PLANO, Texas - Finance of America Companies Inc. (NYSE: FOA), known for its home equity-based financial solutions for retirement and currently valued at $537 million in market capitalization, announced the appointment of Andrew Essex and former U.S. Senator Cory Gardner to its Board of Directors. The company, which has demonstrated strong performance with a 225% return over the past year according to InvestingPro data, continues to strengthen its leadership team. The company, which specializes in products designed to provide financial security for senior homeowners, aims to bolster its expertise in marketing, public policy, and strategic growth through these new appointments. With an impressive gross profit margin of 80% and a healthy current ratio indicating strong liquidity, FOA demonstrates solid financial fundamentals. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available through their comprehensive Pro Research Report, part of their coverage of over 1,400 US equities.
Andrew Essex, the former CEO of the influential advertising agency Droga5, brings a wealth of marketing and branding experience. His background in media and communications is expected to enhance FOA’s consumer engagement and brand positioning efforts. Cory Gardner, who served as a U.S. Senator from Colorado from 2015 to 2021, offers extensive knowledge in legislative affairs and financial services. His insights are anticipated to aid FOA in navigating the financial landscape and building relationships with policymakers and industry stakeholders.
Brian Libman, Chairman and Founder of FOA, expressed excitement about the new additions to the board, highlighting their respective expertise in marketing and public policy as key to the company’s continued growth and advocacy for responsible financial solutions.
FOA continues to focus on providing industry-leading solutions to retirees, seeking to leverage the knowledge and experience of Essex and Gardner to further its mission and drive long-term growth. Recent financial data shows promising momentum, with revenue growth of 44% in the last twelve months and analysts projecting continued profitability for the coming year. InvestingPro subscribers have access to 8 additional key insights about FOA’s financial health and growth prospects.
The company’s forward-looking statements indicate plans for the new board members to contribute to the performance and financial results of the business. However, these statements are subject to various risks and uncertainties, as detailed in the company’s recent SEC filings.
This expansion of FOA’s board comes as part of its ongoing commitment to serving the financial needs of the aging population, aiming to ensure a secure and comfortable retirement for its clients. The information for this article is based on a press release statement from Finance of America Companies Inc.
In other recent news, Finance of America Companies Inc. reported its financial results for the fourth quarter of 2024, highlighting a net loss of $143 million, or $5.95 per share, despite significant year-over-year improvements in other key metrics. The company achieved a full-year GAAP net income increase of $200 million, with adjusted EPS rising by 116%. Additionally, full-year adjusted net income was $14 million, and adjusted EBITDA reached $60 million. In a separate development, UBS analyst Doug Harter adjusted the price target for Finance of America shares from $29.00 to $25.00 while maintaining a Neutral rating. This adjustment reflects a valuation approach based on 7.1 times the firm’s projected adjusted earnings per share for 2026. Despite the positive annual performance, Finance of America’s stock experienced a 17.5% decline in aftermarket trading following the earnings announcement. The company plans to launch a new marketing platform in the second quarter of 2025, projecting an origination volume increase of 26-42% for the year.
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