Consumer Portfolio Services, Inc. (NASDAQ:CPSS) issued its earnings results on Monday, July 24th. The credit services provider reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.01, Bloomberg Earnings reports. Consumer Portfolio Services had a net margin of 5.49% and a return on equity of 12.76%. The firm had revenue of $110.07 million during the quarter, compared to the consensus estimate of $110.31 million.
Consumer Portfolio Services (CPSS) traded up 0.25% during midday trading on Friday, hitting $4.00. 24,391 shares of the stock traded hands. Consumer Portfolio Services has a 52 week low of $3.72 and a 52 week high of $6.05. The stock’s 50-day moving average price is $4.28 and its 200 day moving average price is $4.60. The company has a market capitalization of $90.93 million, a price-to-earnings ratio of 4.75 and a beta of 1.70.
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Separately, Zacks Investment Research downgraded shares of Consumer Portfolio Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 26th.
Consumer Portfolio Services announced that its board has authorized a stock buyback program on Monday, July 24th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the credit services provider to repurchase up to 9.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
In related news, major shareholder Second Curve Capital Llc sold 15,000 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $3.98, for a total value of $59,700.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders sold 50,000 shares of company stock valued at $206,150. 37.50% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of CPSS. Goldman Sachs Group Inc. boosted its stake in shares of Consumer Portfolio Services by 0.6% in the first quarter. Goldman Sachs Group Inc. now owns 70,127 shares of the credit services provider’s stock valued at $330,000 after buying an additional 397 shares during the last quarter. Numeric Investors LLC boosted its position in Consumer Portfolio Services by 0.5% in the second quarter. Numeric Investors LLC now owns 244,034 shares of the credit services provider’s stock worth $1,110,000 after buying an additional 1,329 shares in the last quarter. Algert Global LLC boosted its position in Consumer Portfolio Services by 12.1% in the first quarter. Algert Global LLC now owns 31,928 shares of the credit services provider’s stock worth $150,000 after buying an additional 3,450 shares in the last quarter. Vanguard Group Inc. boosted its position in Consumer Portfolio Services by 0.9% in the second quarter. Vanguard Group Inc. now owns 760,620 shares of the credit services provider’s stock worth $3,461,000 after buying an additional 6,530 shares in the last quarter. Finally, Hancock Holding Co. boosted its position in Consumer Portfolio Services by 17.6% in the second quarter. Hancock Holding Co. now owns 44,185 shares of the credit services provider’s stock worth $201,000 after buying an additional 6,615 shares in the last quarter. Institutional investors own 48.13% of the company’s stock.
Consumer Portfolio Services Company Profile
Consumer Portfolio Services, Inc is a specialty finance company. The Company’s business is to purchase and service retail automobile contracts originated primarily by franchised automobile dealers and by select independent dealers in the United States in the sale of new and used automobiles, light trucks and passenger vans.
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