Finance Of America Companies Inc. (NYSE:FOA – Get Rating) was the target of a significant decrease in short interest in August. As of August 15th, there was short interest totalling 1,350,000 shares, a decrease of 19.2% from the July 31st total of 1,670,000 shares. Approximately 4.9% of the shares of the company are sold short. Based on an average daily trading volume, of 333,600 shares, the days-to-cover ratio is currently 4.0 days.
Hedge Funds Weigh In On Finance Of America Companies
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in Finance Of America Companies by 35.1% during the second quarter. Goldman Sachs Group Inc. now owns 29,128 shares of the company's stock valued at $46,000 after buying an additional 7,573 shares during the last quarter. State Street Corp boosted its stake in Finance Of America Companies by 6.3% during the second quarter. State Street Corp now owns 517,735 shares of the company's stock valued at $813,000 after buying an additional 30,673 shares during the last quarter. American International Group Inc. boosted its stake in Finance Of America Companies by 101.1% during the second quarter. American International Group Inc. now owns 18,171 shares of the company's stock valued at $29,000 after buying an additional 9,137 shares during the last quarter. Northern Trust Corp boosted its stake in Finance Of America Companies by 80.8% during the second quarter. Northern Trust Corp now owns 288,310 shares of the company's stock valued at $453,000 after buying an additional 128,857 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Finance Of America Companies by 229.8% in the 2nd quarter. Rhumbline Advisers now owns 48,967 shares of the company's stock valued at $77,000 after purchasing an additional 34,119 shares during the last quarter. 53.06% of the stock is owned by institutional investors.
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Finance Of America Companies Stock Performance
Shares of NYSE FOA traded down $0.05 during mid-day trading on Wednesday, reaching $1.22. The company's stock had a trading volume of 355,820 shares, compared to its average volume of 315,637. The company has a debt-to-equity ratio of 12.45, a quick ratio of 2.05 and a current ratio of 2.05. The stock has a fifty day moving average of $1.66 and a two-hundred day moving average of $2.34. Finance Of America Companies has a 52 week low of $1.20 and a 52 week high of $5.99.
Finance Of America Companies (NYSE:FOA – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.26). Finance Of America Companies had a negative net
margin of 33.91% and a positive return on equity of 9.38%. The firm had revenue of $141.12 million for the quarter, compared to the consensus estimate of $341.24 million. During the same period in the previous year, the company posted $0.30 earnings per share. On average, analysts anticipate that Finance Of America Companies will post -0.07 EPS for the current fiscal year.
Analyst Ratings Changes
FOA has been the subject of a number of analyst reports. Morgan Stanley reduced their price target on Finance Of America Companies from $2.50 to $2.00 and set an "equal weight" rating for the company in a research report on Monday, August 15th. Credit Suisse Group dropped their price objective on Finance Of America Companies to $4.00 in a research note on Monday, August 22nd.
Finance Of America Companies Company Profile
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Finance of America Companies Inc operates a consumer lending platform in the United States. The company operates through: Mortgage Originations, Reverse Originations, Commercial Originations, Lender Services, and Portfolio Management segments. It provides residential mortgage loans to the government sponsored entities; government-insured agricultural lending solutions to farmers; product development, loan securitization, loan sales, risk management, asset management, and servicing oversight services to enterprise and third-party funds; and ancillary business services, title agency and title insurance services, mortgage servicing rights valuation and trade brokerage, transactional fulfillment services, mortgage loan third party review or due diligence services, and appraisal and capital management services to residential mortgage, student lending, and commercial lending industry customers.
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