Consumer Portfolio Services (CPSS) to Buyback $10.00 million in Outstanding Shares

Consumer Portfolio Services (NASDAQ:CPSS) declared that its board has authorized a stock repurchase program, which permits the company to buyback $10.00 million in outstanding shares on Monday, July 24th, EventVestor reports. This buyback authorization permits the credit services provider to reacquire up to 9.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Shares of Consumer Portfolio Services (NASDAQ:CPSS) opened at 4.02 on Friday. The firm’s 50-day moving average is $4.47 and its 200 day moving average is $4.71. Consumer Portfolio Services has a one year low of $3.72 and a one year high of $6.05. The firm has a market capitalization of $92.77 million, a P/E ratio of 4.77 and a beta of 1.72.

Consumer Portfolio Services (NASDAQ:CPSS) last issued its earnings results on Monday, July 24th. The credit services provider reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by $0.01. Consumer Portfolio Services had a return on equity of 12.90% and a net margin of 5.49%. The firm had revenue of $110.07 million during the quarter, compared to the consensus estimate of $110.31 million. Equities research analysts predict that Consumer Portfolio Services will post $0.69 earnings per share for the current year.

Separately, Zacks Investment Research raised shares of Consumer Portfolio Services from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 20th.

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In related news, major shareholder Second Curve Capital Llc sold 10,000 shares of the stock in a transaction 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 legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders sold 20,000 shares of company stock worth $90,050. 37.50% of the stock is owned by company insiders.

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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