The Manufacturers Life Insurance Company Buys Shares of 70,361 First American Financial Corporation $FAF

The Manufacturers Life Insurance Company bought a new position in shares of First American Financial Corporation (NYSE:FAF) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 70,361 shares of the insurance provider’s stock, valued at approximately $4,826,000. The Manufacturers Life Insurance Company owned 0.07% of First American Financial at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Jackson Creek Investment Advisors LLC purchased a new stake in shares of First American Financial in the 4th quarter worth about $1,608,000. Jefferies Financial Group Inc. purchased a new position in First American Financial during the 4th quarter valued at about $6,713,000. Manning & Napier Advisors LLC purchased a new position in First American Financial during the 4th quarter valued at about $63,693,000. Mendon Capital Advisors Corp purchased a new position in First American Financial during the 1st quarter valued at about $71,680,000. Finally, Gabelli Funds LLC raised its position in First American Financial by 81.6% during the fourth 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 during the last quarter. 89.05% of the stock is owned by hedge funds and other institutional investors.

First American Financial Trading Down 0.6%

FAF stock opened at $74.02 on Tuesday. The company has a market cap of $7.56 billion, a PE ratio of 10.25, a price-to-earnings-growth ratio of 0.69 and a beta of 1.22. The stock has a 50-day moving average price of $72.15 and a two-hundred day moving average price of $68.02. 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 EPS for the quarter, beating 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 business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter last year, the firm posted $1.53 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts forecast that First American Financial Corporation will post 7.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on FAF shares. 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. Barclays upped their target price on First American Financial from $80.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Benchmark started coverage on First American Financial in a research report on Tuesday, July 21st. They set a “buy” rating and a $85.00 price target for the company. Weiss Ratings reissued a “buy (b)” rating on shares of First American Financial in a report on Monday, July 20th. Finally, Keefe, Bruyette & Woods upped their price objective on First American Financial from $84.00 to $86.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, First American Financial presently has an average rating of “Moderate Buy” and a consensus price target of $84.60.

Insider Activity

In other First American Financial news, CAO Steven A. Adams sold 3,253 shares of First American Financial stock in a transaction that occurred 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 $767,447.66. The trade was a 24.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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.