Principal Financial Group Inc. Sells 43,124 Shares of First American Financial Co. (NYSE:FAF)

Principal Financial Group Inc. reduced its stake in shares of First American Financial Co. (NYSE:FAF) by 11.1% in the second quarter, HoldingsChannel.com reports. The fund owned 345,126 shares of the insurance provider’s stock after selling 43,124 shares during the quarter. Principal Financial Group Inc.’s holdings in First American Financial were worth $18,620,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FAF. Benjamin F. Edwards & Company Inc. bought a new position in shares of First American Financial during the 4th quarter valued at $26,000. Venturi Wealth Management LLC raised its position in First American Financial by 82.3% during the 1st quarter. Venturi Wealth Management LLC now owns 505 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 228 shares during the last quarter. Mather Group LLC. raised its position in First American Financial by 99.1% during the 2nd quarter. Mather Group LLC. now owns 671 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 334 shares during the last quarter. GAMMA Investing LLC lifted its holdings in First American Financial by 56.9% in the 2nd quarter. GAMMA Investing LLC now owns 709 shares of the insurance provider’s stock worth $38,000 after buying an additional 257 shares during the period. Finally, Principal Securities Inc. bought a new stake in shares of First American Financial in the 4th quarter worth approximately $45,000. 89.05% of the stock is owned by institutional investors.

First American Financial Stock Performance

NYSE:FAF opened at $63.73 on Wednesday. The firm has a 50-day simple moving average of $58.81 and a two-hundred day simple moving average of $57.14. The firm has a market cap of $6.61 billion, a P/E ratio of 30.49 and a beta of 1.28. First American Financial Co. has a fifty-two week low of $49.55 and a fifty-two week high of $65.54.

First American Financial (NYSE:FAF) last announced its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.14. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. First American Financial had a net margin of 3.28% and a return on equity of 7.98%. The firm’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.35 earnings per share. On average, equities research analysts predict that First American Financial Co. will post 3.89 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.