Atlanticus (NASDAQ:ATLC) Trading Down 5.2% - Here's What Happened

Key Points

• Atlanticus Holdings Corporation experienced a 5.2% decline in stock price, trading between $59.00 and $57.79, with a significant drop in trading volume compared to the average.
• Multiple analysts have increased their price targets for Atlanticus, with B. Riley raising their target from $70.00 to $90.00 and JMP Securities moving theirs from $78.00 to $95.00, indicating a strong outlook for the company.
• The company announced a quarterly dividend of $0.4766 per share, representing an annualized yield of 3.3%, reflecting a commitment to returning value to shareholders.

Atlanticus Holdings Corporation (NASDAQ:ATLC - Get Free Report)'s stock price dropped 5.2% during mid-day trading on Tuesday . The company traded as low as $59.00 and last traded at $57.79. Approximately 11,987 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 59,093 shares. The stock had previously closed at $60.97.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ATLC shares. B. Riley lifted their price objective on Atlanticus from $70.00 to $90.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Wall Street Zen upgraded shares of Atlanticus from a "buy" rating to a "strong-buy" rating in a report on Friday. Citigroup restated an "outperform" rating on shares of Atlanticus in a report on Thursday, September 18th. JMP Securities increased their target price on Atlanticus from $78.00 to $95.00 and gave the company a "market outperform" rating in a report on Thursday, September 18th. Finally, BTIG Research reiterated a "buy" rating and issued a $84.00 price objective on shares of Atlanticus in a report on Thursday, September 11th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $76.60.

Atlanticus Trading Down 4.7%

The firm has a market cap of $878.83 million, a price-to-earnings ratio of 10.19 and a beta of 2.00. The business has a 50 day moving average price of $61.97 and a 200-day moving average price of $55.67. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.55.

Atlanticus (NASDAQ:ATLC - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The credit services provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.21. Atlanticus had a return on equity of 24.20% and a net margin of 8.51%.The company had revenue of $393.82 million for the quarter, compared to the consensus estimate of $373.87 million. As a group, research analysts expect that Atlanticus Holdings Corporation will post 4.49 EPS for the current fiscal year.

Atlanticus Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 1st were paid a $0.4766 dividend. This represents a $1.91 dividend on an annualized basis and a yield of 3.3%.

Insider Transactions at Atlanticus

In related news, Director Deal W. Hudson sold 2,000 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $62.39, for a total value of $124,780.00. Following the completion of the transaction, the director directly owned 61,092 shares of the company's stock, valued at $3,811,529.88. This represents a 3.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 51.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Atlanticus

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. New York State Teachers Retirement System boosted its stake in Atlanticus by 151.5% during the 2nd quarter. New York State Teachers Retirement System now owns 503 shares of the credit services provider's stock valued at $28,000 after purchasing an additional 303 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Atlanticus during the 1st quarter valued at $56,000. Jones Financial Companies Lllp bought a new position in Atlanticus during the 1st quarter valued at $71,000. US Bancorp DE bought a new position in Atlanticus during the 1st quarter valued at $74,000. Finally, BNP Paribas Financial Markets boosted its stake in Atlanticus by 334.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,735 shares of the credit services provider's stock valued at $95,000 after purchasing an additional 1,336 shares in the last quarter. 14.15% of the stock is owned by institutional investors.

About Atlanticus

Atlanticus Holdings Corporation, a financial technology company, provides credit and related financial services and products to customers the United States. It operates in two segments, Credit as a Service, and Auto Finance. The Credit as a Service segment originates a range of consumer loan products, such as private label and general purpose credit cards originated by lenders through various channels, including retail and healthcare, direct mail solicitation, digital marketing, and partnerships with third parties; and offers credit to their customers for the purchase of various goods and services, including consumer electronics, furniture, elective medical procedures, healthcare, and home-improvements by partnering with retailers, healthcare providers, and other service providers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.