West Lance, a director at Finance of America Companies Inc. (NYSE:FOA), recently sold 23,245 shares of the company's Class A common stock. The shares were sold at a weighted average price of $22.10, totaling approximately $513,714. This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission. The stock, which has seen a remarkable 286% gain over the past six months, currently trades at $24.19, above the director's sale price.
According to the filing, the shares were sold in multiple transactions at prices ranging from $22.00 to $22.99. Following this sale, Lance no longer holds any shares directly through the entity involved in this transaction, CDZ Capital Partners (WA:CPAP), LP, which he controls indirectly through CDZ Capital Corp. Lance has disclaimed beneficial ownership over these securities, except to the extent of his pecuniary interest. The company, currently valued at $551.69 million, trades at a notably low P/E ratio of 1.74 and maintains a GOOD financial health score according to InvestingPro analysis.
The disclosure provides transparency to investors about the trading activities of company insiders, which can be a factor in investment decisions. For a deeper understanding of FOA's valuation and insider trading patterns, InvestingPro subscribers can access comprehensive research reports and additional financial metrics.
In other recent news, Finance of America (FOA) reported strong third quarter results, with net income reaching $204 million and adjusted EBITDA at $32 million. The company's funded volume hit $513 million, surpassing the projected range of $475 million to $500 million. These figures are accompanied by significant growth in home equity-based retirement products, particularly the HomeSafe Second product, which saw an 89% increase in volume from the previous quarter.
In addition, the company completed a reverse stock split and an exchange offer for 2025 unsecured notes. FOA also completed a $794 million securitization of the HomeSafe product and reissued HECM buyout securitizations totaling $705 million. Looking ahead, Finance of America projects adjusted earnings per share between $2.60 and $3 in 2025, indicating a positive outlook for the company's financial growth.
These developments underline FOA's strategic focus on expanding their home equity-based retirement products and meeting the increasing demand in this market segment.
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