First American Financial Corporation (NYSE: FAF ), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today announced that its board of directors has declared a quarterly cash dividend of 24 cents per common share, representing a 100 percent increase from the prior level of 12 cents per common share.
“Today’s announcement reflects our ongoing commitment to create shareholder value, as well as our confidence in the long-term outlook for our business,” said Dennis J. Gilmore, chief executive officer at First American Financial Corporation.
The cash dividend is payable on June 16, 2014 to shareholders of record as of June 9, 2014. This increase will not impact the previously announced cash dividend of 12 cents per common share payable on March 17, 2014 to shareholders of record as of March 10, 2014.
The company also announced that its board of directors has increased the size of the company’s share repurchase plan from $150 million to $250 million. Purchases may be made from time to time by the company in the open market at prevailing market prices or in privately negotiated transactions. After this increase in authorization, the company has $182.9 million of authorization remaining under the plan.About First American First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and investment advisory services. With revenues of $5.0 billion in 2013, the company offers its products and services directly and through its agents throughout the United States and abroad. More information about the company can be found at www.firstam.com.