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Strength Seen in Finance of America Companies (FOA): Can Its 11.8% Jump Turn into More Strength?
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Finance of America Companies Inc. (FOA - Free Report) shares soared 11.8% in the last trading session to close at $24.21. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7% gain over the past four weeks.
Finance of America Companies shares rose after investor sentiment improved on news that a landmark bipartisan affordable housing bill advanced in the U.S. House and moved to President Donald Trump for final approval. If enacted, the bill could add housing inventory, improve affordability, and support more home purchases, which would likely benefit mortgage-related stocks such as FOA.
This company is expected to post quarterly earnings of $1.12 per share in its upcoming report, which represents a year-over-year change of +103.6%. Revenues are expected to be $89.1 million, down 49.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Finance of America Companies, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FOA going forward to see if this recent jump can turn into more strength down the road.
Finance of America Companies is part of the Zacks Financial - Mortgage & Related Services industry. Rocket Companies (RKT - Free Report) , another stock in the same industry, closed the last trading session 1.5% higher at $15. RKT has returned 2.6% in the past month.
Rocket Companies' consensus EPS estimate for the upcoming report has changed -7.9% over the past month to $0.18. Compared to the company's year-ago EPS, this represents a change of +350%. Rocket Companies currently boasts a Zacks Rank of #3 (Hold).
View the Zacks #1 Rank List
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Strength Seen in Finance of America Companies (FOA): Can Its 11.8% Jump Turn into More Strength?
Finance of America Companies Inc. (FOA - Free Report) shares soared 11.8% in the last trading session to close at $24.21. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7% gain over the past four weeks.
Finance of America Companies shares rose after investor sentiment improved on news that a landmark bipartisan affordable housing bill advanced in the U.S. House and moved to President Donald Trump for final approval. If enacted, the bill could add housing inventory, improve affordability, and support more home purchases, which would likely benefit mortgage-related stocks such as FOA.
This company is expected to post quarterly earnings of $1.12 per share in its upcoming report, which represents a year-over-year change of +103.6%. Revenues are expected to be $89.1 million, down 49.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Finance of America Companies, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FOA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Finance of America Companies is part of the Zacks Financial - Mortgage & Related Services industry. Rocket Companies (RKT - Free Report) , another stock in the same industry, closed the last trading session 1.5% higher at $15. RKT has returned 2.6% in the past month.
Rocket Companies' consensus EPS estimate for the upcoming report has changed -7.9% over the past month to $0.18. Compared to the company's year-ago EPS, this represents a change of +350%. Rocket Companies currently boasts a Zacks Rank of #3 (Hold).