Consumer Portfolio Services, Inc. (CPSS) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS
Consumer Portfolio Services, Inc. (NASDAQ:CPSS) issued its earnings results on Monday, July 24th. The credit services provider reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.01, Bloomberg Earnings reports. Consumer Portfolio Services had a return on equity of 12.76% and a net margin of 5.49%. The firm had revenue of $110.07 million during the quarter, compared to analysts’ expectations of $110.31 million.
Shares of Consumer Portfolio Services (NASDAQ CPSS) traded up 0.25% during midday trading on Friday, hitting $4.00. The company had a trading volume of 24,391 shares. The company has a 50-day moving average of $4.28 and a 200 day moving average of $4.60. Consumer Portfolio Services has a 12 month low of $3.72 and a 12 month high of $6.05. The firm has a market capitalization of $90.93 million, a PE ratio of 4.75 and a beta of 1.70.
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Separately, Zacks Investment Research cut Consumer Portfolio Services from a “hold” rating to a “sell” rating in a report on Wednesday, July 26th.
In related news, major shareholder Second Curve Capital Llc sold 10,000 shares of the business’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $4.52, for a total transaction of $45,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 50,000 shares of company stock valued at $206,150 over the last three months. 37.50% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC increased its stake in shares of Consumer Portfolio Services by 1.8% in the fourth quarter. Renaissance Technologies LLC now owns 517,900 shares of the credit services provider’s stock worth $2,652,000 after buying an additional 9,100 shares during the period. Algert Global LLC increased its stake in shares of 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 during the period. Oxford Asset Management acquired a new stake in shares of Consumer Portfolio Services during the first quarter worth about $230,000. Continental Advisors LLC increased its stake in shares of Consumer Portfolio Services by 1.0% in the first quarter. Continental Advisors LLC now owns 1,036,309 shares of the credit services provider’s stock worth $4,881,000 after buying an additional 10,000 shares during the period. Finally, UBS Group AG increased its stake in shares of Consumer Portfolio Services by 1,213.0% in the first quarter. UBS Group AG now owns 24,882 shares of the credit services provider’s stock worth $117,000 after buying an additional 22,987 shares during the period. 48.13% of the stock is owned by institutional investors.
Consumer Portfolio Services announced that its Board of Directors has authorized a share repurchase program on Monday, July 24th that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the credit services provider to repurchase up to 9.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
About Consumer Portfolio Services
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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