Finance of America Companies (NYSE:FOA) Releases Earnings Results, Beats Expectations By $0.66 EPS

Finance of America Companies (NYSE:FOA) issued its quarterly earnings results on Tuesday. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.66, Zacks reports.

Finance of America Companies Stock Performance

Shares of FOA traded down $0.22 during mid-day trading on Tuesday, reaching $21.99. The company had a trading volume of 93,110 shares, compared to its average volume of 114,283. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 39.38. Finance of America Companies has a 52-week low of $12.90 and a 52-week high of $32.40. The stock has a 50 day moving average of $23.89 and a two-hundred day moving average of $23.16. The stock has a market capitalization of $243.65 million, a P/E ratio of 11.39 and a beta of 1.52.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FOA. Wall Street Zen downgraded shares of Finance of America Companies from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. UBS Group reiterated a “neutral” rating and set a $25.00 price target (up previously from $22.50) on shares of Finance of America Companies in a research note on Tuesday, July 15th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Finance of America Companies in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $27.50.

Insider Buying and Selling

In related news, CAO Tai A. Thornock sold 1,100 shares of the stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $25.87, for a total transaction of $28,457.00. Following the sale, the chief accounting officer directly owned 15,050 shares of the company’s stock, valued at approximately $389,343.50. This represents a 6.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 25.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in Finance of America Companies by 4,270.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,098 shares of the company’s stock worth $49,000 after purchasing an additional 2,050 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Finance of America Companies in the second quarter valued at approximately $57,000. Bank of America Corp DE increased its stake in Finance of America Companies by 3,503.1% during the fourth quarter. Bank of America Corp DE now owns 2,306 shares of the company’s stock worth $65,000 after purchasing an additional 2,242 shares during the period. New York State Common Retirement Fund purchased a new stake in shares of Finance of America Companies during the second quarter worth $103,000. Finally, American Century Companies Inc. increased its stake in shares of Finance of America Companies by 3.1% during the second quarter. American Century Companies Inc. now owns 88,554 shares of the company’s stock worth $2,065,000 after buying an additional 2,636 shares during the period. Hedge funds and other institutional investors own 97.20% of the company’s stock.

Finance of America Companies Company Profile

Finance of America Companies Inc a financial service holding company, through its subsidiaries, engages in the operation of a retirement solutions platform in the United States. It operates through two segments: Retirement Solutions and Portfolio Management. The Retirement Solutions segment engages in the loan origination activities comprising home equity conversion, proprietary reverse, and hybrid mortgage loans for senior homeowners.