Pinnacle Wealth Management LLC Takes Position in Atlanticus Holdings Corporation $ATLC

Key Points

• Pinnacle Wealth Management LLC has acquired a new position in Atlanticus Holdings Corporation, purchasing 13,263 shares valued at approximately $678,000, making it the firm's 28th biggest holding.
• Renowned analysts have upgraded Atlanticus from "buy" to "strong-buy" and raised price targets, indicating a positive outlook with a consensus rating of "Buy" and an average price target of $63.20.
• The company reported earnings of $1.51 per share, exceeding expectations, with revenues of $393.82 million for the quarter, showcasing strong financial performance.

Pinnacle Wealth Management LLC bought a new position in shares of Atlanticus Holdings Corporation (NASDAQ:ATLC - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 13,263 shares of the credit services provider's stock, valued at approximately $678,000. Atlanticus comprises 0.8% of Pinnacle Wealth Management LLC's holdings, making the stock its 28th biggest position. Pinnacle Wealth Management LLC owned 0.09% of Atlanticus as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in Atlanticus during the 1st quarter worth $387,000. Janney Montgomery Scott LLC acquired a new stake in Atlanticus during the 1st quarter worth about $2,588,000. Millennium Management LLC acquired a new stake in Atlanticus during the 4th quarter worth about $987,000. GAMMA Investing LLC lifted its position in Atlanticus by 28,426.9% during the 1st quarter. GAMMA Investing LLC now owns 7,417 shares of the credit services provider's stock worth $379,000 after acquiring an additional 7,391 shares during the period. Finally, D. E. Shaw & Co. Inc. acquired a new stake in Atlanticus during the 4th quarter worth about $548,000. 14.15% of the stock is currently owned by hedge funds and other institutional investors.

Atlanticus Price Performance

NASDAQ:ATLC traded up $3.50 during trading hours on Friday, hitting $65.57. 60,131 shares of the stock were exchanged, compared to its average volume of 45,268. Atlanticus Holdings Corporation has a 52-week low of $30.00 and a 52-week high of $65.95. The firm's fifty day moving average price is $54.58 and its 200 day moving average price is $53.14. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.55. The company has a market cap of $991.75 million, a P/E ratio of 11.52 and a beta of 1.93.

Atlanticus (NASDAQ:ATLC - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The credit services provider reported $1.51 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 during the quarter, compared to analyst estimates of $373.87 million. As a group, equities research analysts anticipate that Atlanticus Holdings Corporation will post 4.49 EPS for the current fiscal year.

Atlanticus Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be given a $0.4766 dividend. This represents a $1.91 dividend on an annualized basis and a dividend yield of 2.9%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ATLC. JMP Securities boosted their price objective on Atlanticus from $75.00 to $78.00 and gave the company a "market outperform" rating in a report on Tuesday, August 12th. Wall Street Zen raised Atlanticus from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $60.00 price objective (up previously from $52.00) on shares of Atlanticus in a report on Monday, May 12th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $63.20.

Insider Activity

In other news, Director Deal W. Hudson sold 2,000 shares of the company's 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 sale, the director directly owned 61,092 shares in the company, valued at $3,811,529.88. This represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 50.40% of the stock is owned by company insiders.

Atlanticus Company Profile

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.