OppenheimerFunds Inc. trimmed its holdings in shares of First American Financial Corp (NYSE:FAF) by 3.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 29,703 shares of the insurance provider’s stock after selling 1,173 shares during the quarter. OppenheimerFunds Inc.’s holdings in First American Financial were worth $1,665,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Cerebellum GP LLC purchased a new stake in shares of First American Financial during the fourth quarter worth about $129,000. Macquarie Group Ltd. purchased a new stake in shares of First American Financial during the third quarter worth about $190,000. Round Table Services LLC purchased a new stake in shares of First American Financial during the fourth quarter worth about $210,000. Greenleaf Trust purchased a new stake in shares of First American Financial during the fourth quarter worth about $215,000. Finally, Doyle Wealth Management purchased a new stake in shares of First American Financial during the fourth quarter worth about $218,000. 84.91% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on FAF. Barclays dropped their target price on First American Financial from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Friday, February 9th. ValuEngine raised First American Financial from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Stephens raised First American Financial from an “equal” rating to a “weight” rating in a research report on Monday, January 8th. Finally, Zacks Investment Research raised First American Financial from a “hold” rating to a “buy” rating and set a $63.00 target price on the stock in a research report on Thursday, December 28th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. First American Financial presently has an average rating of “Buy” and a consensus price target of $57.33.
First American Financial (NYSE:FAF) last posted its quarterly earnings results on Thursday, February 8th. The insurance provider reported $0.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.04. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.45 billion. First American Financial had a return on equity of 13.92% and a net margin of 7.33%. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period last year, the firm earned $0.92 earnings per share. research analysts expect that First American Financial Corp will post 4.44 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 8th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $1.52 dividend on an annualized basis and a yield of 2.55%. First American Financial’s dividend payout ratio (DPR) is 40.43%.
COPYRIGHT VIOLATION NOTICE: “OppenheimerFunds Inc. Has $1.67 Million Stake in First American Financial Corp (FAF)” was first posted by American Banking News and is owned by of American Banking News. If you are accessing this news story on another website, it was illegally copied and republished in violation of US and international copyright legislation. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2018/03/14/oppenheimerfunds-inc-has-1-67-million-stake-in-first-american-financial-corp-faf.html.
First American Financial Profile
First American Financial Corporation, through its subsidiaries, is engaged in the business of providing financial services. The Company operates through the title insurance and services segment, and specialty insurance segment. The title insurance and services segment provides title insurance, closing and/or escrow services and similar or related services domestically and internationally in connection with residential and commercial real estate transactions.
Receive News & Ratings for First American Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First American Financial and related companies with MarketBeat.com's FREE daily email newsletter.