Synovus Financial Corp grew its stake in shares of First American Financial Co. (NYSE:FAF – Get Rating) by 106.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,720 shares of the insurance provider’s stock after acquiring an additional 3,979 shares during the quarter. Synovus Financial Corp’s holdings in First American Financial were worth $401,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. TCI Wealth Advisors Inc. lifted its position in First American Financial by 72.1% during the second quarter. TCI Wealth Advisors Inc. now owns 704 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 295 shares in the last quarter. Brown Brothers Harriman & Co. bought a new stake in First American Financial during the first quarter valued at about $46,000. EverSource Wealth Advisors LLC purchased a new position in shares of First American Financial in the second quarter valued at about $50,000. CX Institutional bought a new position in shares of First American Financial in the second quarter worth about $54,000. Finally, Trust Co. of Vermont purchased a new stake in shares of First American Financial during the second quarter worth about $129,000. Hedge funds and other institutional investors own 87.23% of the company’s stock.
Analyst Upgrades and Downgrades
FAF has been the subject of several recent analyst reports. Truist Financial dropped their price target on First American Financial from $77.00 to $67.00 and set a “buy” rating for the company in a research note on Monday, October 17th. StockNews.com assumed coverage on shares of First American Financial in a report on Wednesday, October 12th. They set a “hold” rating for the company. Barclays reduced their target price on First American Financial from $83.00 to $64.00 and set an “overweight” rating on the stock in a report on Monday, October 17th. Finally, TheStreet downgraded First American Financial from a “b-” rating to a “c+” rating in a research report on Friday, September 30th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, First American Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.88.
First American Financial Stock Performance
First American Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, December 7th. This represents a $2.08 annualized dividend and a dividend yield of 3.92%. First American Financial’s dividend payout ratio (DPR) is presently 49.06%.
About First American Financial
First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Specialty Insurance segments. The Title Insurance and Services segment issues title insurance policies on residential and commercial property, as well as offers related products and services.
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