Credit Suisse AG Increases Position in First American Financial Co. (NYSE:FAF)

Posted by Defense World Staff on Feb 27th, 2023

Credit Suisse AG lifted its holdings in shares of First American Financial Co. (NYSE:FAF – Get Rating) by 2.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 114,596 shares of the insurance provider’s stock after acquiring an additional 2,995 shares during the quarter. Credit Suisse AG owned 0.11% of First American Financial worth $5,282,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fifth Third Bancorp increased its position in shares of First American Financial by 69.0% during the third quarter. Fifth Third Bancorp now owns 583 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 238 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of First American Financial during the second quarter worth about $36,000. Brown Brothers Harriman & Co. purchased a new stake in shares of First American Financial during the first quarter worth about $46,000. Neo Ivy Capital Management bought a new stake in First American Financial in the second quarter valued at about $69,000. Finally, EverSource Wealth Advisors LLC increased its holdings in First American Financial by 44.8% in the third 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 during the last quarter. 84.45% of the stock is owned by hedge funds and other institutional investors.

First American Financial Stock Up 0.0 %

Shares of FAF stock opened at $56.51 on Monday. The business has a 50 day moving average of $57.89 and a two-hundred day moving average of $53.76. First American Financial Co. has a 52 week low of $43.54 and a 52 week high of $69.75. The company has a market cap of $5.83 billion, a P/E ratio of 23.26 and a beta of 1.24.

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

First American Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

FAF has been the subject of several research analyst reports. Keefe, Bruyette & Woods lowered First American Financial from an “outperform” rating to a “market perform” rating and set a $61.00 price objective for the company. in a report on Wednesday, December 14th. Barclays boosted their price objective on First American Financial from $64.00 to $67.00 in a report on Friday, January 6th. Stephens raised First American Financial from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $65.00 to $72.00 in a report on Friday, February 10th. Finally, TheStreet raised First American Financial from a “c+” rating to a “b-” rating in a report on Thursday, February 16th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $70.00.

First American Financial Profile

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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.