Assenagon Asset Management S.A. Takes $16.71 Million Position in First American Financial Corporation $FAF

Key Points

• Assenagon Asset Management acquired 243,675 shares of First American Financial worth approximately $16.71 million, representing about 0.24% of the company. Institutional investors and hedge funds collectively own 89.05% of FAF.
• First American Financial exceeded quarterly expectations, reporting $2.08 EPS versus the $1.80 consensus estimate and $2.11 billion in revenue, up 15% year over year.
• Analysts maintain a favorable outlook, with seven Buy ratings and one Hold, a “Moderate Buy” consensus, and an average price target of $84.60 compared with the reported share price of $72.11.

Assenagon Asset Management S.A. purchased a new position in First American Financial Corporation (NYSE:FAF - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 243,675 shares of the insurance provider's stock, valued at approximately $16,714,000. Assenagon Asset Management S.A. owned approximately 0.24% of First American Financial at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in FAF. Northwestern Mutual Wealth Management Co. raised its holdings in shares of First American Financial by 4,485,375.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 5,786,263 shares of the insurance provider's stock worth $355,508,000 after acquiring an additional 5,786,134 shares in the last quarter. Norges Bank acquired a new stake in First American Financial during the fourth quarter valued at $75,011,000. Mendon Capital Advisors Corp purchased a new position in First American Financial in the first quarter valued at about $71,680,000. Arrowstreet Capital Limited Partnership grew its stake in First American Financial by 469.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,284,417 shares of the insurance provider's stock valued at $77,438,000 after purchasing an additional 1,058,949 shares in the last quarter. Finally, Manning & Napier Advisors LLC acquired a new position in First American Financial in the 4th quarter worth about $63,693,000. 89.05% of the stock is currently owned by institutional investors and hedge funds.

First American Financial Stock Performance

Shares of NYSE FAF opened at $72.11 on Tuesday. The business's 50-day simple moving average is $70.20 and its 200-day simple moving average is $67.15. First American Financial Corporation has a 52 week low of $56.20 and a 52 week high of $79.87. The firm has a market cap of $7.36 billion, a price-to-earnings ratio of 9.99, a P/E/G ratio of 0.69 and a beta of 1.22.

First American Financial (NYSE:FAF - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The insurance provider reported $2.08 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $2.03 billion. During the same period in the previous year, the company earned $1.53 EPS. The company's revenue for the quarter was up 15.0% on a year-over-year basis. As a group, equities research analysts forecast that First American Financial Corporation will post 7.02 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods raised their price target on First American Financial from $84.00 to $86.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. 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 research note on Friday, April 24th. Weiss Ratings restated a "buy (b)" rating on shares of First American Financial in a report on Monday, July 20th. Stephens reaffirmed an "overweight" rating and set a $84.00 price objective on shares of First American Financial in a research report on Friday, June 12th. Finally, Barclays raised their price objective on shares of First American Financial from $80.00 to $83.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $84.60.

Insider Activity

In related news, CAO Steven A. Adams sold 3,253 shares of the firm's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $74.99, for a total value of $243,942.47. Following the transaction, the chief accounting officer directly owned 10,234 shares in the company, valued at approximately $767,447.66. This trade represents a 24.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate 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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