California State Teachers Retirement System Sells 8,000 Shares of First American Financial Corporation $FAF

Key Points

• California State Teachers Retirement System cut its First American Financial stake by 6.6%, selling 8,000 shares and retaining 112,448 shares valued at approximately $7.7 million. Institutional investors collectively own 89.05% of the company.
• Analysts remain broadly positive, with seven Buy ratings and one Hold rating, an overall “Moderate Buy” consensus, and an average price target of $84.60 versus the reported share price of $72.62.
• First American Financial exceeded quarterly expectations, reporting $2.08 in earnings per share versus the $1.80 estimate and $2.11 billion in revenue, up 15% year over year.

California State Teachers Retirement System reduced its holdings in First American Financial Corporation (NYSE:FAF - Free Report) by 6.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 112,448 shares of the insurance provider's stock after selling 8,000 shares during the quarter. California State Teachers Retirement System owned about 0.11% of First American Financial worth $7,712,808 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Jackson Creek Investment Advisors LLC bought a new stake in First American Financial in the 4th quarter worth approximately $1,608,000. Jefferies Financial Group Inc. purchased a new position in First American Financial in the 4th quarter valued at $6,713,000. Mendon Capital Advisors Corp purchased a new stake in First American Financial during the 1st quarter worth approximately $71,680,000. BlackRock Inc. purchased a new stake in shares of First American Financial in the 2nd quarter valued at about $643,570,000. Finally, Gabelli Funds LLC boosted its stake in shares of First American Financial by 81.6% during the 4th quarter. Gabelli Funds LLC now owns 79,362 shares of the insurance provider's stock worth $4,876,000 after acquiring an additional 35,650 shares in the last quarter. 89.05% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on FAF shares. Barclays lifted their price target on First American Financial from $80.00 to $83.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods boosted their price objective on shares of First American Financial from $84.00 to $86.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Zacks Research downgraded shares of First American Financial from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. Benchmark assumed coverage on shares of First American Financial in a research note on Tuesday, July 21st. They issued a "buy" rating and a $85.00 target price for the company. Finally, Stephens reaffirmed an "overweight" rating and set a $84.00 target price on shares of First American Financial in a research note on Friday, June 12th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $84.60.

Insider Buying and Selling at First American Financial

In other First American Financial news, CAO Steven Adams sold 3,253 shares of the business's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $74.99, for a total transaction 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. The trade was a 24.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.50% of the company's stock.

First American Financial Price Performance

Shares of NYSE FAF traded down $0.53 during trading on Tuesday, hitting $72.62. 582,933 shares of the company were exchanged, compared to its average volume of 947,134. First American Financial Corporation has a 1 year low of $56.20 and a 1 year high of $79.87. The company has a market cap of $7.41 billion, a price-to-earnings ratio of 10.08, a PEG ratio of 0.66 and a beta of 1.21. The firm's fifty day moving average price is $73.00 and its 200 day moving average price is $68.46.

First American Financial (NYSE:FAF - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $2.08 earnings per share for the quarter, topping analysts' consensus estimates 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 in the prior year, the firm earned $1.53 EPS. The business's quarterly revenue was up 15.0% on a year-over-year basis. On average, research analysts forecast that First American Financial Corporation will post 7.11 earnings per share for the current year.

About First American Financial

First American Financial Corporation NYSE: FAF provides title insurance, settlement services and risk solutions for real estate transactions. Through its title insurance operations, the company protects property buyers, lenders and other parties against certain losses arising from defects in ownership records, liens and other title-related issues.

The company also offers escrow and closing services, real estate data and analytics, valuation products, and technology solutions designed to support mortgage lenders, real estate professionals, homebuilders and commercial property participants.

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