Cubist Systematic Strategies LLC Purchases New Position in First American Financial Corporation $FAF

Key Points

• Cubist Systematic Strategies LLC has acquired 237,385 shares of First American Financial Corporation, valued at approximately $15.58 million, making up 0.23% of the company as of the end of the latest reporting period.
• Wall Street analysts have a consensus rating of "Moderate Buy" for First American Financial, with a price target range indicating potential growth, despite a mixed review on target prices from different brokerages.
• First American Financial recently reported $1.53 earnings per share for the last quarter, exceeding estimates, and announced a stock buyback plan for up to $300 million, signifying confidence in the company's valuation.

Cubist Systematic Strategies LLC bought a new position in shares of First American Financial Corporation (NYSE:FAF - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 237,385 shares of the insurance provider's stock, valued at approximately $15,580,000. Cubist Systematic Strategies LLC owned about 0.23% of First American Financial as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FAF. Principal Financial Group Inc. boosted its position in shares of First American Financial by 0.3% during the 1st quarter. Principal Financial Group Inc. now owns 236,876 shares of the insurance provider's stock valued at $15,546,000 after acquiring an additional 794 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of First American Financial by 23.9% during the 1st quarter. GAMMA Investing LLC now owns 1,327 shares of the insurance provider's stock valued at $87,000 after acquiring an additional 256 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of First American Financial by 137.8% during the 1st quarter. Cetera Investment Advisers now owns 21,091 shares of the insurance provider's stock valued at $1,384,000 after acquiring an additional 12,222 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of First American Financial by 2.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 132,150 shares of the insurance provider's stock valued at $8,673,000 after acquiring an additional 3,557 shares during the last quarter. Finally, Bar Harbor Wealth Management boosted its position in shares of First American Financial by 30.5% during the 1st quarter. Bar Harbor Wealth Management now owns 126,093 shares of the insurance provider's stock valued at $8,275,000 after acquiring an additional 29,466 shares during the last quarter. Institutional investors and hedge funds own 89.05% of the company's stock.

Insider Activity at First American Financial

In other news, Director Margaret M. Mccarthy sold 3,500 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $65.63, for a total transaction of $229,705.00. Following the completion of the transaction, the director directly owned 28,095 shares of the company's stock, valued at approximately $1,843,874.85. The trade was a 11.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

FAF has been the topic of several recent research reports. Keefe, Bruyette & Woods boosted their price target on shares of First American Financial from $77.00 to $79.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Barclays lowered their price target on shares of First American Financial from $72.00 to $70.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 8th. Finally, Wall Street Zen raised shares of First American Financial from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, First American Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.00.

First American Financial Stock Up 1.1%

NYSE:FAF traded up $0.72 on Friday, reaching $66.99. 712,158 shares of the company's stock were exchanged, compared to its average volume of 508,997. First American Financial Corporation has a 52-week low of $53.09 and a 52-week high of $70.92. The firm has a market capitalization of $6.82 billion, a price-to-earnings ratio of 37.01 and a beta of 1.27. The business has a fifty day moving average of $62.09 and a 200-day moving average of $61.28.

First American Financial (NYSE:FAF - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $1.53 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.13. First American Financial had a return on equity of 10.41% and a net margin of 2.90%.The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the previous year, the company posted $1.27 earnings per share. The business's revenue for the quarter was up 14.2% on a year-over-year basis. As a group, equities analysts anticipate that First American Financial Corporation will post 5.35 earnings per share for the current year.

First American Financial declared that its Board of Directors has approved a share buyback program on Wednesday, July 23rd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the insurance provider to purchase up to 5.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

First American Financial Company Profile

First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Home Warranty segments. The Title Insurance and Services segment issues title insurance policies on residential and commercial property, as well as offers related products and services internationally.