The Manufacturers Life Insurance Company bought a new position in First American Financial Corporation (NYSE:FAF – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 70,361 shares of the insurance provider’s stock, valued at approximately $4,826,000.
Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of First American Financial in the 2nd quarter worth about $643,570,000. Boston Partners grew its position in First American Financial by 8.9% in the 3rd quarter. Boston Partners now owns 6,133,594 shares of the insurance provider’s stock worth $393,690,000 after purchasing an additional 500,649 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in First American Financial by 4,485,375.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 5,786,263 shares of the insurance provider’s stock worth $355,508,000 after purchasing an additional 5,786,134 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of First American Financial by 5.6% in the first quarter. Dimensional Fund Advisors LP now owns 4,636,464 shares of the insurance provider’s stock valued at $279,529,000 after purchasing an additional 245,279 shares during the period. Finally, Capital Research Global Investors raised its holdings in shares of First American Financial by 3.3% during the fourth quarter. Capital Research Global Investors now owns 3,415,825 shares of the insurance provider’s stock valued at $209,868,000 after buying an additional 109,242 shares during the last quarter. 89.05% of the stock is currently owned by institutional investors.
First American Financial Stock Performance
Shares of NYSE:FAF opened at $74.02 on Tuesday. The company has a market capitalization of $7.56 billion, a PE ratio of 10.25, a price-to-earnings-growth ratio of 0.69 and a beta of 1.22. The stock has a fifty day moving average of $72.15 and a 200-day moving average of $68.02. First American Financial Corporation has a one year low of $56.20 and a one year high of $79.87.
Analysts Set New Price Targets
Several brokerages have weighed in on FAF. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First American Financial in a research note on Monday, July 20th. Benchmark started coverage on First American Financial in a research note on Tuesday, July 21st. They issued a “buy” rating and a $85.00 price target for the company. Stephens reissued an “overweight” rating and set a $84.00 price target on shares of First American Financial in a report on Friday, June 12th. Barclays upped their price objective on shares of First American Financial from $80.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Finally, Zacks Research lowered shares of First American Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.60.
Insiders Place Their Bets
In other First American Financial news, CAO Steven A. Adams sold 3,253 shares of the firm’s stock in a transaction dated 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 directly owned 10,234 shares in the company, valued at $767,447.66. This trade represents a 24.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.50% of the company’s stock.
About First American Financial
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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