Home Point stock dips 17.7% after it reports $149M 1st quarter profit
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Home Point Capital Inc. shares tumbled 17.7% in afternoon trading after the Ann Arbor-based mortgage lender missed Wall Street expectations despite a booming housing market.
The company reported revenue of $422 million in the first three months of 2021, more than five times that received in the prior-year quarter. But it missed analyst expectations by nearly $42 million, according to financial news website Seeking Alpha. The $1.07 earnings per share, however, surpassed expectation by 37 cents.
Home Point reported a profit of $149 million in the first quarter after losing money during the same period in 2020. It originated a record $29.4 billion in loan volume, more than two-and-a-half times the amount it originated during the first quarter last year, as historically low interest rates spurred refinancing activity and home purchases.
Need to know: Gilberts donation, Factory Zero plans and more news of the week
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“Our ultimate goal is to drive lasting financial stability while creating a more diverse and equitable community,” Jennifer Gilbert said of the $30 million gift to Cranbrook Academy of Art.
GILBERTS DONATE $30M TO CRANBROOK ART ACADEMY
THE NEWS: Jennifer and Dan Gilbert have donated $30 million to the Cranbrook Academy of Art to help make the private graduate school more accessible to underrepresented racial and ethnic groups. The gift, made directly by the founder and chairman of Detroit-based Rocket Companies Inc. and his entrepreneur wife, is the largest in the history of the academy and believed to be the largest to a graduate art program in the country.
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“Our ultimate goal is to drive lasting financial stability while creating a more diverse and equitable community,” Jennifer Gilbert said of the $30 million gift to Cranbrook Academy of Art.
Jennifer and Dan Gilbert have donated $30 million to the Cranbrook Academy of Art to help make the private graduate school more accessible to underrepresented racial and ethnic groups.
The gift, made directly by the founder and chairman of Detroit-based Rocket Companies Inc. and his entrepreneur wife, is the largest in the history of the academy and believed to be the largest to a graduate art program in the country.
It will fund 20 full-tuition fellowships for underrepresented students and establish a permanent endowment to fund the fellowships in perpetuity, according to a news release Tuesday. It also will fund visiting faculty artists over the next five years, focusing on artists of color, as well as engagement projects by diverse artists including women and members of the LGBTQI
Gilberts company sells $500 million in Rocket stock to fund Detroit philanthropy
Gilberts company sells $500 million in Rocket stock to fund Detroit philanthropy
Chad Livengood/Crain s Detroit Business
Billionaire mortgage mogul Dan Gilbert will fund his philanthropic venture with proceeds from a sale of Rocket Companies stock
Billionaire mortgage mogul Dan Gilbert will fund his $500 million Detroit-focused philanthropic initiative with the proceeds from a stock sale earlier this week.
Regulatory filings with the U.S. Securities and Exchange Commission on Wednesday evening show that Rock Holdings Inc., of which Gilbert and his wife, Jennifer, are the majority shareholders, divested 20.2 million shares a sliver of their stake in Rocket Companies Inc.
Rocket Companies Inc (NYSE: RKT) founder Dan Gilbert’s wealth got a $25 billion booster on Tuesday as the holding company gets the attention of retail .