Shares of real estate finance company Velocity Financial, Inc. (NYSE: VEL) closed nearly 0.5% higher on Friday after the company released fourth-quarter 2021 earnings guidance that beat estimates.
Velocity expects to report adjusted EPS of between $0.29 and $0.30, compared to analyst expectations of $0.23.
As of December 31, 2021, total loans held for investment are expected to be around $2.5 billion in unpaid principal balance (UPB), up from $2.3 billion as of September 30, 2021.
Nonperforming loans are projected to range between 10.3% and 10.8% of total loans.
About Velocity Financial
Headquartered in California, Velocity Financial is a vertically-integrated real estate finance company that originates and manages investor loans secured by 1-4 unit residential rental and commercial properties.
Price Target
Overall, the stock has a Strong Buy consensus rating based on 3 Buys. The average Velocity Financial stock price forecast of $15.67 implies 21.8% upside potential. Shares have gained 78.8% over the past year.
The company is scheduled to release its fourth-quarter results on March 10, 2022, after the market close.
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