Allworth Financial LP Makes New Investment in First American Financial Corporation $FAF

Key Points

• Allworth Financial initiated a position in First American Financial, buying 114,357 shares valued at approximately $7.84 million. Institutional investors and hedge funds collectively own 89.05% of the company.
• First American Financial reported quarterly EPS of $2.08, beating estimates of $1.80, while revenue rose 15% year over year to $2.11 billion. Shares recently traded at $72.05, with a 12-month range of $56.20 to $79.87.
• Analyst sentiment remains positive, with seven Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and an average price target of $84.60.

Allworth Financial LP bought a new position in shares of First American Financial Corporation (NYSE:FAF - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 114,357 shares of the insurance provider's stock, valued at approximately $7,844,000. Allworth Financial LP owned approximately 0.11% of First American Financial at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of First American Financial in the 2nd quarter valued at about $643,570,000. Boston Partners increased its holdings in First American Financial by 8.9% in the third quarter. Boston Partners now owns 6,133,594 shares of the insurance provider's stock valued at $393,690,000 after buying an additional 500,649 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of First American Financial by 4,485,375.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 5,786,263 shares of the insurance provider's stock valued at $355,508,000 after acquiring an additional 5,786,134 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of First American Financial by 5.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,636,464 shares of the insurance provider's stock worth $279,529,000 after acquiring an additional 245,279 shares in the last quarter. Finally, Capital Research Global Investors grew its holdings in shares of First American Financial by 3.3% in the 4th quarter. Capital Research Global Investors now owns 3,415,825 shares of the insurance provider's stock worth $209,868,000 after acquiring an additional 109,242 shares during the period. 89.05% of the stock is owned by institutional investors and hedge funds.

First American Financial Price Performance

Shares of NYSE FAF opened at $72.05 on Friday. The company has a 50-day simple moving average of $71.33 and a 200-day simple moving average of $67.64. The company has a market cap of $7.36 billion, a PE ratio of 9.98, a price-to-earnings-growth ratio of 0.67 and a beta of 1.22. First American Financial Corporation has a 12 month low of $56.20 and a 12 month 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. The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.03 billion. First American Financial had a net margin of 9.33% and a return on equity of 13.31%. The company's quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.53 earnings per share. On average, analysts anticipate that First American Financial Corporation will post 7.11 EPS for the current year.

Insider Activity at First American Financial

In other news, CAO Steven A. Adams sold 3,253 shares of First American Financial stock in a transaction 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 sale, the chief accounting officer owned 10,234 shares of the company's stock, valued at $767,447.66. The trade was a 24.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FAF. Truist Financial increased their price objective on shares of First American Financial from $82.00 to $85.00 and gave the company a "buy" rating in a research note on Friday, April 24th. 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 cut shares of First American Financial from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Weiss Ratings restated a "buy (b)" rating on shares of First American Financial in a research report on Monday, July 20th. Finally, Barclays increased their target price on First American Financial from $80.00 to $83.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, First American Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $84.60.

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.

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