Why Shares of Finance of America Companies Are Rising Today
Shares of the consumer lending company Finance of America Companies (NYSE: FOA) are trading more than 22% higher as of 11:55 a.m. EST after an analyst upgraded the stock.
Analysts at Raymond James upgraded Finance of America from an outperform rating to strong buy, and they also boosted its price target for the company to $13.50 per share. Finance of America currently trades around $8.94 per share following the boost this morning.
Additionally, Finance of America is set to join the Russell 3000 Index, which tracks the performance of 3,000 of the largest publicly traded stocks in the U.S., on June 28. This will give the stock more visibility, and other funds that track the Russell 3000 will need to buy the stock as well.
Source Fool.com
