Beach Point Capital Management LP Buys 669,336 Shares of Finance of America Companies Inc. $FOA

Beach Point Capital Management LP increased its stake in Finance of America Companies Inc. (NYSE:FOA) by 557.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 789,399 shares of the company’s stock after buying an additional 669,336 shares during the period. Finance of America Companies accounts for approximately 7.4% of Beach Point Capital Management LP’s portfolio, making the stock its 4th largest position. Beach Point Capital Management LP owned about 0.10% of Finance of America Companies worth $19,111,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Caitong International Asset Management Co. Ltd boosted its position in shares of Finance of America Companies by 183.9% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,269 shares of the company’s stock worth $28,000 after acquiring an additional 822 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Finance of America Companies in the third quarter worth approximately $29,000. JPMorgan Chase & Co. boosted its position in shares of Finance of America Companies by 4,270.8% in the second quarter. JPMorgan Chase & Co. now owns 2,098 shares of the company’s stock worth $49,000 after acquiring an additional 2,050 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Finance of America Companies by 3,503.1% in the fourth quarter. Bank of America Corp DE now owns 2,306 shares of the company’s stock worth $65,000 after acquiring an additional 2,242 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Finance of America Companies in the second quarter worth approximately $57,000. 97.20% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CIO Jeremy Prahm sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $17.50, for a total value of $105,000.00. Following the transaction, the executive owned 167,294 shares in the company, valued at approximately $2,927,645. This trade represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 29,206 shares of company stock valued at $578,655 in the last 90 days. Company insiders own 33.10% of the company’s stock.

Finance of America Companies Trading Down 0.9%

NYSE FOA opened at $20.07 on Friday. Finance of America Companies Inc. has a one year low of $15.77 and a one year high of $29.58. The company’s 50 day moving average price is $19.48 and its 200 day moving average price is $21.24. The company has a debt-to-equity ratio of 43.57, a quick ratio of 2.62 and a current ratio of 2.62. The firm has a market capitalization of $178.40 million, a price-to-earnings ratio of 50.17 and a beta of 1.69.

Finance of America Companies (NYSE:FOA) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $1.10 EPS for the quarter, beating 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 firm had revenue of $120.14 million for the quarter, compared to analyst estimates of $115.31 million. On average, sell-side analysts predict that Finance of America Companies Inc. will post 4.59 EPS for the current year.

Analyst Upgrades and Downgrades

FOA has been the topic of several research analyst reports. Zacks Research raised shares of Finance of America Companies to a “hold” rating in a research report on Monday, April 6th. Wall Street Zen raised shares of Finance of America Companies from a “sell” rating to a “hold” rating in a research report on Monday, April 6th. Weiss Ratings cut shares of Finance of America Companies from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, May 12th. Finally, B. Riley Financial assumed coverage on shares of Finance of America Companies in a research report on Thursday, April 2nd. They issued a “buy” rating and a $22.50 target price on the stock. One analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $26.00.

About Finance of America Companies

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.