquiring an additional 1,115 shares in the last quarter. Weaver Consulting Group acquired a new position in First American Financial during the 1st quarter worth about $69,000. Retirement Systems of Alabama increased its holdings in First American Financial by 4.7% during the 2nd quarter. Retirement Systems of Alabama now owns 276,006 shares of the insurance provider’s stock worth $14,822,000 after purchasing an additional 12,492 shares during the period. Finally, BlackRock Inc. increased its holdings in First American Financial by 2.3% during the 1st quarter. BlackRock Inc. now owns 10,849,296 shares of the insurance provider’s stock worth $558,739,000 after purchasing an additional 239,202 shares during the period. 83.64% of the stock is currently owned by institutional investors and hedge funds.
In related news, COO Christopher Michael Leavell sold 10,006 shares of the company’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $57.99, for a total value of $580,247.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.00% of the stock is owned by corporate insiders.
First American Financial (NYSE:FAF) last announced its earnings results on Thursday, July 25th. The insurance provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.23. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.52 billion. First American Financial had a return on equity of 14.77% and a net margin of 9.36%. The business’s revenue was up .5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.37 EPS. Equities analysts anticipate that First American Financial Corp will post 4.93 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.89%. First American Financial’s dividend payout ratio (DPR) is presently 36.68%.
FAF has been the topic of several recent research reports. Compass Point set a $60.00 price target on First American Financial and gave the stock a “hold” rating in a report on Friday, July 26th. Piper Jaffray Companies set a $68.00 price target on First American Financial and gave the stock a “buy” rating in a report on Friday, July 26th. Barclays set a $68.00 price target on First American Financial and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, Susquehanna Bancshares initiated coverage on First American Financial in a report on Wednesday, June 19th. They set a “positive” rating and a $73.00 price target on the stock. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $66.00.
About First American Financial
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.
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