Davis Asset Management L.P. Takes $102.89 Million Position in 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 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,500,000 shares of the insurance provider’s stock, valued at approximately $102,885,000. First American Financial makes up approximately 2.6% of Davis Asset Management L.P.’s portfolio, making the stock its 14th biggest position. Davis Asset Management L.P. owned 1.47% of First American Financial at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Duncker Streett & Co. Inc. raised its holdings in 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 during the last quarter. Global Retirement Partners LLC boosted its position in First American Financial by 1,107.5% during the fourth quarter. Global Retirement Partners LLC now owns 483 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 443 shares in the last quarter. Danske Bank A S acquired a new stake in First American Financial in the third quarter valued at $45,000. IFP Advisors Inc grew its holdings in First American Financial by 568.8% in the fourth quarter. IFP Advisors Inc now owns 749 shares of the insurance provider’s stock valued at $46,000 after purchasing an additional 637 shares during the last quarter. Finally, SHP Wealth Management purchased a new position in shares of First American Financial in the fourth quarter valued at $51,000. Institutional investors and hedge funds own 89.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First American Financial in a research note on Monday, July 20th. Stephens reissued an “overweight” rating and issued a $84.00 price objective on shares of First American Financial in a research note on Friday, June 12th. Wall Street Zen downgraded shares of First American Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Benchmark assumed coverage on shares of First American Financial in a research report on Tuesday, July 21st. They set a “buy” rating and a $85.00 target price for the company. Finally, Zacks Research downgraded shares of First American Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $84.60.

Insiders Place Their Bets

In related news, CAO Steven A. Adams sold 3,253 shares of the business’s stock in a transaction dated Friday, July 24th. The shares were 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 of the company’s stock, valued at approximately $767,447.66. The trade was a 24.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.50% of the company’s stock.

First American Financial Stock Performance

First American Financial stock opened at $71.78 on Friday. First American Financial Corporation has a fifty-two week low of $56.20 and a fifty-two week high of $79.87. The company has a market capitalization of $7.33 billion, a price-to-earnings ratio of 9.94, a PEG ratio of 0.66 and a beta of 1.22. The stock has a fifty day moving average of $71.45 and a two-hundred day moving average of $67.67.

First American Financial (NYSE:FAF) last issued its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.28. The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.03 billion. First American Financial had a return on equity of 13.31% and a net margin of 9.33%.The business’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.53 earnings per share. On average, analysts forecast that First American Financial Corporation will post 7.11 EPS for the current fiscal year.

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.