Bank of New York Mellon Corp Takes $57.41 Million Position in First American Financial Corporation $FAF

Bank of New York Mellon Corp purchased a new position in shares of First American Financial Corporation (NYSE:FAF) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 837,045 shares of the insurance provider’s stock, valued at approximately $57,413,000.

A number of other hedge funds also recently modified their holdings of the stock. Duncker Streett & Co. Inc. lifted its stake in First American Financial by 616.4% in the first quarter. Duncker Streett & Co. Inc. now owns 437 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 376 shares during the last quarter. Global Retirement Partners LLC increased its position in 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 worth $30,000 after buying an additional 443 shares during the last quarter. Danske Bank A S purchased a new stake in First American Financial in the third quarter worth $45,000. IFP Advisors Inc raised its stake in shares of First American Financial by 568.8% in the fourth quarter. IFP Advisors Inc now owns 749 shares of the insurance provider’s stock valued at $46,000 after buying an additional 637 shares during the period. Finally, SHP Wealth Management bought a new stake in shares of First American Financial in the fourth quarter valued at $51,000. Institutional investors own 89.05% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on FAF shares. Barclays increased their price target on First American Financial from $80.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Zacks Research downgraded shares of First American Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Wall Street Zen lowered shares of First American Financial from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Weiss Ratings reiterated a “buy (b)” rating on shares of First American Financial in a research note on Monday, July 20th. Finally, Benchmark assumed coverage on shares of First American Financial in a research report on Tuesday, July 21st. They issued a “buy” rating and a $85.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $84.60.

Insiders Place Their Bets

In related news, CAO Steven A. Adams sold 3,253 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $74.99, for a total transaction of $243,942.47. Following the sale, the chief accounting officer owned 10,234 shares of the company’s stock, valued at approximately $767,447.66. This represents a 24.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.50% of the company’s stock.

First American Financial Stock Up 0.5%

Shares of NYSE FAF opened at $73.64 on Thursday. The company has a market cap of $7.52 billion, a P/E ratio of 10.20, a P/E/G ratio of 0.68 and a beta of 1.22. First American Financial Corporation has a 52 week low of $56.20 and a 52 week high of $79.87. The business has a 50-day simple moving average of $71.80 and a two-hundred day simple moving average of $67.85.

First American Financial (NYSE:FAF) last announced its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $2.08 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.28. First American Financial had a return on equity of 13.31% and a net margin of 9.33%.The firm had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the prior year, the business posted $1.53 earnings per share. The company’s revenue was up 15.0% on a year-over-year basis. Equities research analysts anticipate that First American Financial Corporation will post 7.11 EPS for the current year.

First American Financial 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.