Bank of New York Mellon Corp Reduces Stake in Consumer Portfolio Services, Inc. (CPSS)

Bank of New York Mellon Corp cut its position in Consumer Portfolio Services, Inc. (NASDAQ:CPSS) by 0.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 90,570 shares of the credit services provider’s stock after selling 555 shares during the period. Bank of New York Mellon Corp owned approximately 0.39% of Consumer Portfolio Services worth $426,000 as of its most recent filing with the SEC.

Separately, Algert Global LLC boosted its stake 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. Hedge funds and other institutional investors own 47.38% of the company’s stock.

Shares of Consumer Portfolio Services, Inc. (NASDAQ CPSS) opened at 4.00 on Friday. The stock has a market cap of $90.93 million, a price-to-earnings ratio of 4.75 and a beta of 1.70. The company has a 50-day moving average price of $4.46 and a 200-day moving average price of $4.69. Consumer Portfolio Services, Inc. has a 1-year low of $3.72 and a 1-year high of $6.05.

Consumer Portfolio Services (NASDAQ:CPSS) last posted its quarterly earnings data on Monday, July 24th. The credit services provider reported $0.17 EPS 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 for the quarter, compared to analyst estimates of $110.31 million. On average, equities analysts expect that Consumer Portfolio Services, Inc. will post $0.69 earnings per share for the current fiscal year.

Consumer Portfolio Services declared that its board has approved a share buyback plan on Monday, July 24th that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the credit services provider to buy up to 9.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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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 firm’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $4.52, for a total transaction of $45,200.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold 20,000 shares of company stock worth $90,050 in the last quarter. Company 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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Institutional Ownership by Quarter for Consumer Portfolio Services (NASDAQ:CPSS)

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