Bank of New York Mellon Corp Takes $57.41 Million Position in First American Financial Corporation $FAF

Key Points

• Bank of New York Mellon acquired 837,045 shares of First American Financial, valued at approximately $57.4 million, representing a 0.82% stake. Institutional investors collectively own 89.05% of the company.
• First American Financial reported quarterly EPS of $2.08, exceeding analysts’ $1.80 estimate, while revenue rose 15% year over year to $2.11 billion.
• Analysts remain broadly positive, with seven Buy ratings and one Hold rating. The stock has a “Moderate Buy” consensus and an average price target of $84.60, above its reported price of $73.64.

Bank of New York Mellon Corp bought a new stake in shares of First American Financial Corporation (NYSE:FAF - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 837,045 shares of the insurance provider's stock, valued at approximately $57,413,000. Bank of New York Mellon Corp owned 0.82% of First American Financial as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Duncker Streett & Co. Inc. raised its holdings 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 purchasing an additional 376 shares during the period. Global Retirement Partners LLC raised its stake in First American Financial by 1,107.5% during the 4th quarter. Global Retirement Partners LLC now owns 483 shares of the insurance provider's stock worth $30,000 after buying an additional 443 shares during the period. Danske Bank A S acquired a new position in First American Financial during the 3rd quarter worth approximately $45,000. IFP Advisors Inc boosted 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 worth $46,000 after acquiring an additional 637 shares in the last quarter. Finally, SHP Wealth Management bought a new position in First American Financial in the fourth quarter worth approximately $51,000. 89.05% of the stock is owned by institutional investors.

First American Financial Price Performance

FAF opened at $73.64 on Thursday. 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 $7.52 billion, a P/E ratio of 10.20, a PEG ratio of 0.68 and a beta of 1.22. The company's 50-day moving average is $71.80 and its 200 day moving average is $67.85.

First American Financial (NYSE:FAF - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $2.08 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the business posted $1.53 EPS. The company's revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities research analysts expect that First American Financial Corporation will post 7.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on FAF shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First American Financial in a research report on Monday, July 20th. Stephens restated an "overweight" rating and set a $84.00 price target on shares of First American Financial in a research note on Friday, June 12th. Benchmark assumed coverage on shares of First American Financial in a report on Tuesday, July 21st. They set a "buy" rating and a $85.00 price objective on the stock. Keefe, Bruyette & Woods raised their price objective on shares of First American Financial from $84.00 to $86.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Finally, Wall Street Zen cut shares of First American Financial from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $84.60.

Insider Buying and Selling

In related 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 transaction of $243,942.47. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.50% of the company's stock.

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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