Bar Harbor Wealth Management has reduced its stake in First American Financial Corporation (NYSE: FAF) by **25%** during the third quarter of 2023, according to a filing with the Securities and Exchange Commission (SEC). The firm now holds **89,010 shares** of the insurance provider’s stock, having sold **29,657 shares** during this period. As of the latest filing, these holdings are valued at approximately **$5.72 million**.
A number of other institutional investors have also adjusted their positions in First American Financial recently. **Norges Bank** acquired a new position in the company valued at around **$77.14 million** in the second quarter. **Channing Capital Management LLC** significantly increased its holdings by **875.1%**, now owning **1,323,513 shares** valued at **$81.25 million** after purchasing an additional **1,187,787 shares**. **Boston Partners** also raised its stake by **20%**, now holding **5,632,945 shares** valued at **$345.97 million**. Other firms, including **Frontier Capital Management Co. LLC** and **Davis Asset Management L.P.**, have made notable investments, contributing to a total of **89.05%** of the stock currently held by institutional investors.
Analysts Provide Insights on First American Financial
Wall Street analysts have recently provided varying assessments of First American Financial. **Keefe, Bruyette & Woods** raised their target price from **$79.00** to **$81.00**, assigning an “outperform” rating. **Wall Street Zen** upgraded the stock from a “hold” to a “buy” rating, while **Truist Financial** increased their target from **$73.00** to **$76.00**, also rating the stock as a “buy.” In contrast, **Stephens** initiated coverage with an “equal weight” rating. Overall, three analysts have rated the stock as a buy, one as a hold, and one as a sell, leading to a consensus rating of “hold” and an average target price of **$76.50**.
As of Thursday, **October 23, 2023**, First American Financial shares opened at **$61.33**, showing an increase of **0.7%**. The company has a market capitalization of **$6.25 billion**, a P/E ratio of **13.19**, and a beta of **1.27**. Over the past year, the stock has seen a low of **$53.09** and a high of **$68.64**.
Financial Performance and Dividend Announcement
First American Financial recently announced its earnings results, reporting **$1.70** earnings per share for the quarter, surpassing analysts’ consensus estimates of **$1.42** by **$0.28**. The firm also reported revenue of **$1.95 billion**, exceeding projections of **$1.87 billion**. This marks a **40.7%** increase in quarterly revenue compared to the same period last year, with a return on equity of **11.01%** and a net margin of **6.80%**.
In addition, the company declared a quarterly dividend of **$0.55**, which was paid on **December 15, 2023**. Stockholders of record on **December 8** received this dividend, reflecting an annualized dividend of **$2.20** and a yield of **3.6%**. The payout ratio stands at **47.31%**.
About First American Financial Corporation
**First American Financial Corporation**, headquartered in **Santa Ana, California**, is a prominent provider of title insurance and settlement services, along with diversified real estate-related data and analytics. The company serves customers across the United States and in international markets, including Canada, Europe, Latin America, and Asia. Its operations are built on robust underwriting capabilities in title insurance, complemented by comprehensive closing and escrow services tailored for homebuyers, sellers, mortgage lenders, and real estate professionals.
For those interested in monitoring investments related to First American Financial, HoldingsChannel.com provides up-to-date information on 13F filings and insider trades.
