Zacks Investment Research Upgrades First American (FAF) to Hold

First American (NYSE:FAF) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “First American Financial Corporation provides financial services through its Title Insurance and Services segment and its Specialty Insurance segment. The Title Insurance and Services segment provides title insurance policies and provides escrow and real estate closing services on residential and commercial property. It also maintains, manages, and provides access to automated title plant records and images; accommodates tax-deferred exchanges of real estate; and provides investment advisory, trust, lending, and deposit services. The Specialty Insurance segment offers property and casualty insurance, including homeowners insurance, as well as provides home warranty policies. This segment markets its property and casualty insurance products through direct distribution channels, including employees and agents, as well as a network of brokers. First American Financial Corporation is based in Santa Ana, California. “

A number of other research firms also recently issued reports on FAF. ValuEngine raised shares of First American from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Barclays cut their price objective on shares of First American from $75.00 to $70.00 and set an “overweight” rating for the company in a report on Friday, February 9th. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. First American currently has a consensus rating of “Buy” and a consensus target price of $68.00.

First American opened at $53.59 on Wednesday, according to MarketBeat.com. The stock has a market capitalization of $5.93 billion, a price-to-earnings ratio of 19.49, a price-to-earnings-growth ratio of 0.92 and a beta of 0.77. First American has a 12-month low of $52.99 and a 12-month high of $53.63.

First American (NYSE:FAF) last posted its quarterly earnings data on Thursday, April 26th. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.03. The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.33 billion. First American had a net margin of 7.67% and a return on equity of 14.28%. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.52 EPS. equities research analysts expect that First American will post 4.44 earnings per share for the current fiscal year.

In other news, COO Christopher Michael Leavell sold 27,714 shares of the company’s stock in a transaction that occurred on Tuesday, May 1st. The shares were sold at an average price of $51.35, for a total transaction of $1,423,113.90. Following the completion of the sale, the chief operating officer now owns 168,919 shares of the company’s stock, valued at approximately $8,673,990.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.00% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of First American by 2.2% during the 1st quarter. BlackRock Inc. now owns 10,279,579 shares of the insurance provider’s stock worth $603,207,000 after acquiring an additional 221,844 shares during the period. Robeco Institutional Asset Management B.V. increased its position in First American by 18.1% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,731,387 shares of the insurance provider’s stock worth $101,597,000 after purchasing an additional 265,058 shares in the last quarter. Allianz Asset Management GmbH increased its position in First American by 28.2% during the 1st quarter. Allianz Asset Management GmbH now owns 1,586,631 shares of the insurance provider’s stock worth $93,104,000 after purchasing an additional 349,008 shares in the last quarter. JPMorgan Chase & Co. increased its position in First American by 83.0% during the 1st quarter. JPMorgan Chase & Co. now owns 1,467,241 shares of the insurance provider’s stock worth $86,098,000 after purchasing an additional 665,393 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in First American by 27.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,447,433 shares of the insurance provider’s stock worth $81,114,000 after purchasing an additional 311,055 shares in the last quarter. 84.99% of the stock is owned by institutional investors.

First American Company Profile

First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Specialty Insurance segments. The Title Insurance and Services segment issues title insurance policies on residential and commercial property, as well as offers related products and services.

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