Davis Asset Management L.P. Purchases Shares of 1,500,000 First American Financial Corporation $FAF

Davis Asset Management L.P. purchased a new position in shares of First American Financial Corporation (NYSE:FAF) during the second quarter, HoldingsChannel reports. The institutional investor purchased 1,500,000 shares of the insurance provider’s stock, valued at approximately $102,885,000. First American Financial accounts for 2.6% of Davis Asset Management L.P.’s investment portfolio, making the stock its 14th biggest position.

Several other hedge funds have also made changes to their positions in FAF. BlackRock Inc. purchased a new stake in shares of First American Financial in the second quarter valued at $643,570,000. Northwestern Mutual Wealth Management Co. lifted its position in First American Financial by 4,485,375.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 5,786,263 shares of the insurance provider’s stock worth $355,508,000 after buying an additional 5,786,134 shares during the period. Norges Bank acquired a new stake in First American Financial in the 4th quarter worth about $75,011,000. Mendon Capital Advisors Corp acquired a new stake in First American Financial in the 1st quarter worth about $71,680,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of First American Financial by 469.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,284,417 shares of the insurance provider’s stock valued at $77,438,000 after acquiring an additional 1,058,949 shares during the last quarter. Institutional investors and hedge funds own 89.05% of the company’s stock.

Insider Buying and Selling

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

First American Financial Price Performance

Shares of FAF opened at $71.78 on Friday. The stock’s 50-day moving average is $71.45 and its two-hundred day moving average is $67.67. The stock has a market cap of $7.33 billion, a PE ratio of 9.94, a P/E/G ratio of 0.66 and a beta of 1.22. First American Financial Corporation has a 12 month low of $56.20 and a 12 month high of $79.87.

First American Financial (NYSE:FAF) last issued its earnings results on Wednesday, July 22nd. The insurance provider reported $2.08 earnings per share for the quarter, topping 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 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 business earned $1.53 earnings per share. The company’s revenue was up 15.0% compared to the same quarter last year. On average, research analysts anticipate that First American Financial Corporation will post 7.11 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FAF shares. Weiss Ratings reissued a “buy (b)” rating on shares of First American Financial in a research report on Monday, July 20th. Barclays increased their price target on shares of First American Financial from $80.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Benchmark assumed coverage on shares of First American Financial in a report on Tuesday, July 21st. They issued a “buy” rating and a $85.00 price target on the stock. Zacks Research cut shares of First American Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Finally, Wall Street Zen downgraded First American Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.