CacheTech Inc. Sells 685 Shares of First American Financial Co. (NYSE:FAF)

CacheTech Inc. trimmed its position in First American Financial Co. (NYSE:FAF) by 7.0% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 9,168 shares of the insurance provider’s stock after selling 685 shares during the period. CacheTech Inc.’s holdings in First American Financial were worth $605,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of First American Financial by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 10,327 shares of the insurance provider’s stock worth $630,000 after purchasing an additional 193 shares during the period. State of Michigan Retirement System boosted its holdings in First American Financial by 2.4% during the first quarter. State of Michigan Retirement System now owns 25,364 shares of the insurance provider’s stock worth $1,548,000 after purchasing an additional 600 shares during the last quarter. Norden Group LLC bought a new position in shares of First American Financial in the 1st quarter valued at about $579,000. Retirement Systems of Alabama increased its position in shares of First American Financial by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 129,570 shares of the insurance provider’s stock worth $7,910,000 after purchasing an additional 341 shares during the last quarter. Finally, Diversify Advisory Services LLC acquired a new position in First American Financial during the first quarter worth $316,000. Institutional investors own 89.05% of the company’s stock.

First American Financial Stock Down 2.2 %

NYSE FAF opened at $62.76 on Friday. The company has a market cap of $6.46 billion, a price-to-earnings ratio of 70.52 and a beta of 1.29. First American Financial Co. has a twelve month low of $51.60 and a twelve month high of $67.88. The business’s fifty day moving average is $64.89 and its 200 day moving average is $59.26.

First American Financial (NYSE:FAF) last released its quarterly earnings results on Wednesday, October 23rd. The insurance provider reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.19. The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.66 billion. First American Financial had a net margin of 1.58% and a return on equity of 7.95%. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.22 earnings per share. On average, research analysts anticipate that First American Financial Co. will post 3.94 earnings per share for the current fiscal year.

First American Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 20th were given a $0.54 dividend. The ex-dividend date was Friday, September 20th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.44%. This is an increase from First American Financial’s previous quarterly dividend of $0.53. First American Financial’s payout ratio is 242.70%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Stephens boosted their price target on First American Financial from $66.00 to $73.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Barclays lifted their price objective on shares of First American Financial from $70.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Truist Financial increased their target price on First American Financial from $68.00 to $73.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of First American Financial from $66.00 to $72.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, First American Financial currently has a consensus rating of “Moderate Buy” and an average price target 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.