Bank of America Corp DE Has $37.63 Million Position in First American Financial Corporation $FAF

Key Points

• Bank of America increased its First American Financial position by 42.1% in the first quarter, holding 624,123 shares worth approximately $37.6 million. Institutional investors collectively own 89.05% of FAF.
• 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.
• Analysts maintain a generally positive outlook, with seven Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $84.60 versus the reported share price of $73.92.

Bank of America Corp DE grew its position in shares of First American Financial Corporation (NYSE:FAF - Free Report) by 42.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 624,123 shares of the insurance provider's stock after purchasing an additional 184,896 shares during the quarter. Bank of America Corp DE owned approximately 0.61% of First American Financial worth $37,628,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Duncker Streett & Co. Inc. raised its stake in shares of First American Financial by 616.4% during the first quarter. Duncker Streett & Co. Inc. now owns 437 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 376 shares during the last quarter. Global Retirement Partners LLC grew its stake in shares of 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 purchasing an additional 443 shares during the last quarter. Danske Bank A S acquired a new stake in First American Financial in the third quarter valued at $45,000. IFP Advisors Inc increased its holdings in 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 purchasing an additional 637 shares during the period. Finally, SHP Wealth Management bought a new position in First American Financial during the 4th quarter worth $51,000. Institutional investors and hedge funds own 89.05% of the company's stock.

First American Financial Price Performance

FAF opened at $73.92 on Friday. First American Financial Corporation has a fifty-two week low of $56.20 and a fifty-two week high of $79.87. The firm has a market capitalization of $7.55 billion, a PE ratio of 10.24, a P/E/G ratio of 0.68 and a beta of 1.22. The company's 50-day moving average is $70.64 and its 200 day moving average is $67.33.

First American Financial (NYSE:FAF - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $2.11 billion for the quarter, compared to analysts' expectations of $2.03 billion. During the same period last year, the business earned $1.53 EPS. The business's revenue was up 15.0% on a year-over-year basis. As a group, analysts expect that First American Financial Corporation will post 7.02 EPS for the current year.

Analysts Set New Price Targets

FAF has been the subject of a number of recent analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of First American Financial in a research report on Monday, July 20th. Wall Street Zen downgraded shares of First American Financial from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Truist Financial upped 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. Stephens reaffirmed an "overweight" rating and issued a $84.00 price objective on shares of First American Financial in a research note on Friday, June 12th. Finally, Benchmark initiated 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 objective for the company. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, First American Financial currently has an average rating of "Moderate Buy" and an average target price of $84.60.

Insider Buying and Selling

In other news, CAO Steven A. Adams sold 3,253 shares of the company's stock in a transaction on Friday, July 24th. The stock was sold at an average price of $74.99, for a total transaction of $243,942.47. Following the transaction, the chief accounting officer owned 10,234 shares of the company's stock, valued at $767,447.66. This represents a 24.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.50% of the company's stock.

First American Financial Company 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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