Barclays Upgrades First American Financial (NYSE:FAF) to “Overweight”
by Sarita Garza · The Markets DailyFirst American Financial (NYSE:FAF – Get Free Report) was upgraded by investment analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued on Monday,Benzinga reports. The brokerage currently has a $72.00 price target on the insurance provider’s stock, up from their previous price target of $70.00. Barclays‘s price target suggests a potential upside of 23.71% from the company’s previous close.
FAF has been the subject of a number of other reports. Keefe, Bruyette & Woods increased their target price on shares of First American Financial from $79.00 to $81.00 and gave the stock an “outperform” rating in a report on Thursday, December 18th. Stephens upgraded First American Financial from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $70.00 to $81.00 in a report on Monday, March 2nd. Wall Street Zen raised First American Financial from a “hold” rating to a “buy” rating in a research report on Saturday, March 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First American Financial in a report on Friday, December 26th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of First American Financial in a research note on Friday, February 13th. Six research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, First American Financial currently has an average rating of “Buy” and a consensus price target of $79.00.
First American Financial Stock Down 0.0%
Shares of NYSE FAF opened at $58.20 on Monday. The firm’s fifty day moving average is $64.47 and its 200 day moving average is $63.36. First American Financial has a 52 week low of $53.09 and a 52 week high of $71.47. The company has a market cap of $5.95 billion, a price-to-earnings ratio of 9.68, a PEG ratio of 0.60 and a beta of 1.28.
First American Financial (NYSE:FAF – Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The insurance provider reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.50. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.80 billion. First American Financial had a net margin of 8.34% and a return on equity of 11.92%. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.35 EPS. Equities research analysts anticipate that First American Financial will post 5.35 earnings per share for the current year.
Insider Transactions at First American Financial
In related news, Director Parker S. Kennedy purchased 44,841 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was bought at an average cost of $67.85 per share, with a total value of $3,042,461.85. Following the completion of the purchase, the director directly owned 251,552 shares in the company, valued at approximately $17,067,803.20. This represents a 21.69% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.70% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in FAF. Rockefeller Capital Management L.P. lifted its stake in shares of First American Financial by 9.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 12,252 shares of the insurance provider’s stock valued at $753,000 after purchasing an additional 1,093 shares during the period. Larry Mathis Financial Planning LLC bought a new stake in shares of First American Financial during the 4th quarter valued at $229,000. Corient Private Wealth LLC boosted its holdings in shares of First American Financial by 3.9% during the 4th quarter. Corient Private Wealth LLC now owns 872,826 shares of the insurance provider’s stock valued at $53,627,000 after buying an additional 32,507 shares in the last quarter. SHP Wealth Management purchased a new stake in shares of First American Financial in the 4th quarter worth about $51,000. Finally, Tulsa Wealth Advisors INC bought a new position in shares of First American Financial in the 4th quarter worth about $454,000. Hedge funds and other institutional investors own 89.05% of the company’s stock.
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.