Gemmer Asset Management LLC Takes $123,000 Position in First American Financial Co. (NYSE:FAF)

Gemmer Asset Management LLC bought a new position in First American Financial Co. (NYSE:FAF) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,868 shares of the insurance provider’s stock, valued at approximately $123,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FAF. Custom Index Systems LLC increased its holdings in shares of First American Financial by 130.9% in the third quarter. Custom Index Systems LLC now owns 18,975 shares of the insurance provider’s stock valued at $1,253,000 after purchasing an additional 10,757 shares during the period. State of Alaska Department of Revenue increased its holdings in First American Financial by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 11,953 shares of the insurance provider’s stock worth $789,000 after buying an additional 810 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in First American Financial by 32.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,436 shares of the insurance provider’s stock worth $1,019,000 after buying an additional 3,773 shares during the last quarter. Allworth Financial LP lifted its stake in First American Financial by 86.4% during the 3rd quarter. Allworth Financial LP now owns 4,217 shares of the insurance provider’s stock valued at $278,000 after acquiring an additional 1,955 shares during the period. Finally, Blossom Wealth Management lifted its stake in First American Financial by 2.4% during the 3rd quarter. Blossom Wealth Management now owns 7,105 shares of the insurance provider’s stock valued at $469,000 after acquiring an additional 165 shares during the period. Hedge funds and other institutional investors own 89.05% of the company’s stock.

First American Financial Stock Performance

Shares of First American Financial stock opened at $63.28 on Monday. First American Financial Co. has a fifty-two week low of $49.55 and a fifty-two week high of $67.88. The company has a market cap of $6.51 billion, a P/E ratio of 33.84 and a beta of 1.29. The firm has a 50-day simple moving average of $64.71 and a two-hundred day simple moving average of $59.09.

First American Financial (NYSE:FAF) last issued its quarterly earnings results on Wednesday, October 23rd. The insurance provider reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.19. The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.66 billion. First American Financial had a return on equity of 7.98% and a net margin of 3.28%. First American Financial’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.22 earnings per share. Equities research analysts forecast that First American Financial Co. will post 3.89 EPS for the current year.

First American Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 20th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend was Friday, September 20th. This is a positive change from First American Financial’s previous quarterly dividend of $0.53. First American Financial’s payout ratio is presently 115.51%.

Analysts Set New Price Targets

FAF has been the subject of several recent research reports. 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 report on Friday. Stephens lifted their price objective on First American Financial from $66.00 to $73.00 and gave the company an “overweight” rating in a research note on Friday. Keefe, Bruyette & Woods upped their target price on First American Financial from $66.00 to $72.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Finally, Truist Financial lifted their price target on First American Financial from $68.00 to $73.00 and gave the company a “buy” rating in a research report on Friday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $72.50.

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.