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UWM Holdings Corporation (NYSE:UWMC), a prominent player in the mortgage banking and loan industry with a market capitalization of $8.68 billion and currently trading near its 52-week low of $5.31, announced today a significant change in its executive team. According to InvestingPro data, the company has maintained a strong revenue growth of 13.54% over the last twelve months. The company has appointed Rami Hasani as its new Executive Vice President and Chief Financial Officer, effective as of today, following the departure of the previous CFO, Andrew Hubacker, who has transitioned to a senior advisor role.
Hasani, 44, brings a wealth of experience to the position, having served as Senior Vice President of Financial Reporting, Analysis & Compliance since February 2024. His tenure with UWM Holdings began in November 2020, when he was Vice President of Finance Reporting & Compliance. Before joining the company, Hasani spent 17 years at Deloitte & Touche, LLP, culminating in his role as a Senior Manager in the Advisory practice. A Certified Public Accountant since 2004, Hasani holds a B.S. in accounting from Oakland University.
In recognition of his new role, UWM’s Compensation Committee has approved an increase in Hasani’s base salary to $330,000 and raised his annual bonus target to $250,000 under the company’s Captains Annual Bonus Plan. Additionally, he will receive a long-term incentive plan award equal to 1.5% of the LTIP pool. As part of a one-time promotion award, Hasani will also be granted restricted stock units valued at $1.0 million, which will vest seven years from the grant date. He will be eligible for all benefits and perquisites available to senior executive officers. The company maintains a healthy financial position with a current ratio of 1.8 and rewards shareholders with a significant dividend yield of 7.12%.
The company has stated there are no other arrangements or understandings between Hasani and UWM Holdings or any other persons related to his appointment. Furthermore, there are no family relationships between Hasani and any of the company’s directors or executive officers, nor are there any related party transactions requiring disclosure.
This corporate update is based on information from a press release statement filed with the Securities and Exchange Commission. With the company’s next earnings report scheduled for May 7, 2025, investors seeking deeper insights into UWM Holdings’ financial health and growth prospects can access comprehensive analysis through InvestingPro, which offers exclusive access to detailed financial metrics, Fair Value estimates, and expert analysis among its 13+ key insights for this stock.
In other recent news, UWM Holdings Corp. reported a significant earnings miss for the fourth quarter of 2024. The company posted an earnings per share (EPS) of -$0.2695, which was notably below the forecasted $0.0766. Revenue also fell short of expectations, coming in at $560.21 million against the anticipated $645.47 million. Despite these setbacks, UWM Holdings maintained its position as the largest mortgage company in the U.S., achieving a 29% year-over-year increase in full-year production to $139.4 billion.
In another development, Keefe, Bruyette & Woods upgraded UWM Holdings’ stock rating from Market Perform to Outperform, setting a new price target of $7.50, up from $6.50. This upgrade reflects a potential 19% upside to the current share price, factoring in the company’s annual dividend. The analyst from Keefe, Bruyette & Woods noted UWM Holdings’ strong position in the purchase market and its growing share in the refinancing market as reasons for the upgrade.
The company’s outlook for the first quarter of 2025 includes volume guidance of $28-35 billion and a gain on sale margin guidance of 90-115 basis points. UWM Holdings is optimistic about continued growth in its broker channel, preparing for potential interest rate drops and market shifts. These recent developments indicate a complex landscape for UWM Holdings as it navigates missed earnings expectations alongside strategic market positioning and analyst optimism.
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