State of Michigan Retirement System Cuts Stake in First American Financial Co. (NYSE:FAF)

State of Michigan Retirement System trimmed its stake in First American Financial Co. (NYSE:FAF) by 1.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,964 shares of the insurance provider’s stock after selling 400 shares during the quarter. State of Michigan Retirement System’s holdings in First American Financial were worth $1,347,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of FAF. Ceredex Value Advisors LLC grew its stake in shares of First American Financial by 1.7% during the 2nd quarter. Ceredex Value Advisors LLC now owns 209,143 shares of the insurance provider’s stock valued at $11,283,000 after buying an additional 3,400 shares during the period. LRI Investments LLC grew its position in First American Financial by 3,300.0% during the second quarter. LRI Investments LLC now owns 2,686 shares of the insurance provider’s stock valued at $145,000 after acquiring an additional 2,607 shares during the period. NewSquare Capital LLC grew its position in First American Financial by 3.6% during the second quarter. NewSquare Capital LLC now owns 135,679 shares of the insurance provider’s stock valued at $7,212,000 after acquiring an additional 4,742 shares during the period. Pallas Capital Advisors LLC acquired a new stake in First American Financial during the second quarter worth about $259,000. Finally, Blossom Wealth Management raised its holdings in shares of First American Financial by 2.9% in the 2nd quarter. Blossom Wealth Management now owns 6,940 shares of the insurance provider’s stock worth $374,000 after purchasing an additional 195 shares during the period. Institutional investors and hedge funds own 89.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Barclays decreased their target price on First American Financial from $65.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, July 9th. Keefe, Bruyette & Woods boosted their price objective on shares of First American Financial from $63.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Truist Financial raised their target price on shares of First American Financial from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Stephens reaffirmed an “overweight” rating and set a $66.00 price target on shares of First American Financial in a research report on Thursday, July 25th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $65.25.

First American Financial Stock Up 0.6 %

Shares of NYSE:FAF opened at $63.25 on Friday. The company has a market capitalization of $6.56 billion, a price-to-earnings ratio of 30.26 and a beta of 1.28. The company has a 50 day moving average of $58.22 and a two-hundred day moving average of $57.07. First American Financial Co. has a 52-week low of $49.55 and a 52-week high of $65.54.

First American Financial (NYSE:FAF) last released its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.14. First American Financial had a net margin of 3.28% and a return on equity of 7.98%. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same period last year, the business earned $1.35 EPS. The business’s revenue was down 2.1% on a year-over-year basis. On average, equities analysts anticipate that First American Financial Co. will post 3.88 earnings per share for the current year.

About First American Financial

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.