State of New Jersey Common Pension Fund D Sells 20,094 Shares of First American Financial Co. (NYSE:FAF)

State of New Jersey Common Pension Fund D reduced its stake in shares of First American Financial Co. (NYSE:FAF) by 36.6% in the second quarter, HoldingsChannel.com reports. The firm owned 34,872 shares of the insurance provider’s stock after selling 20,094 shares during the period. State of New Jersey Common Pension Fund D’s holdings in First American Financial were worth $1,881,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FAF. Custom Index Systems LLC boosted its stake in shares of First American Financial by 2.3% in the 2nd quarter. Custom Index Systems LLC now owns 8,218 shares of the insurance provider’s stock worth $443,000 after buying an additional 182 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in First American Financial by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 10,327 shares of the insurance provider’s stock valued at $630,000 after purchasing an additional 193 shares during the last quarter. Blossom Wealth Management lifted its stake in First American Financial by 2.9% in the second quarter. Blossom Wealth Management now owns 6,940 shares of the insurance provider’s stock valued at $374,000 after purchasing an additional 195 shares during the last quarter. Bessemer Group Inc. raised its holdings in First American Financial by 4.9% during the 1st quarter. Bessemer Group Inc. now owns 4,985 shares of the insurance provider’s stock valued at $304,000 after acquiring an additional 234 shares during the period. Finally, GAMMA Investing LLC raised its holdings in First American Financial by 56.9% during the 2nd quarter. GAMMA Investing LLC now owns 709 shares of the insurance provider’s stock valued at $38,000 after acquiring an additional 257 shares during the period. 89.05% of the stock is owned by institutional investors.

First American Financial Trading Down 2.6 %

First American Financial stock opened at $64.99 on Monday. The firm has a 50-day moving average of $61.93 and a 200-day moving average of $57.85. The firm has a market cap of $6.74 billion, a P/E ratio of 31.10 and a beta of 1.29. First American Financial Co. has a 1-year low of $49.55 and a 1-year high of $67.88.

First American Financial (NYSE:FAF) last posted its earnings results on Wednesday, July 24th. The insurance provider reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.14. First American Financial had a net margin of 3.28% and a return on equity of 7.98%. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same period in the prior year, the business posted $1.35 earnings per share. First American Financial’s revenue for the quarter was down 2.1% on a year-over-year basis. Research analysts forecast that First American Financial Co. will post 3.89 earnings per share for the current fiscal year.

First American Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 20th will be issued a $0.54 dividend. The ex-dividend date of this dividend is Friday, September 20th. This is a positive change from First American Financial’s previous quarterly dividend of $0.53. This represents a $2.16 annualized dividend and a yield of 3.32%. First American Financial’s dividend payout ratio (DPR) is 103.35%.

Analysts Set New Price Targets

A number of brokerages have issued reports on FAF. Truist Financial boosted their target price on shares of First American Financial from $65.00 to $68.00 and gave the company a “buy” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods increased their target price on First American Financial from $66.00 to $72.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Stephens restated an “overweight” rating and set a $66.00 price target on shares of First American Financial in a research report on Thursday, July 25th. Finally, Barclays cut their price target on shares of First American Financial from $65.00 to $61.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, First American Financial presently has a consensus rating of “Moderate Buy” and an average target price of $66.75.

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.