River Road Asset Management LLC Reduces Position in First American Financial Co. (NYSE:FAF)

River Road Asset Management LLC reduced its position in shares of First American Financial Co. (NYSE:FAF) by 45.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 97,328 shares of the insurance provider’s stock after selling 81,145 shares during the period. River Road Asset Management LLC’s holdings in First American Financial were worth $6,068,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FAF. LSV Asset Management lifted its stake in First American Financial by 222.9% during the second quarter. LSV Asset Management now owns 2,202,091 shares of the insurance provider’s stock worth $137,300,000 after purchasing an additional 1,520,016 shares during the last quarter. Panagora Asset Management Inc. boosted its stake in First American Financial by 486.3% in the first quarter. Panagora Asset Management Inc. now owns 357,180 shares of the insurance provider’s stock valued at $20,234,000 after acquiring an additional 296,257 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of First American Financial by 54.1% during the first quarter. AQR Capital Management LLC now owns 750,018 shares of the insurance provider’s stock worth $42,489,000 after purchasing an additional 263,433 shares during the last quarter. Lakewood Capital Management LP increased its position in shares of First American Financial by 19.1% during the first quarter. Lakewood Capital Management LP now owns 1,431,593 shares of the insurance provider’s stock worth $81,100,000 after purchasing an additional 230,000 shares in the last quarter. Finally, Royce & Associates LP lifted its holdings in shares of First American Financial by 50.7% in the 1st quarter. Royce & Associates LP now owns 588,077 shares of the insurance provider’s stock valued at $33,315,000 after purchasing an additional 197,755 shares during the last quarter. Hedge funds and other institutional investors own 85.83% of the company’s stock.

Shares of FAF stock traded down $0.27 during midday trading on Wednesday, hitting $67.55. The company had a trading volume of 774 shares, compared to its average volume of 706,351. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of 7.59 and a beta of 1.21. The company’s 50 day simple moving average is $66.86 and its 200 day simple moving average is $63.19. First American Financial Co. has a 52-week low of $44.05 and a 52-week high of $71.88.

First American Financial (NYSE:FAF) last posted its quarterly earnings data on Wednesday, July 21st. The insurance provider reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $0.46. First American Financial had a net margin of 11.95% and a return on equity of 16.19%. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period last year, the firm posted $1.05 EPS. First American Financial’s quarterly revenue was up 40.9% on a year-over-year basis. Analysts forecast that First American Financial Co. will post 6.99 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 15th. Investors of record on Wednesday, September 8th will be given a $0.51 dividend. The ex-dividend date of this dividend is Tuesday, September 7th. This represents a $2.04 dividend on an annualized basis and a yield of 3.02%. This is an increase from First American Financial’s previous quarterly dividend of $0.46. First American Financial’s dividend payout ratio (DPR) is presently 37.43%.

Several research analysts have commented on FAF shares. Zacks Investment Research raised First American Financial from a “sell” rating to a “hold” rating and set a $69.00 price target on the stock in a research report on Monday, July 26th. Barclays lifted their target price on shares of First American Financial from $74.00 to $82.00 and gave the company an “overweight” rating in a report on Friday, July 23rd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, First American Financial has a consensus rating of “Buy” and a consensus price target of $72.43.

About First American Financial

First American Financial Corp. operates as an insurance company. It provides title insurance and settlement services to the real estate and mortgage industries. The company operates its business through the following segments: Title Insurance & Services and Specialty Insurance. The Title Insurance & Services segment provides title insurance, escrow, closing services and similar or related financial services domestically and internationally in connection with residential and commercial real estate transactions.

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Institutional Ownership by Quarter for First American Financial (NYSE:FAF)

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