Beach Point Capital Management LP increased its stake in Finance of America Companies Inc. (NYSE:FOA - Free Report) by 557.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 789,399 shares of the company's stock after purchasing an additional 669,336 shares during the quarter. Finance of America Companies accounts for 7.4% of Beach Point Capital Management LP's investment portfolio, making the stock its 4th largest position. Beach Point Capital Management LP owned approximately 10.01% of Finance of America Companies worth $19,111,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also made changes to their positions in FOA. Caitong International Asset Management Co. Ltd increased its holdings in shares of Finance of America Companies by 183.9% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,269 shares of the company's stock valued at $28,000 after purchasing an additional 822 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Finance of America Companies in the 3rd quarter valued at about $29,000. JPMorgan Chase & Co. increased its holdings in shares of 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 valued at $49,000 after purchasing an additional 2,050 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Finance of America Companies in the 2nd quarter valued at about $57,000. Finally, Bank of America Corp DE increased its holdings in shares of Finance of America Companies by 3,503.1% in the 4th quarter. Bank of America Corp DE now owns 2,306 shares of the company's stock valued at $65,000 after purchasing an additional 2,242 shares in the last quarter. Hedge funds and other institutional investors own 97.20% of the company's stock.
Insider Activity
In other Finance of America Companies news, CIO Jeremy Prahm sold 6,000 shares of the firm's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $19.68, for a total transaction of $118,080.00. Following the sale, the executive directly owned 220,968 shares of the company's stock, valued at $4,348,650.24. This trade represents a 2.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 29,206 shares of company stock worth $578,655. 33.10% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
FOA has been the subject of several recent research reports. Weiss Ratings downgraded shares of Finance of America Companies from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, May 12th. Zacks Research upgraded shares of Finance of America Companies to a "hold" rating in a report on Monday, April 6th. B. Riley Financial initiated coverage on shares of Finance of America Companies in a report on Thursday, April 2nd. They set a "buy" rating and a $22.50 target price for the company. Finally, Wall Street Zen upgraded shares of Finance of America Companies from a "sell" rating to a "hold" rating in a report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $26.00.
Check Out Our Latest Stock Analysis on Finance of America Companies
Finance of America Companies Stock Performance
NYSE:FOA opened at $20.07 on Friday. The company has a current ratio of 2.62, a quick ratio of 2.62 and a debt-to-equity ratio of 43.57. The firm has a 50-day moving average price of $19.48 and a two-hundred day moving average price of $21.24. Finance of America Companies Inc. has a twelve month low of $15.77 and a twelve month high of $29.58. The company has a market capitalization of $178.40 million, a P/E ratio of 50.17 and a beta of 1.69.
Finance of America Companies (NYSE:FOA - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.26. Finance of America Companies had a net margin of 7.20% and a return on equity of 22.24%. The company had revenue of $120.14 million for the quarter, compared to analysts' expectations of $115.31 million. As a group, research analysts expect that Finance of America Companies Inc. will post 4.59 earnings per share for the current fiscal year.
About Finance of America Companies
(
Free Report)
Finance of America Companies NYSE: FOA is a diversified nonbank financial services firm specializing in mortgage and insurance products for consumers. The company operates across multiple business segments, delivering home financing solutions, retirement products and specialized lending services through a blend of digital and traditional distribution channels.
In its mortgage segment, FOA originates and purchases a range of home loans including purchase, refinance, FHA, VA and USDA loans.
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