PNC Financial Services Group Inc. Acquires 420 Shares of First American Financial Corporation (NYSE:FAF)

PNC Financial Services Group Inc. boosted its holdings in First American Financial Corporation (NYSE:FAF) by 10.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,273 shares of the insurance provider’s stock after acquiring an additional 420 shares during the period. PNC Financial Services Group Inc.’s holdings in First American Financial were worth $280,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in FAF. Bank of Montreal Can raised its stake in First American Financial by 6.5% in the 4th quarter. Bank of Montreal Can now owns 20,441 shares of the insurance provider’s stock valued at $1,276,000 after acquiring an additional 1,255 shares during the period. Invesco Ltd. raised its stake in First American Financial by 22.6% in the 4th quarter. Invesco Ltd. now owns 305,933 shares of the insurance provider’s stock valued at $19,102,000 after acquiring an additional 56,493 shares during the period. Raymond James Financial Inc. bought a new position in First American Financial during the 4th quarter worth $7,932,000. Townsquare Capital LLC increased its position in First American Financial by 2.6% during the 4th quarter. Townsquare Capital LLC now owns 9,992 shares of the insurance provider’s stock worth $624,000 after buying an additional 251 shares during the period. Finally, Barclays PLC increased its position in First American Financial by 61.1% during the 4th quarter. Barclays PLC now owns 98,006 shares of the insurance provider’s stock worth $6,118,000 after buying an additional 37,185 shares during the period. Institutional investors own 89.05% of the company’s stock.

Analyst Ratings Changes

FAF has been the topic of several recent research reports. Wall Street Zen upgraded First American Financial from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Keefe, Bruyette & Woods increased their price objective on First American Financial from $77.00 to $79.00 and gave the stock an “outperform” rating in a research report on Monday, July 28th. Finally, Barclays lowered their price objective on First American Financial from $72.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 8th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, First American Financial has an average rating of “Moderate Buy” and a consensus price target of $75.00.

First American Financial Price Performance

FAF stock opened at $64.43 on Friday. The stock has a market capitalization of $6.56 billion, a price-to-earnings ratio of 35.60 and a beta of 1.24. The business’s fifty day moving average price is $60.10 and its two-hundred day moving average price is $61.05. First American Financial Corporation has a fifty-two week low of $53.09 and a fifty-two week high of $70.92.

First American Financial (NYSE:FAF) last released its earnings results on Wednesday, July 23rd. The insurance provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.13. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.78 billion. First American Financial had a return on equity of 10.41% and a net margin of 2.90%. First American Financial’s quarterly revenue was up 14.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.27 EPS. Research analysts expect that First American Financial Corporation will post 5.35 EPS for the current year.

First American Financial announced that its board has authorized a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the insurance provider to purchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, Director Margaret M. Mccarthy sold 3,500 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $65.63, for a total transaction of $229,705.00. Following the sale, the director directly owned 28,095 shares of the company’s stock, valued at approximately $1,843,874.85. This represents a 11.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.70% of the company’s stock.

First American Financial Company Profile

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.