Bastion Asset Management Inc. Acquires 32,389 Shares of Finance of America Companies Inc. (NYSE:FOA)

Key Points

• Bastion Asset Management Inc. increased its stake in Finance of America Companies Inc. by 17.3% during the first quarter, now owning a total of 219,379 shares valued at approximately $4.93 million.
• Finance of America Companies reported earnings of $0.52 per share for the most recent quarter, significantly exceeding analysts' expectations of $0.37.
• The stock's performance has shown volatility, with a twelve-month low of $6.83 and a high of $32.40, currently trading around $24.33.

Bastion Asset Management Inc. increased its position in shares of Finance of America Companies Inc. (NYSE:FOA - Free Report) by 17.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 219,379 shares of the company's stock after purchasing an additional 32,389 shares during the quarter. Finance of America Companies makes up about 2.7% of Bastion Asset Management Inc.'s holdings, making the stock its 8th biggest position. Bastion Asset Management Inc. owned approximately 2.05% of Finance of America Companies worth $4,925,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FOA. Ritholtz Wealth Management bought a new stake in Finance of America Companies during the first quarter worth about $229,000. Barclays PLC purchased a new stake in Finance of America Companies during the fourth quarter valued at approximately $492,000. Northern Trust Corp purchased a new stake in Finance of America Companies during the fourth quarter valued at approximately $479,000. Renaissance Technologies LLC increased its holdings in Finance of America Companies by 600.5% during the fourth quarter. Renaissance Technologies LLC now owns 89,495 shares of the company's stock valued at $2,517,000 after buying an additional 76,719 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Finance of America Companies in the fourth quarter worth $984,000. 97.20% of the stock is currently owned by hedge funds and other institutional investors.

Finance of America Companies Trading Up 0.0%

Shares of FOA stock traded up $0.01 on Wednesday, hitting $22.60. 22,421 shares of the stock traded hands, compared to its average volume of 113,257. The firm's 50-day moving average price is $22.66 and its two-hundred day moving average price is $22.51. Finance of America Companies Inc. has a twelve month low of $6.83 and a twelve month high of $32.40. The company has a debt-to-equity ratio of 47.08, a quick ratio of 2.74 and a current ratio of 2.74. The stock has a market capitalization of $249.96 million, a PE ratio of 6.14 and a beta of 1.44.

Finance of America Companies (NYSE:FOA - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.37 by $0.15. The company had revenue of $165.70 million during the quarter, compared to analysts' expectations of $79.56 million. As a group, analysts anticipate that Finance of America Companies Inc. will post 0.75 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on FOA shares. Wall Street Zen lowered shares of Finance of America Companies from a "buy" rating to a "hold" rating in a research report on Saturday. UBS Group reaffirmed a "neutral" rating and issued a $25.00 price objective (up previously from $22.50) on shares of Finance of America Companies in a research report on Tuesday, July 15th.

About Finance of America Companies

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.