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.
Fortiva® Retail Credit has announced a multi-year renewal of its exclusive partnership with Vivint Smart Home to enhance consumer financing options. The renewal aims to expand term lengths and facilitate more approvals for financing among Vivint's customers, building on the success experienced during the pandemic. Atlanticus Services Corporation emphasizes its technology's role in seamless financing transitions, providing inclusive options to a broader customer base.
On September 1, 2021, Atlanticus Holdings Corporation (NASDAQ: ATLC) appointed Linda Brooks as Chief Technology Officer. With over a decade of service at Atlanticus, Brooks will spearhead technology development, enhancing their financial solutions for everyday consumers. President Jeff Howard praised her leadership in launching innovative products and achieving competitive advantages. Atlanticus has a strong foundation, having served over 18 million customers and managed $26 billion in consumer loans since its inception in 1996.
Atlanticus Holdings Corporation (NASDAQ: ATLC) announced a quarterly dividend of $0.49774 per share to Series B Cumulative Perpetual Preferred stockholders, payable on or about September 15, 2021. The record date for this dividend is September 3, 2021. Atlanticus leverages technology and analytics to support financial institutions in offering credit to millions of Americans, with a history of servicing over 18 million customers and managing $26 billion in consumer loans.
Atlanticus Holdings Corporation (NASDAQ: ATLC) reported a 74.4% increase in net income attributable to common shareholders, reaching $32.1 million or $2.12 per share for Q2 2021. This compares favorably to $18.4 million in Q2 2020. Total operating revenue grew 32.6% to $179.5 million, driven by a 38.6% increase in managed receivables, now at $1.2 billion. Customer numbers surged 48.3% to 2.2 million. The company also raised $70 million through Series B preferred stock issuance, enhancing liquidity.
Atlanticus Holdings Corporation announced the closing of its public offering of 388,533 shares of its 7.625% Series B Cumulative Perpetual Preferred Stock at $25.00 per share, generating net proceeds of approximately $9.3 million. The funds will be used for general corporate purposes, including stock repurchases. The offering was managed by B. Riley Securities, Janney Montgomery Scott, and others. This announcement highlights Atlanticus's ongoing strategy to enhance capital and support its financial services aimed at everyday Americans.
Atlanticus Holdings Corporation (NASDAQ: ATLC) announced the redemption of all $16.5 million of its 5.875% convertible senior notes due 2035. The notes will be redeemed at a price of 100% of the principal amount on July 19, 2021. Holders can convert their notes until July 16, 2021, at 5:00 p.m. E.T. This redemption is part of Atlanticus' strategy in managing its financial obligations and capital structure.
Atlanticus Holdings (NASDAQ: ATLC) has successfully closed its underwritten public offering of 2,800,000 shares of 7.625% Series B Cumulative Perpetual Preferred Stock at $25.00 per share, generating approximately $67.2 million in net proceeds. The funds will be used for general corporate purposes, including common stock repurchases. An additional 420,000 shares may be purchased by underwriters within 30 days. Dividends will be paid at a fixed annual rate of 7.625%. The shares are expected to trade on NASDAQ under the symbol 'ATLCP'.
Atlanticus Holdings Corporation (NASDAQ: ATLC) announced a public offering of 2,800,000 shares of 7.625% Series B Cumulative Perpetual Preferred Stock at $25.00 per share, aiming to raise $70 million before expenses. The offering will close around June 11, 2021, with underwriters granted a 30-day option for an additional 420,000 shares. Proceeds will support general corporate purposes, including stock repurchases. The preferred stock is expected to trade under the symbol 'ATLCP' on NASDAQ shortly after the closing.
Atlanticus Holdings Corporation (NASDAQ: ATLC) has announced a public offering of its Series B Cumulative Perpetual Preferred Stock at a liquidation preference of $25.00 per share. The company plans to use the net proceeds for general corporate purposes, including repurchasing common stock. The offering is managed by B. Riley Securities, Janney Montgomery Scott, Ladenburg Thalmann, and William Blair. The offering is part of a shelf registration statement effective since May 13, 2021.
Atlanticus Holdings Corporation (NASDAQ: ATLC) reported a remarkable first quarter of 2021, with net income attributable to common shareholders soaring to $39.4 million, or $2.62 per basic share, marking a 1,377% increase from $2.7 million the previous year. Total operating revenue rose 2.4% to $143.9 million. Managed receivables grew 19.0% to $1.1 billion, serving 1.9 million customers, a 31.7% increase. The combined net charge-off ratio improved significantly, reflecting better financial outcomes for consumers.
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