Corient Private Wealth LP Purchases New Position in First American Financial Corporation $FAF

Key Points

• Corient Private Wealth acquired 667,883 shares of First American Financial in the second quarter, valued at approximately $45.8 million and representing about 0.65% of the company. Institutional investors collectively own 89.05% of FAF.
• First American Financial reported quarterly earnings of $2.08 per share, 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, above the reported share price of $74.62.

Corient Private Wealth LP acquired a new stake in First American Financial Corporation (NYSE:FAF - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 667,883 shares of the insurance provider's stock, valued at approximately $45,810,000. Corient Private Wealth LP owned approximately 0.65% of First American Financial at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of America Corp DE purchased a new stake in shares of First American Financial in the 2nd quarter valued at about $45,732,000. Caisse de depot et placement du Quebec acquired a new stake in shares of First American Financial in the 2nd quarter valued at about $1,694,000. Man Group plc purchased a new position in First American Financial during the 2nd quarter worth approximately $2,742,000. Jupiter Topco LLC acquired a new position in First American Financial during the second quarter worth approximately $2,858,000. Finally, Hsbc Holdings PLC acquired a new position in First American Financial during the second quarter worth approximately $661,000. Institutional investors and hedge funds own 89.05% of the company's stock.

First American Financial Price Performance

NYSE:FAF opened at $74.62 on Friday. The firm has a market cap of $7.62 billion, a price-to-earnings ratio of 10.34, a price-to-earnings-growth ratio of 0.68 and a beta of 1.22. The firm's fifty day moving average price is $71.92 and its 200 day moving average price is $67.90. First American Financial Corporation has a 1-year low of $56.20 and a 1-year 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 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the firm earned $1.53 EPS. First American Financial's quarterly revenue was up 15.0% on a year-over-year basis. As a group, analysts expect that First American Financial Corporation will post 7.11 earnings per share for the current fiscal year.

Insider Transactions at First American Financial

In related news, CAO Steven A. Adams sold 3,253 shares of the stock in a transaction dated Friday, July 24th. The shares were 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 directly owned 10,234 shares of the company's stock, valued at $767,447.66. This represents a 24.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 3.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FAF shares. Barclays increased their price objective on First American Financial from $80.00 to $83.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. 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. Stephens reissued an "overweight" rating and set a $84.00 price objective on shares of First American Financial in a research report on Friday, June 12th. Weiss Ratings restated a "buy (b)" rating on shares of First American Financial in a research note on Monday, July 20th. Finally, Zacks Research cut shares of First American Financial from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 23rd. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, First American Financial has a consensus rating of "Moderate Buy" and an average target price 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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