William B. Roberts, a director at Consumer Portfolio Services, Inc. (NASDAQ:CPSS), a $229 million market cap financial services company, recently sold a significant portion of his shares in the company. According to a filing with the Securities and Exchange Commission, Roberts executed three separate transactions over consecutive days, amounting to a total sale of $362,606. InvestingPro data shows the stock has gained over 30% in the past six months.
The first transaction occurred on December 2, 2024, when Roberts sold 10,000 shares at a weighted average price of $10.3332 per share. The shares were sold in a range from $10.25 to $10.34. Following this sale, he retained 724,803 shares.
On the following day, December 3, 2024, Roberts sold an additional 9,725 shares at an average price of $10.5422 per share, with transaction prices ranging from $10.42 to $10.68. After this transaction, his holdings decreased to 715,078 shares.
The final sale took place on December 4, 2024, involving 15,000 shares at an average price of $10.4501, with prices ranging from $10.33 to $10.52. Post-transaction, Roberts' ownership stood at 700,078 shares.
These transactions reflect Roberts' recent activity in the market, and investors may keep a close eye on any further moves by company insiders. InvestingPro subscribers have access to 8 additional ProTips and comprehensive analysis of CPSS's financial health, which currently shows a "GOOD" overall rating.
In other recent news, Consumer Portfolio Services has seen significant developments. The company's third-quarter results for 2024 revealed a 9% year-over-year increase in revenue, reaching $100.6 million, and a 38% surge in origination volume. However, pre-tax earnings and net income fell to $6.9 million and $4.8 million, respectively.
The company also announced the expansion of its credit line from $200 million to $225 million, a move facilitated by Citibank to bolster its auto loan financing business. This amendment became effective on November 1, 2024.
In terms of governance, the company's recent annual shareholder meeting saw the re-election of its nine-member board of directors and the approval of executive compensation. The appointment of Crowe LLP as the independent auditors for the fiscal year ending December 31, 2024, was also ratified.
These recent developments reflect the company's strategic direction, with a focus on technology to improve efficiencies and reduce fraud losses. Consumer Portfolio Services has also made operational improvements including reducing funding times and increasing same-day funding. Despite a slight increase in annualized net charge-offs, the company's fair value portfolio grew to $3.1 billion with an 11.3% yield.
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