Consumer Portfolio Services, Inc. (CPSS) Upgraded by Zacks Investment Research to Hold
Consumer Portfolio Services, Inc. (NASDAQ:CPSS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “CONSUMER PORTFOLIO SERVICES is a consumer finance company that specializes in purchasing, selling, and servicing contracts with purchases of vechicles who are sub prime borrowers and are unable to obtain credit from traditional sources. “
Shares of Consumer Portfolio Services (NASDAQ CPSS) traded up 0.25% during mid-day trading on Friday, reaching $4.00. 24,391 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $4.29 and a 200-day moving average price of $4.61. Consumer Portfolio Services has a 1-year low of $3.72 and a 1-year high of $6.05. The company has a market capitalization of $90.93 million, a P/E ratio of 4.75 and a beta of 1.70.
Consumer Portfolio Services (NASDAQ:CPSS) last issued its quarterly earnings data on Monday, July 24th. The credit services provider reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.01. Consumer Portfolio Services had a net margin of 5.49% and a return on equity of 12.76%. The company had revenue of $110.07 million during the quarter, compared to the consensus estimate of $110.31 million. On average, equities research analysts forecast that Consumer Portfolio Services will post $0.69 earnings per share for the current fiscal year.
Consumer Portfolio Services declared that its Board of Directors has approved a stock buyback program on Monday, July 24th that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the credit services provider to repurchase up to 9.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
In other Consumer Portfolio Services news, major shareholder Second Curve Capital Llc sold 10,000 shares of Consumer Portfolio Services stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $4.52, for a total value of $45,200.00. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 50,000 shares of company stock worth $206,150. Company insiders own 37.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. UBS Group AG increased its position 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 valued at $117,000 after buying an additional 22,987 shares in the last quarter. Algert Global LLC increased its position 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 valued at $150,000 after buying an additional 3,450 shares in the last quarter. Hancock Holding Co. increased its position in shares of Consumer Portfolio Services by 23.4% in the first quarter. Hancock Holding Co. now owns 37,570 shares of the credit services provider’s stock valued at $177,000 after buying an additional 7,120 shares in the last quarter. Oxford Asset Management acquired a new position in shares of Consumer Portfolio Services during the first quarter valued at approximately $230,000. Finally, Spark Investment Management LLC increased its position in shares of Consumer Portfolio Services by 53.2% in the second quarter. Spark Investment Management LLC now owns 61,600 shares of the credit services provider’s stock valued at $280,000 after buying an additional 21,400 shares in the last quarter. 48.13% of the stock is currently owned by institutional investors.
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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