Welcome to our dedicated page for Atlanticus Holdings Corporation news (Ticker: ATLC), a resource for investors and traders seeking the latest updates and insights on Atlanticus Holdings Corporation stock.
Atlanticus Holdings Corporation (NASDAQ: ATLC) is a diversified financial holding company with investments primarily in the financial services sector. Its subsidiaries offer a broad array of financial products and services tailored for the financially underserved consumer credit market. The company's operations are segmented into two primary business units: the Credit as a Service segment and the Auto Finance segment, with the former generating the majority of its revenue.
Atlanticus empowers everyday Americans by enabling bank, retail, and healthcare partners to provide more inclusive financial services. Utilizing proprietary analytics and over 25 years of industry experience, Atlanticus supports lenders in offering a range of consumer loan products, including retail and healthcare private label credit and general-purpose credit cards. These are marketed through multiple channels, such as retail point-of-sale, healthcare point-of-care, direct mail solicitation, internet-based marketing, and third-party partnerships.
Among the latest corporate developments, Atlanticus announced the appointment of Khary Scott as Senior Vice President, Head of Co-Brand Partnership Development. Scott brings over 20 years of experience in financial services, including positions at Capital One, Fundbox, and Imprint.
Recent financial results reflect strong performance and strategic growth. For the third quarter of 2023, managed receivables increased by 12.9% to $2.3 billion, with total accounts served rising to 3.4 million. The company's conservative approach to underwriting has resulted in a reduction in portfolio delinquency rates, contributing to overall financial stability. Atlanticus continues to expand through new retail partnerships and enhanced product offerings.
Looking ahead, Atlanticus is poised for long-term growth, driven by its diversified product platform and strong liquidity position. Despite the challenges posed by economic uncertainties, the company is well-positioned to capture market opportunities by serving consumers who are often overlooked by traditional banks.
For the fourth quarter of 2023, Atlanticus reported a 14.9% increase in operating revenue, totaling $308.6 million, and a 13.7% rise in managed receivables to $2.4 billion. This growth is attributed to the expansion of private label credit and general-purpose credit card products offered by its bank partners. The company's general-purpose credit card portfolio also showed robust growth, reflecting the strength of its omnichannel origination platform.
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