Atlanticus Holdings Corp Stock Price, News & Analysis

Atlanticus Holdings (NASDAQ: ATLC), a financial technology company, has announced a quarterly dividend for its Series B Cumulative Perpetual Preferred shareholders. The Board of Directors approved a dividend of $0.476563 per share, to be paid on or around September 15, 2024. Shareholders of record at the close of business on September 1, 2024 will be eligible for this cash dividend.

Atlanticus enables its bank, retail, and healthcare partners to offer more inclusive financial services to millions of everyday Americans. This dividend announcement demonstrates the company's commitment to providing returns to its preferred shareholders.

Atlanticus Holdings (NASDAQ: ATLC) reported strong Q2 2024 results with 8.6% growth in total operating revenue to $315.6 million. Key highlights include:

- 11.1% increase in managed receivables to $2.4 billion
- 17.0% return on average equity
- $727.9 million in purchase volume
- 3.6 million total accounts served
- Net income attributable to common shareholders of $18.0 million, or $0.99 per diluted share

The company announced a partnership with Synchrony, expanding access to their platform. Despite tightened credit and moderated consumer spending, Atlanticus achieved double-digit receivables growth and record quarterly purchase volume. The company is implementing strategies to mitigate potential changes in allowable late fees and expects continued growth in managed receivables for the remainder of 2024.

Atlanticus Holdings (NASDAQ: ATLC) has successfully closed a $60 million add-on offering of 9.25% Senior Notes due 2029. The offering, which included a $5 million exercise of the underwriters' option, resulted in net proceeds of approximately $56.5 million after deducting underwriting costs. These Additional Notes will trade under the symbol 'ATLCZ' on Nasdaq and are expected to be fungible with the previously issued $57,250,000 Existing Notes.

The company plans to use the proceeds to redeem a portion of Class B preferred units issued by a subsidiary and/or for general corporate purposes. The offering was made through an effective shelf registration statement and was managed by B. Riley Securities, Janney Montgomery Scott, Lucid Capital Markets, and William Blair & Company as book-running managers.

Atlanticus Holdings (NASDAQ: ATLC) has announced the pricing of its underwritten registered public add-on offering of $55,000,000 aggregate principal amount of 9.25% Senior Notes due 2029. The Additional Notes are priced at $24.70 per note and will be issued as a further issuance of the Company's existing 9.25% Senior Notes due 2029. The underwriters have been granted an option to purchase up to an additional $8,250,000 aggregate principal amount.

The offering is expected to close on July 26, 2024. Atlanticus plans to use the net proceeds to redeem a portion of Class B preferred units issued by a subsidiary and/or for general corporate purposes. The Additional Notes are expected to trade on Nasdaq under the symbol 'ATLCZ' and have received an 'A' rating from Egan-Jones Ratings Company.

Atlanticus Holdings (NASDAQ: ATLC) has announced an underwritten registered public add-on offering of its 9.25% Senior Notes due 2029. This offering will be an addition to the existing $57,250,000 aggregate principal amount of notes previously issued. The company plans to use the net proceeds to redeem a portion of Class B preferred units issued by a subsidiary and/or for general corporate purposes.

The Additional Notes are expected to be fungible with the Existing Notes for U.S. federal income tax purposes and will trade on Nasdaq under the symbol 'ATLCZ'. Atlanticus and this issuance received an 'A' rating from Egan-Jones Ratings Company. The offering is being made through a shelf registration statement and will be managed by B. Riley Securities, Janney Montgomery Scott, Lucid Capital Markets, and William Blair & Company as book-running managers.

Synchrony (NYSE: SYF) has announced an enhanced partnership with Atlanticus Holdings (NASDAQ: ATLC) focusing on second look financing solutions. This partnership will provide preferred second look financing for private label credit cards and installment loans under the Fortiva brand. The collaboration aims to increase sales and brand loyalty for Synchrony merchants by offering more customers access to credit. This program will streamline enrollment processes and offer favorable merchant pricing. The initiative is expected to attract a broader customer base, including underserved populations. The partnership, which began in 2019, leverages Atlanticus' analytics and technology to offer inclusive financial solutions and potentially allow customers to graduate to Synchrony credit products.

Atlanticus Holdings (NASDAQ: ATLC) announced that its Board of Directors has approved a quarterly cash dividend of $0.476563 per share for Series B Cumulative Perpetual Preferred shareholders.

The dividend will be distributed on or around June 15, 2024, to shareholders on record as of June 1, 2024. Atlanticus is a financial technology company focusing on inclusive financial services for banks, retail, and healthcare partners in the U.S.

Atlanticus Holdings (NASDAQ: ATLC) reported an 11.2% growth in total operating revenue for the first quarter of 2024, with managed receivables increasing by 12.8% to $2.3 billion. The company served over 3.5 million accounts, generating a return on average shareholders' equity of 19.6%. Net income attributable to common shareholders was $19.9 million, or $1.09 per diluted common share. Despite challenges such as higher delinquency rates and a changing regulatory environment, Atlanticus remains focused on achieving target returns and expanding its platform.