Man Group plc Takes $2.74 Million Position in First American Financial Corporation $FAF

Man Group plc purchased a new position in shares of First American Financial Corporation (NYSE:FAF) in the second quarter, HoldingsChannel reports. The institutional investor purchased 39,982 shares of the insurance provider’s stock, valued at approximately $2,742,000.

Several other hedge funds also recently added to or reduced their stakes in FAF. Duncker Streett & Co. Inc. lifted its stake in shares of First American Financial by 616.4% during the first quarter. Duncker Streett & Co. Inc. now owns 437 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 376 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of First American Financial by 1,107.5% in the fourth quarter. Global Retirement Partners LLC now owns 483 shares of the insurance provider’s stock valued at $30,000 after buying an additional 443 shares in the last quarter. Danske Bank A S purchased a new stake in shares of First American Financial during the 3rd quarter valued at about $45,000. IFP Advisors Inc lifted its position in First American Financial by 568.8% during the 4th quarter. IFP Advisors Inc now owns 749 shares of the insurance provider’s stock worth $46,000 after acquiring an additional 637 shares in the last quarter. Finally, SHP Wealth Management purchased a new position in First American Financial in the 4th quarter worth approximately $51,000. 89.05% of the stock is owned by hedge funds and other institutional investors.

First American Financial Price Performance

Shares of FAF stock opened at $74.02 on Tuesday. The firm has a market cap of $7.56 billion, a P/E ratio of 10.25, a P/E/G ratio of 0.69 and a beta of 1.22. First American Financial Corporation has a 1-year low of $56.20 and a 1-year high of $79.87. The firm has a fifty day moving average of $72.15 and a two-hundred day moving average of $68.02.

First American Financial (NYSE:FAF) last issued its earnings results on Wednesday, July 22nd. The insurance provider reported $2.08 earnings per share (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 analyst estimates of $2.03 billion. During the same quarter in the prior year, the business posted $1.53 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, sell-side analysts expect that First American Financial Corporation will post 7.11 EPS for the current year.

Analyst Ratings Changes

FAF has been the topic of a number of analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of First American Financial from $84.00 to $86.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Barclays boosted their price objective on shares of First American Financial from $80.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Stephens reissued an “overweight” rating and issued a $84.00 price objective on shares of First American Financial in a research report on Friday, June 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First American Financial in a research report on Monday, July 20th. Finally, Zacks Research cut First American Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $84.60.

Insiders Place Their Bets

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 transaction of $243,942.47. Following the sale, the chief accounting officer owned 10,234 shares in the company, valued at $767,447.66. This represents a 24.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 3.50% of the stock is currently owned by corporate insiders.

About First American Financial

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.