43,907 Shares in First American Financial Corporation $FAF Bought by Meeder Asset Management Inc.

Key Points

• Meeder Asset Management purchased 43,907 shares of First American Financial in the second quarter, worth approximately $3.0 million. Institutional investors collectively own 89.05% of the company.
• Analysts remain broadly positive, with seven Buy ratings and one Hold rating. First American has a “Moderate Buy” consensus rating and an average price target of $84.60.
• First American reported quarterly earnings of $2.08 per share, beating estimates of $1.80, while revenue rose 15% year over year to $2.11 billion. Shares opened at $72.50, below the consensus price target.

Meeder Asset Management Inc. purchased a new position in First American Financial Corporation (NYSE:FAF - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 43,907 shares of the insurance provider's stock, valued at approximately $3,012,000.

Other institutional investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its stake in shares of First American Financial by 121.3% in the 1st quarter. Jones Financial Companies Lllp now owns 1,483 shares of the insurance provider's stock valued at $97,000 after acquiring an additional 813 shares during the last quarter. Goldman Sachs Group Inc. grew its position in First American Financial by 10.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 293,058 shares of the insurance provider's stock worth $19,233,000 after acquiring an additional 28,666 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in First American Financial by 7.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 414,146 shares of the insurance provider's stock worth $27,180,000 after acquiring an additional 27,600 shares during the last quarter. Jane Street Group LLC increased its stake in First American Financial by 182.5% in the 1st quarter. Jane Street Group LLC now owns 67,572 shares of the insurance provider's stock worth $4,435,000 after purchasing an additional 43,651 shares during the period. Finally, Focus Partners Wealth increased its stake in First American Financial by 11.3% in the 1st quarter. Focus Partners Wealth now owns 4,282 shares of the insurance provider's stock worth $281,000 after purchasing an additional 435 shares during the period. 89.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Steven A. Adams sold 3,253 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $74.99, for a total value of $243,942.47. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.50% of the company's stock.

Analysts Set New Price Targets

FAF has been the subject of a number of analyst reports. Barclays increased their price objective on First American Financial from $80.00 to $83.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Weiss Ratings reiterated a "buy (b)" rating on shares of First American Financial in a report on Monday, July 20th. Benchmark started coverage on shares of First American Financial in a research report on Tuesday, July 21st. They set a "buy" rating and a $85.00 price target for the company. Wall Street Zen lowered shares of First American Financial from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, Truist Financial boosted their price target on First American Financial from $82.00 to $85.00 and gave the company a "buy" rating in a report on Friday, April 24th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, First American Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $84.60.

First American Financial Trading Down 0.9%

Shares of NYSE FAF opened at $72.50 on Wednesday. The firm has a fifty day simple moving average of $71.06 and a two-hundred day simple moving average of $67.52. First American Financial Corporation has a 12 month low of $56.20 and a 12 month high of $79.87. The firm has a market capitalization of $7.40 billion, a PE ratio of 10.04, a price-to-earnings-growth ratio of 0.68 and a beta of 1.22.

First American Financial (NYSE:FAF - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The insurance provider reported $2.08 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the firm posted $1.53 EPS. The company's revenue for the quarter was up 15.0% compared to the same quarter last year. On average, sell-side analysts predict that First American Financial Corporation will post 7.11 earnings per share 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.

Want to see what other hedge funds are holding FAF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First American Financial Corporation (NYSE:FAF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source