Schwab Charles Investment Management Inc. Grows Stake in First American Corporation (The) (FAF)
Schwab Charles Investment Management Inc. lifted its holdings in First American Corporation (The) (NYSE:FAF) by 5.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 523,907 shares of the insurance provider’s stock after acquiring an additional 29,141 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.47% of First American worth $26,180,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Creative Planning grew its position in First American by 5.3% during the second quarter. Creative Planning now owns 2,284 shares of the insurance provider’s stock valued at $102,000 after buying an additional 114 shares during the period. Acrospire Investment Management LLC grew its position in First American by 352.3% during the second quarter. Acrospire Investment Management LLC now owns 2,696 shares of the insurance provider’s stock valued at $120,000 after buying an additional 2,100 shares during the period. Quantbot Technologies LP grew its position in First American by 78.1% during the second quarter. Quantbot Technologies LP now owns 3,061 shares of the insurance provider’s stock valued at $136,000 after buying an additional 1,342 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in First American by 8.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,808 shares of the insurance provider’s stock valued at $170,000 after buying an additional 298 shares during the period. Finally, Macquarie Group Ltd. acquired a new stake in First American during the third quarter valued at $190,000. Hedge funds and other institutional investors own 83.43% of the company’s stock.
In other news, COO Christopher Michael Leavell sold 75,843 shares of First American stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $55.25, for a total value of $4,190,325.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Dennis J. Gilmore sold 100,000 shares of First American stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $54.97, for a total transaction of $5,497,000.00. Following the completion of the sale, the chief executive officer now owns 611,141 shares in the company, valued at approximately $33,594,420.77. The disclosure for this sale can be found here. In the last quarter, insiders sold 193,161 shares of company stock worth $10,639,325. Company insiders own 3.10% of the company’s stock.
Shares of First American Corporation (NYSE FAF) opened at $55.57 on Thursday. The company has a market cap of $6,217.96, a price-to-earnings ratio of 15.94, a P/E/G ratio of 1.23 and a beta of 0.74. First American Corporation has a 52-week low of $36.50 and a 52-week high of $56.83.
First American (NYSE:FAF) last announced its earnings results on Thursday, October 26th. The insurance provider reported $1.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.12. First American had a net margin of 4.88% and a return on equity of 14.30%. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same quarter last year, the business earned $0.96 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. research analysts forecast that First American Corporation will post 3.51 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 8th will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $1.52 annualized dividend and a dividend yield of 2.74%. First American’s dividend payout ratio (DPR) is 60.08%.
About First American
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.
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