First American Financial Corporation $FAF Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its holdings in First American Financial Corporation (NYSE:FAF) by 2.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 113,750 shares of the insurance provider’s stock after selling 2,780 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of First American Financial worth $7,465,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Alpine Bank Wealth Management bought a new position in First American Financial in the first quarter worth about $28,000. Richardson Capital Management LLC bought a new position in shares of First American Financial during the first quarter valued at approximately $39,000. Versant Capital Management Inc raised its position in shares of First American Financial by 645.7% during the 1st quarter. Versant Capital Management Inc now owns 962 shares of the insurance provider’s stock worth $63,000 after purchasing an additional 833 shares during the period. UMB Bank n.a. lifted its holdings in shares of First American Financial by 132.1% in the 1st quarter. UMB Bank n.a. now owns 1,216 shares of the insurance provider’s stock worth $80,000 after purchasing an additional 692 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in First American Financial by 23.9% during the 1st quarter. GAMMA Investing LLC now owns 1,327 shares of the insurance provider’s stock valued at $87,000 after purchasing an additional 256 shares during the period. Institutional investors own 89.05% of the company’s stock.

First American Financial Stock Down 1.7%

Shares of NYSE FAF opened at $65.48 on Friday. The firm’s 50-day simple moving average is $61.44 and its 200 day simple moving average is $61.19. The stock has a market cap of $6.67 billion, a P/E ratio of 36.18 and a beta of 1.24. First American Financial Corporation has a fifty-two week low of $53.09 and a fifty-two week high of $70.92.

First American Financial (NYSE:FAF) last released its earnings results on Wednesday, July 23rd. The insurance provider reported $1.53 EPS for the quarter, beating the consensus estimate of $1.40 by $0.13. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.78 billion. First American Financial had a net margin of 2.90% and a return on equity of 10.41%. First American Financial’s quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter last year, the company earned $1.27 EPS. On average, sell-side analysts anticipate that First American Financial Corporation will post 5.35 earnings per share for the current fiscal year.

First American Financial announced that its board has approved a share buyback program on Wednesday, July 23rd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the insurance provider to reacquire up to 5.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Barclays dropped their target price on First American Financial from $72.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods increased their price objective on shares of First American Financial from $77.00 to $79.00 and gave the stock an “outperform” rating in a report on Monday, July 28th. Finally, Wall Street Zen raised shares of First American Financial from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, First American Financial has an average rating of “Moderate Buy” and a consensus price target of $75.00.

Insiders Place Their Bets

In other First American Financial news, Director Margaret M. Mccarthy sold 3,500 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $65.63, for a total transaction of $229,705.00. Following the completion of the transaction, the director directly owned 28,095 shares of the company’s stock, valued at approximately $1,843,874.85. This trade represents a 11.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.70% of the stock is owned by company insiders.

First American Financial Company Profile

First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Home Warranty segments. The Title Insurance and Services segment issues title insurance policies on residential and commercial property, as well as offers related products and services internationally.