Legal & General Group Plc acquired a new stake in First American Financial Corporation (NYSE:FAF – Free Report) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 145,445 shares of the insurance provider’s stock, valued at approximately $9,976,000.
Several other hedge funds have also recently added to or reduced their stakes in the business. Duncker Streett & Co. Inc. raised its position in First American Financial by 616.4% during the first quarter. Duncker Streett & Co. Inc. now owns 437 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 376 shares during the last quarter. Global Retirement Partners LLC grew its position in shares of First American Financial by 1,107.5% in the fourth quarter. Global Retirement Partners LLC now owns 483 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 443 shares during the last quarter. Danske Bank A S acquired a new stake in shares of First American Financial in the third quarter valued at approximately $45,000. IFP Advisors Inc increased its stake in shares of First American Financial by 568.8% during the 4th quarter. IFP Advisors Inc now owns 749 shares of the insurance provider’s stock worth $46,000 after purchasing an additional 637 shares in the last quarter. Finally, SHP Wealth Management purchased a new position in shares of First American Financial during the 4th quarter worth approximately $51,000. 89.05% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
FAF has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First American Financial in a research note on Monday, July 20th. Zacks Research downgraded First American Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Barclays boosted their price target on First American Financial from $80.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Stephens restated an “overweight” rating and issued a $84.00 price objective on shares of First American Financial in a research report on Friday, June 12th. Finally, Benchmark started coverage on First American Financial in a research note on Tuesday, July 21st. They set a “buy” rating and a $85.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.60.
First American Financial Price Performance
NYSE:FAF opened at $74.02 on Tuesday. The firm has a 50 day simple moving average of $72.15 and a 200-day simple moving average of $68.02. The firm has a market cap of $7.56 billion, a PE ratio of 10.25, a P/E/G ratio of 0.69 and a beta of 1.22. First American Financial Corporation has a 1-year low of $56.20 and a 1-year high of $79.87.
First American Financial (NYSE:FAF – Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.28. First American Financial had a net margin of 9.33% and a return on equity of 13.31%. The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the firm posted $1.53 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, sell-side analysts expect that First American Financial Corporation will post 7.11 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other First American Financial news, CAO Steven A. Adams sold 3,253 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $74.99, for a total transaction of $243,942.47. Following the transaction, the chief accounting officer owned 10,234 shares of the company’s stock, valued at $767,447.66. This represents a 24.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 3.50% of the company’s stock.
First American Financial Company Profile
First American Financial Corporation is a leading provider of title insurance, settlement services and diversified real estate-related data and analytics. Headquartered in Santa Ana, California, the company serves customers throughout the United States as well as in Canada, Europe, Latin America and Asia. Its business is built on the underwriting capabilities of its title insurance operations combined with comprehensive closing and escrow services for homebuyers, sellers, mortgage lenders and real estate professionals.
The company’s title insurance segment issues policies that protect property owners and mortgage lenders against defects in titles, liens or encumbrances that can arise during real property transactions.
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