Granite Investment Partners LLC Acquires Shares of 63,498 First American Financial Corporation $FAF

Granite Investment Partners LLC bought a new position in shares of First American Financial Corporation (NYSE:FAF) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 63,498 shares of the insurance provider’s stock, valued at approximately $3,898,000. Granite Investment Partners LLC owned 0.06% of First American Financial at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new position in First American Financial during the 2nd quarter valued at approximately $77,143,000. Boston Partners grew its position in shares of First American Financial by 20.0% in the 2nd quarter. Boston Partners now owns 5,632,945 shares of the insurance provider’s stock worth $345,971,000 after buying an additional 940,687 shares during the last quarter. Nuveen LLC purchased a new position in shares of First American Financial during the first quarter valued at approximately $20,636,000. Davis Asset Management L.P. bought a new position in shares of First American Financial during the second quarter valued at approximately $17,702,000. Finally, New York State Common Retirement Fund raised its holdings in shares of First American Financial by 258.0% during the second quarter. New York State Common Retirement Fund now owns 371,378 shares of the insurance provider’s stock valued at $22,799,000 after acquiring an additional 267,653 shares in the last quarter. 89.05% of the stock is owned by institutional investors.

First American Financial Price Performance

Shares of First American Financial stock opened at $65.10 on Wednesday. First American Financial Corporation has a 1 year low of $53.09 and a 1 year high of $70.68. The firm has a market cap of $6.63 billion, a price-to-earnings ratio of 14.00 and a beta of 1.27. The company has a 50-day moving average of $62.84 and a 200 day moving average of $61.78.

First American Financial (NYSE:FAF) last announced its quarterly earnings data on Thursday, October 23rd. The insurance provider reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.28. First American Financial had a net margin of 6.80% and a return on equity of 11.01%. The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the prior year, the company earned $1.34 earnings per share. The business’s revenue was up 40.7% compared to the same quarter last year. On average, equities analysts anticipate that First American Financial Corporation will post 5.35 EPS for the current year.

First American Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Monday, December 8th. First American Financial’s dividend payout ratio (DPR) is 47.31%.

Analyst Upgrades and Downgrades

FAF has been the topic of several recent analyst reports. Stephens initiated coverage on shares of First American Financial in a report on Friday, November 14th. They issued an “equal weight” rating on the stock. Barclays raised their target price on shares of First American Financial from $70.00 to $71.00 and gave the stock a “cautious” rating in a research report on Monday, October 6th. Wall Street Zen upgraded shares of First American Financial from a “hold” rating to a “buy” rating in a research report on Sunday, October 26th. Weiss Ratings upgraded shares of First American Financial from a “hold (c+)” rating to a “buy (b)” rating in a report on Saturday, October 25th. Finally, Truist Financial lifted their price objective on First American Financial from $73.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $76.00.

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.