Wellington Management Group LLP Trims Stock Holdings in Atlanticus Holdings Corporation $ATLC

Key Points

• Wellington Management reduced its Atlanticus stake by 30.8% in the second quarter, selling 232,316 shares and retaining 522,642 shares worth approximately $53.4 million. Institutional investors collectively own 14.15% of the company.
• Analyst sentiment remains positive, with Atlanticus carrying a “Moderate Buy” consensus rating and a $129 average price target. Price targets range from $100 to $179.
• Atlanticus exceeded quarterly expectations, reporting $2.50 earnings per share versus the $2.42 consensus and revenue of $744.31 million versus estimates of $716.35 million. Meanwhile, insiders sold 75,000 shares worth about $7.9 million over the past three months.

Wellington Management Group LLP lowered its stake in shares of Atlanticus Holdings Corporation (NASDAQ:ATLC - Free Report) by 30.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 522,642 shares of the credit services provider's stock after selling 232,316 shares during the period. Wellington Management Group LLP owned 3.45% of Atlanticus worth $53,440,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Atlanticus during the 2nd quarter worth about $43,535,000. Philadelphia Financial Management of San Francisco LLC acquired a new position in shares of Atlanticus in the second quarter valued at approximately $9,161,293. Denali Advisors LLC purchased a new position in shares of Atlanticus during the second quarter valued at approximately $2,032,000. HB Wealth Management LLC lifted its stake in shares of Atlanticus by 1,761.6% during 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 buying an additional 112,407 shares during the period. Finally, Empowered Funds LLC acquired a new stake in Atlanticus during the second quarter worth approximately $7,286,000. Hedge funds and other institutional investors own 14.15% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on ATLC shares. Zacks Research downgraded Atlanticus from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. William Blair set a $100.00 price objective on Atlanticus in a research report on Wednesday, June 10th. Wall Street Zen upgraded Atlanticus from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Capital One Financial set a $144.00 target price on Atlanticus in a research report on Monday, July 13th. Finally, BTIG Research raised their price target on Atlanticus from $105.00 to $179.00 and gave the stock a "buy" rating in a research note on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Atlanticus presently has an average rating of "Moderate Buy" and a consensus price target of $129.00.

Insider Buying and Selling at Atlanticus

In other news, CEO Jeffrey A. Howard sold 10,000 shares of the firm's 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 transaction, the chief executive officer owned 663,265 shares of the company's stock, valued at approximately $68,322,927.65. This trade represents a 1.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mitchell Saunders sold 10,000 shares of Atlanticus 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 transaction, the chief accounting officer owned 46,273 shares in the company, valued at $4,729,100.60. The trade was a 17.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 75,000 shares of company stock valued at $7,868,627. 51.00% of the stock is currently owned by corporate insiders.

Atlanticus Price Performance

ATLC stock opened at $96.71 on Friday. The stock has a 50-day moving average price of $99.11 and a two-hundred day moving average price of $80.77. Atlanticus Holdings Corporation has a 12-month low of $47.50 and a 12-month high of $114.34. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.99. The company has a market cap of $1.47 billion, a PE ratio of 12.58 and a beta of 2.02.

Atlanticus (NASDAQ:ATLC - Get Free Report) last released 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. The business had revenue of $744.31 million for the quarter, compared to analyst estimates of $716.35 million. Atlanticus had a return on equity of 25.17% and a net margin of 5.80%. As a group, research analysts predict that Atlanticus Holdings Corporation will post 9.48 EPS for the current year.

Atlanticus Company Profile

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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