Shares of Velocity Financial, LLC (VEL) surged 5.77% in the pre-market session on Friday, following the company's strong fourth-quarter and full-year 2024 financial results. The robust performance and positive outlook led analysts to reiterate their Buy ratings on the stock.
Velocity Financial reported a 37% increase in net revenue for the fourth quarter, driven by an 18.2% rise in loan originations totaling $563.5 million. The company's pre-tax return on equity (ROE) reached an impressive 26.8% in Q4, reflecting its profitable business model. Additionally, the company's total loan portfolio grew to $5.1 billion as of December 31, 2024, with a weighted average coupon of 9.53%.
Analysts at JMP Securities reiterated their Buy rating on Velocity Financial and set a price target of $21.00, citing the company's strong performance and growth prospects. In particular, the analysts highlighted the company's ability to capitalize on the tight lending environment by banks, securing larger commercial loan opportunities.
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