Share Buyback Program Declared by Consumer Portfolio Services (CPSS) Board

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

Separately, Zacks Investment Research cut shares of Consumer Portfolio Services from a “hold” rating to a “sell” rating in a research report on Wednesday, July 26th.

Consumer Portfolio Services (NASDAQ:CPSS) traded up 0.76% during midday trading on Friday, hitting $4.00. 91,281 shares of the stock traded hands. The company’s 50-day moving average is $4.46 and its 200-day moving average is $4.69. The company has a market cap of $90.93 million, a PE ratio of 4.75 and a beta of 1.70. Consumer Portfolio Services has a one year low of $3.72 and a one year high of $6.05.

Consumer Portfolio Services (NASDAQ:CPSS) last announced its quarterly earnings data on Monday, July 24th. The credit services provider reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.01. The business had revenue of $110.07 million during the quarter, compared to analyst estimates of $110.31 million. Consumer Portfolio Services had a return on equity of 12.76% and a net margin of 5.49%. Equities research analysts expect that Consumer Portfolio Services will post $0.69 EPS for the current fiscal year.

In other 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 shares were 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 is available at this link. Insiders sold a total of 20,000 shares of company stock worth $90,050 in 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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