BlackRock Inc. Makes New Investment in Atlanticus Holdings Corporation $ATLC

Key Points

• BlackRock initiated a position in Atlanticus Holdings during the second quarter, acquiring 425,768 shares worth approximately $43.5 million, or 2.82% of the company.
• Atlanticus reported quarterly earnings of $2.50 per share, beating estimates of $2.42, while revenue of $744.3 million also exceeded forecasts.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $126; however, insiders sold 75,000 shares worth roughly $7.9 million during the last quarter.

BlackRock Inc. acquired a new position in Atlanticus Holdings Corporation (NASDAQ:ATLC - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 425,768 shares of the credit services provider's stock, valued at approximately $43,535,000. BlackRock Inc. owned 2.82% of Atlanticus at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of ATLC. Wellington Management Group LLP raised its stake in shares of Atlanticus by 54.7% in the 4th quarter. Wellington Management Group LLP now owns 704,282 shares of the credit services provider's stock valued at $47,152,000 after acquiring an additional 249,100 shares during the period. HB Wealth Management LLC raised its position in Atlanticus by 1,761.6% in the first quarter. HB Wealth Management LLC now owns 118,788 shares of the credit services provider's stock valued at $6,233,000 after purchasing an additional 112,407 shares during the period. Bridgeway Capital Management LLC lifted its stake in shares of Atlanticus by 133.5% during the second quarter. Bridgeway Capital Management LLC now owns 93,234 shares of the credit services provider's stock worth $5,105,000 after purchasing an additional 53,312 shares in the last quarter. UBS Group AG lifted its stake in shares of Atlanticus by 333.2% during the fourth quarter. UBS Group AG now owns 37,582 shares of the credit services provider's stock worth $2,516,000 after purchasing an additional 28,907 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Atlanticus in the second quarter worth about $2,281,000. 14.15% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Atlanticus

In other Atlanticus news, CFO William Mccamey sold 10,000 shares of Atlanticus stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $103.01, for a total value of $1,030,100.00. Following the completion of the transaction, the chief financial officer owned 127,410 shares of the company's stock, valued at $13,124,504.10. The trade was a 7.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Mitchell Saunders sold 10,000 shares of the business's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $102.20, for a total transaction of $1,022,000.00. Following the sale, the chief accounting officer owned 46,273 shares of the company's stock, valued at approximately $4,729,100.60. The trade was a 17.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 75,000 shares of company stock worth $7,868,627 in the last quarter. Insiders own 51.00% of the company's stock.

Atlanticus Trading Down 0.7%

NASDAQ ATLC opened at $90.47 on Tuesday. Atlanticus Holdings Corporation has a 12 month low of $47.50 and a 12 month high of $114.34. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.26 and a quick ratio of 1.26. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of 11.76 and a beta of 2.11. The company's fifty day moving average price is $99.79 and its two-hundred day moving average price is $79.94.

Atlanticus (NASDAQ:ATLC - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The credit services provider reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.42 by $0.08. Atlanticus had a return on equity of 25.17% and a net margin of 5.80%.The firm had revenue of $744.31 million during the quarter, compared to analyst estimates of $716.35 million. As a group, research analysts predict that Atlanticus Holdings Corporation will post 9.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on ATLC shares. Capital One Financial set a $144.00 target price on Atlanticus in a report on Monday, July 13th. Jefferies Financial Group increased their price objective on shares of Atlanticus from $100.00 to $115.00 and gave the company a "buy" rating in a research report on Wednesday, July 8th. B. Riley Financial reiterated a "buy" rating on shares of Atlanticus in a research note on Thursday, May 14th. Texas Capital upgraded shares of Atlanticus from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 13th. Finally, Wall Street Zen raised shares of Atlanticus from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Atlanticus currently has a consensus rating of "Moderate Buy" and an average target price of $126.00.

About Atlanticus

Atlanticus Holdings Corporation is a specialty financial services holding company that provides credit products and solutions to consumers across the United States. Through its subsidiaries, the company offers proprietary credit card programs, installment loan products and deposit accounts designed to serve customers who may have limited access to traditional credit. Atlanticus markets its offerings through a variety of channels, including direct‐to‐consumer online platforms, mail order, call centers and partnerships with retail and e-commerce businesses.

The company underwrites and services credit card portfolios under private-label and co-branded agreements, combining technology‐enabled underwriting with tailored customer service.

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