3,068 Shares in First American Financial Co. (NYSE:FAF) Bought by CIBC Asset Management Inc

CIBC Asset Management Inc acquired a new stake in shares of First American Financial Co. (NYSE:FAF) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,068 shares of the insurance provider’s stock, valued at approximately $203,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in First American Financial by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 10,567,038 shares of the insurance provider’s stock worth $645,118,000 after buying an additional 431,089 shares during the last quarter. Boston Partners boosted its stake in shares of First American Financial by 13.3% in the first quarter. Boston Partners now owns 4,074,181 shares of the insurance provider’s stock worth $248,237,000 after acquiring an additional 479,618 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of First American Financial by 16.5% during the second quarter. Dimensional Fund Advisors LP now owns 3,647,709 shares of the insurance provider’s stock worth $196,793,000 after purchasing an additional 515,710 shares in the last quarter. Ariel Investments LLC raised its stake in First American Financial by 2.8% in the 2nd quarter. Ariel Investments LLC now owns 3,609,697 shares of the insurance provider’s stock valued at $194,743,000 after purchasing an additional 97,158 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in First American Financial by 19.4% in the 3rd quarter. Victory Capital Management Inc. now owns 2,495,766 shares of the insurance provider’s stock valued at $164,746,000 after purchasing an additional 405,146 shares in the last quarter. Hedge funds and other institutional investors own 89.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FAF shares. Keefe, Bruyette & Woods increased their target price on shares of First American Financial from $66.00 to $72.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Barclays raised their target price on shares of First American Financial from $70.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Stephens boosted their target price on First American Financial from $66.00 to $73.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Truist Financial increased their price target on First American Financial from $68.00 to $73.00 and gave the company a “buy” rating in a report on Friday, October 25th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $72.50.

First American Financial Price Performance

Shares of NYSE FAF opened at $67.65 on Friday. The company has a market capitalization of $6.97 billion, a P/E ratio of 75.43 and a beta of 1.29. The company has a 50 day simple moving average of $64.89 and a 200-day simple moving average of $60.20. First American Financial Co. has a 1 year low of $51.60 and a 1 year high of $67.88.

First American Financial (NYSE:FAF) last posted its earnings results on Wednesday, October 23rd. The insurance provider reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.19. First American Financial had a return on equity of 7.95% and a net margin of 1.58%. The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter last year, the firm earned $1.22 earnings per share. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. As a group, research analysts expect that First American Financial Co. will post 4.04 EPS for the current year.

First American Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given a $0.54 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $2.16 dividend on an annualized basis and a yield of 3.19%. First American Financial’s payout ratio is currently 242.70%.

About First American Financial

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.