First American Financial Corp. Authorizes $500M Stock Repurchase Program
Ticker: FAF · Form: 8-K · Filed: May 28, 2024 · CIK: 1472787
Sentiment: bullish
Topics: stock-repurchase, shareholder-return, board-approval
Related Tickers: FAF
TL;DR
FAFA just authorized a $500M buyback, good through May 2026. Bullish.
AI Summary
On May 21, 2024, First American Financial Corp. announced that its Board of Directors has approved a new stock repurchase program. The company is authorized to repurchase up to $500 million of its common stock through May 21, 2026. This program replaces the previous authorization which expired on May 22, 2024.
Why It Matters
This significant stock repurchase authorization signals management's confidence in the company's financial health and its commitment to returning value to shareholders.
Risk Assessment
Risk Level: low — The filing is a routine stock repurchase announcement with no immediate negative financial implications.
Key Numbers
- $500M — Stock Repurchase Authorization (Represents the maximum value of common stock the company is authorized to repurchase.)
- 2 years — Repurchase Program Duration (The period during which the stock repurchase program is authorized to be executed.)
Key Players & Entities
- First American Financial Corp. (company) — The company announcing the stock repurchase program.
- $500 million (dollar_amount) — The maximum amount authorized for stock repurchases.
- May 21, 2024 (date) — The date the Board of Directors approved the new stock repurchase program.
- May 21, 2026 (date) — The expiration date of the new stock repurchase program.
FAQ
What is the total amount authorized for the new stock repurchase program?
The new stock repurchase program authorizes the repurchase of up to $500 million of the company's common stock.
When was the new stock repurchase program approved?
The new stock repurchase program was approved by the Board of Directors on May 21, 2024.
What is the expiration date of the new stock repurchase program?
The new stock repurchase program is authorized to continue through May 21, 2026.
Does this new program replace a previous one?
Yes, this new program replaces the previous stock repurchase authorization which expired on May 22, 2024.
What is the ticker symbol for First American Financial Corp.?
While not explicitly stated in this excerpt, First American Financial Corp. is commonly traded under the ticker symbol FAF.
Filing Stats: 697 words · 3 min read · ~2 pages · Grade level 10.2 · Accepted 2024-05-28 17:15:10
Key Financial Figures
- $0.00001 — nge on which registered Common stock, $0.00001 par value FAF New York Stock Exchan
Filing Documents
- faf-20240521.htm (8-K) — 50KB
- 0000950170-24-065359.txt ( ) — 162KB
- faf-20240521.xsd (EX-101.SCH) — 24KB
- faf-20240521_htm.xml (XML) — 5KB
07 Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders. The annual meeting of stockholders of First American Financial Corporation (the "Company") was held on May 21, 2024. Results of the voting at the meeting are set forth below. Election of Class II Directors . The names of the persons who were nominated to serve as Class II directors of the Company for a three-year term are listed below, together with a tabulation of the results of the voting at the annual meeting with respect to each nominee. All Class II director nominees were elected. Name of Class II Nominee Votes For Votes Against Votes Abstaining Broker Non-Votes Dennis J. Gilmore 79,724,534.201 9,062,933.639 51,707.031 9,092,124.000 Margaret M. McCarthy 75,020,228.186 13,631,242.146 187,704.539 9,092,124.000 Martha B. Wyrsch 79,725,692.426 8,932,438.906 181,043.539 9,092,124.000 Advisory Vote on Executive Compensation . At the meeting, the stockholders of the Company approved, on an advisory basis, the compensation of the Company's named executive officers, with 85,425,106.946 votes for, 3,099,455.956 votes against, 314,611.969 votes abstaining and 9,092,124.000 broker non-votes. Ratification of Independent Public Accountants . At the meeting, the stockholders of the Company also voted to ratify the Audit Committee's selection of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for 2024, with 96,659,969.987 votes for, 776,002.193 votes against, and 495,326.691 votes abstaining.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On December 22, 2023, the Company filed with the Securities and Exchange Commission a Current Report on Form 8-K (the "Original Report") that disclosed that the Company had identified unauthorized activity on certain of its information technology systems. The Company provided additional information in Amendments 1 and 2 to the Original Report. As of the date of this filing, the Company's investigation of the incident has concluded. Based upon our investigation and findings, the Company has determined that personal information pertaining to approximately 44,000 individuals may have been accessed without authorization as a result of the incident. The Company will provide appropriate notifications to potentially affected individuals and offer those individuals credit monitoring and identity protection services at no cost to them.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST AMERICAN FINANCIAL CORPORATION Date: May 28, 2024 By: /s/ Lisa W. Cornehl Name: Lisa W. Cornehl Title: Senior Vice President, Chief Legal Officer