Skandinaviska Enskilda Banken AB publ Trims Stake in First American Financial Co. (NYSE:FAF)

Posted by Defense World Staff on Feb 25th, 2023

Skandinaviska Enskilda Banken AB publ lessened its stake in shares of First American Financial Co. (NYSE:FAF – Get Rating) by 42.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 10,400 shares of the insurance provider’s stock after selling 7,700 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in First American Financial were worth $479,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Fifth Third Bancorp grew its stake in shares of First American Financial by 69.0% during the 3rd quarter. Fifth Third Bancorp now owns 583 shares of the insurance provider’s stock valued at $27,000 after acquiring an additional 238 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of First American Financial in the second quarter worth $36,000. Brown Brothers Harriman & Co. bought a new stake in shares of First American Financial during the 1st quarter valued at $46,000. EverSource Wealth Advisors LLC lifted its stake in shares of First American Financial by 44.8% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,371 shares of the insurance provider’s stock valued at $63,000 after buying an additional 424 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new position in First American Financial in the 2nd quarter worth $69,000. Hedge funds and other institutional investors own 84.45% of the company’s stock.

First American Financial Price Performance

NYSE:FAF opened at $56.51 on Friday. The company has a market cap of $5.83 billion, a price-to-earnings ratio of 23.26 and a beta of 1.24. First American Financial Co. has a 1 year low of $43.54 and a 1 year high of $69.75. The stock’s 50 day simple moving average is $57.89 and its two-hundred day simple moving average is $53.81.

First American Financial (NYSE:FAF – Get Rating) last announced its quarterly earnings results on Thursday, February 9th. The insurance provider reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.45 by ($0.10). First American Financial had a return on equity of 13.40% and a net margin of 3.46%. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the prior year, the firm posted $2.28 EPS. The company’s revenue for the quarter was down 29.0% on a year-over-year basis. As a group, analysts anticipate that First American Financial Co. will post 5.3 EPS for the current year.

First American Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Wednesday, March 8th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date is Tuesday, March 7th. First American Financial’s payout ratio is 85.60%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FAF. Keefe, Bruyette & Woods downgraded First American Financial from an “outperform” rating to a “market perform” rating and set a $61.00 price objective on the stock. in a research report on Wednesday, December 14th. TheStreet upgraded First American Financial from a “c+” rating to a “b-” rating in a research note on Thursday, February 16th. Stephens upgraded shares of First American Financial from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $65.00 to $72.00 in a research report on Friday, February 10th. Finally, Barclays upped their target price on shares of First American Financial from $64.00 to $67.00 in a research report on Friday, January 6th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $70.00.

About First American Financial

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First American Financial Corp. engages in the provision of title insurance and settlement services to the real estate and mortgage industries. It also provides other financial services and risk solutions. It operates through the following segments: Title Insurance and Services, Specialty Insurance, and Corporate.