Velocity Financial jumps after Q4 preliminary results

Shares of lender Velocity Financial VEL.N rise 7.22% to $20.79 after Q4 preliminary unaudited results

Co expects net income of at least $35 million, an increase of at least 70%

Separately, co announced $500 million of senior notes due 2031

Co will use about $222.7 million of the money to redeem their 7.125% senior secured notes due 2027

The remaining money will go towards normal company needs such as paying down borrowings on warehouse repurchase and funding an acquisition

Two of three analysts rate stock "strong buy" or "buy" and 1 "sell"; their median PT is $22 - data compiled by LSEG

Including session's move, VLE up 11.7% in the last 12 months