Steel Partners Holdings L.P. Reduces Holdings in Green Dot Corporation $GDOT

Key Points

• Steel Partners Holdings cut its Green Dot stake by 67.4% in the first quarter, selling 2,542,561 shares and retaining 1,230,439 shares worth approximately $13.8 million.
• Institutional investors own 92.56% of Green Dot, while several smaller funds initiated or increased positions during recent quarters.
• Analysts have a consensus “Hold” rating with an average price target of $16.12. Green Dot’s latest quarterly results exceeded expectations, reporting $1.12 in EPS versus the $0.88 consensus and revenue of $652.03 million.

Steel Partners Holdings L.P. lowered its stake in shares of Green Dot Corporation (NYSE:GDOT - Free Report) by 67.4% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,230,439 shares of the financial services provider's stock after selling 2,542,561 shares during the period. Green Dot makes up 14.3% of Steel Partners Holdings L.P.'s investment portfolio, making the stock its 3rd biggest holding. Steel Partners Holdings L.P. owned about 2.17% of Green Dot worth $13,806,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Summit Securities Group LLC bought a new position in Green Dot during the fourth quarter valued at about $66,000. Tower Research Capital LLC TRC raised its holdings in Green Dot by 23.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,504 shares of the financial services provider's stock valued at $70,000 after acquiring an additional 1,221 shares in the last quarter. Caxton Associates LLP bought a new stake in shares of Green Dot in the 1st quarter worth approximately $96,000. OLD National Bancorp IN bought a new stake in shares of Green Dot in the 4th quarter worth approximately $128,000. Finally, DRW Securities LLC bought a new stake in shares of Green Dot in the 4th quarter worth approximately $154,000. Institutional investors own 92.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on GDOT shares. Weiss Ratings restated a "sell (d-)" rating on shares of Green Dot in a research report on Friday, July 17th. Zacks Research cut Green Dot from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $16.12.

Green Dot Stock Performance

NYSE GDOT opened at $13.27 on Monday. Green Dot Corporation has a twelve month low of $9.31 and a twelve month high of $15.41. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.07. The stock has a market cap of $752.14 million, a P/E ratio of -10.05 and a beta of 0.83. The company's 50-day simple moving average is $13.08 and its 200 day simple moving average is $12.31.

Green Dot (NYSE:GDOT - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The financial services provider reported $1.12 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.24. Green Dot had a negative net margin of 3.25% and a positive return on equity of 7.56%. The firm had revenue of $652.03 million during the quarter, compared to analysts' expectations of $597.39 million. As a group, research analysts forecast that Green Dot Corporation will post 1.33 earnings per share for the current fiscal year.

Green Dot Company Profile

Green Dot Corporation NYSE: GDOT is a financial technology and bank holding company that provides prepaid debit cards, cash reload processing services and consumer banking products through its subsidiary, Green Dot Bank. The firm offers reloadable prepaid cards under its own brand and through partnerships with retailers, payments networks and banks. In addition to consumer-focused prepaid card accounts, Green Dot delivers payroll card services, government disbursement programs and B2B payment solutions that enable businesses to distribute funds digitally to end users.

Founded in 1999 by Steve Streit and headquartered in Austin, Texas, Green Dot began as a prepaid MasterCard provider sold through retail outlets.

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