Why Finance Of America Shares Are Surging Higher Today

Mortgage, student loan and financial services company Finance of America FOA is trading higher Tuesday on news of an analyst upgrade and an index inclusion.

What Happened: Raymond James analyst Stephen Laws upgraded shares of Finance of America to Strong Buy and announced a price target of $13.50.

Finance of America was recently announced on the shortlist of stocks to be added to the Russell 3000 Index. The index will rebalance at market close on June 25.

Shares of Finance of America were down 30% since completing their SPAC merger prior to Tuesday’s move. Shares have traded between $7.26 and $11.65 since the merger was completed.

FOA Price Action: Shares of Finance of America are up 22% to $8.91 at publication time.