Consumer Portfolio Services (NASDAQ:CPSS) Initiates Share Buyback Plan

Consumer Portfolio Services (NASDAQ:CPSS) announced that its board has authorized a stock repurchase plan, which authorizes the company to repurchase $10.00 million in shares on Monday, July 24th, EventVestor reports. This repurchase authorization authorizes the credit services provider to reacquire up to 9.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Separately, Zacks Investment Research cut shares of Consumer Portfolio Services from a “hold” rating to a “sell” rating in a research report on Thursday, April 20th.

Consumer Portfolio Services (NASDAQ:CPSS) opened at 4.00 on Monday. Consumer Portfolio Services has a 52 week low of $3.72 and a 52 week high of $6.05. The company has a market cap of $90.93 million, a price-to-earnings ratio of 4.75 and a beta of 1.70. The stock has a 50 day moving average of $4.46 and a 200 day moving average of $4.69.

Consumer Portfolio Services (NASDAQ:CPSS) last released its earnings results on Monday, July 24th. The credit services provider reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by $0.01. Consumer Portfolio Services had a return on equity of 9.58% and a net margin of 4.15%. The business had revenue of $110.07 million for the quarter, compared to analysts’ expectations of $110.31 million. Equities research analysts predict that Consumer Portfolio Services will post $0.69 earnings per share for the current fiscal year.

In other 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 stock was sold at an average price of $4.52, for a total value of $45,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 20,000 shares of company stock valued at $90,050 over the last ninety days. Corporate insiders own 37.50% of the company’s stock.

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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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