Consumer Portfolio Services, Inc. (CPSS) Announces Quarterly Earnings Results
Consumer Portfolio Services, Inc. (NASDAQ:CPSS) announced its earnings results on Monday. The credit services provider reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17, Zacks reports. The business had revenue of $109.49 million for the quarter, compared to analysts’ expectations of $112.39 million. Consumer Portfolio Services had a return on equity of 12.76% and a net margin of 5.49%.
Shares of Consumer Portfolio Services (NASDAQ CPSS) traded up 2.71% on Tuesday, reaching $4.55. The company’s stock had a trading volume of 49,552 shares. The firm has a 50 day moving average price of $4.50 and a 200-day moving average price of $4.41. The stock has a market cap of $103.43 million, a PE ratio of 5.40 and a beta of 1.63. Consumer Portfolio Services has a 12-month low of $3.66 and a 12-month high of $6.05.
Consumer Portfolio Services declared that its Board of Directors has initiated a stock repurchase program on Monday, July 24th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the credit services provider to repurchase up to 9.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
Several brokerages have issued reports on CPSS. Zacks Investment Research cut Consumer Portfolio Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 26th. Jefferies Group LLC reissued a “buy” rating and issued a $6.00 target price on shares of Consumer Portfolio Services in a research report on Thursday, September 7th.
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In other news, major shareholder Second Curve Capital Llc sold 15,000 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $3.97, for a total value of $59,550.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders sold 35,000 shares of company stock worth $138,750 over the last three months. Corporate insiders own 37.50% 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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