West Lance, a director at Finance of America Companies Inc. (NYSE:FOA), has reported selling a significant portion of his holdings in the company. According to a recent filing with the Securities and Exchange Commission, Lance sold 40,005 shares of Finance of America's Class A Common Stock, with the transactions occurring on December 4 and 5, 2024. The sale comes amid a remarkable year for FOA, which has seen its stock surge over 127% in the past year, according to InvestingPro data. The shares were sold at prices ranging from $20.46 to $21.20, bringing the total value of the transactions to approximately $837,173.
Following these transactions, Lance now holds 12,280 shares directly. The shares were sold through CDZ Capital Partners (WA:CPAP), LP, where Lance controls investment decisions, though he disclaims beneficial ownership except for his pecuniary interest.
In other recent news, Finance of America reported a strong financial performance in their Third Quarter 2024 Earnings Call. The company's net income reached $204 million, with earnings per share at $8.48, and an adjusted EBITDA of $32 million. Funded volume was also robust, coming in at $513 million, surpassing the projected range of $475 million to $500 million. These numbers were bolstered by significant growth in home equity-based retirement products, particularly the HomeSafe Second product, which saw an 89% increase in volume from the second quarter.
Finance of America also completed a reverse stock split and an exchange offer for 2025 unsecured notes. The company has projected adjusted earnings per share between $2.60 and $3 in 2025. In addition, a $794 million securitization of the HomeSafe product was completed during the quarter, and the company reissued HECM buyout securitizations totaling $705 million in October. These are some of the recent developments that illustrate Finance of America's strategic positioning and growth opportunities in the home equity-based retirement product market.
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