First American Financial Corp. Stock Price Up 6.2% After Strong Earnings (FAF)
First American Financial Corp. (NYSE:FAF) rose 6.2% during mid-day trading on Thursday following a better than expected earnings announcement, American Banking News reports. The company traded as high as $28.43 and last traded at $27.76, with a volume of 925,307 shares traded. The stock had previously closed at $26.13.
The company reported $0.20 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.07 by $0.13. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $905.15 million. During the same quarter last year, the company posted $0.38 earnings per share. First American Financial Corp.’s revenue was down 11.7% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, June 16th. Shareholders of record on Monday, June 9th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.67%. The ex-dividend date is Thursday, June 5th. This is a positive change from First American Financial Corp.’s previous quarterly dividend of $0.12.
Separately, analysts at Keefe, Bruyette & Woods raised their price target on shares of First American Financial Corp. from $31.00 to $32.00 in a research note on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. First American Financial Corp. currently has a consensus rating of “Hold” and a consensus target price of $30.88.
The stock has a 50-day moving average of $26.51 and a 200-day moving average of $26.28. The company has a market cap of $2.907 billion and a P/E ratio of 15.28.
First American Financial Corporation, through its subsidiaries, is engaged in the business of providing financial services through its title insurance and services segment and its specialty insurance segment.
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