Welcome to our dedicated page for Oportun Financial news (Ticker: OPRT), a resource for investors and traders seeking the latest updates and insights on Oportun Financial stock.
Oportun Financial Corporation (Nasdaq: OPRT) is a mission-driven fintech company dedicated to providing responsible and affordable financial services, particularly to individuals with limited or no credit history. Formerly known as Progreso Financiero, Oportun focuses on empowering the underserved Hispanic community in the United States through advanced data analytics and technology.
Oportun’s suite of financial products includes personal loans, auto loans, unsecured personal loans, and secured personal loans. Additionally, the company offers deposit accounts, debit card services, and other transaction services to its customers. Oportun operates over 170 locations across California, Illinois, Texas, Utah, and Nevada, with a commitment to delivering a supportive service experience through bilingual staff and multi-channel support.
In recent news, Oportun entered into a $400 million whole loan flow sale agreement with Castlelake, an experienced investor in the consumer credit sector, to acquire personal loan production from Oportun over the next 12 months. This strategic relationship underscores the sustained strong demand for Oportun's lending products among institutional investors and is expected to bolster Oportun's mission of financial inclusion.
Since its inception, Oportun has provided over $17.8 billion in responsible credit, helping members save more than $2.4 billion in interest and fees. The company is also leveraging artificial intelligence to enhance its borrowing, saving, and budgeting capabilities, thereby aiding its 2.2 million members in building better financial futures.
Despite some challenges, including an 82% decline in stockholder return since its IPO in late 2019, Oportun's core business remains robust. The company’s leadership is under scrutiny from significant shareholders like Findell Capital Management, who are urging more decisive actions to unlock shareholder value.
For more detailed information on Oportun Financial Corporation and its latest developments, visit their website at Oportun.com.
Oportun Financial Corporation announced its largest bond issuance to date, totaling $500 million of three-year asset-backed notes. This offering includes four classes of fixed-rate notes, rated by DBRS and Kroll Bond Rating Agency. The issuance was oversubscribed, indicating strong investor confidence in Oportun's loan quality. The average fixed interest rate was 2.05% per annum. CFO Jonathan Coblentz highlighted the deal's pivotal role in enhancing funding flexibility for future growth, while CEO Raul Vazquez emphasized their mission to serve underserved consumers.
Oportun Financial Corporation (Nasdaq: OPRT) reported a strong first quarter for 2021, with a GAAP diluted EPS of $0.10 and adjusted EPS of $0.41, marking a significant improvement from a net loss of $13.3 million a year ago. Total revenue decreased to $135.3 million compared to $163.4 million in 2020, primarily due to lower loan originations, which fell 23% year-over-year to $335.2 million. The 30+ day delinquency rate improved to 3.0%, down from 3.8% a year prior. Oportun anticipates aggregate originations of $425 million for Q2 2021, with total revenue guidance of $600-$605 million for the full year.
Oportun Financial Corporation (Nasdaq: OPRT) will announce its Q1 2021 financial results on May 6, 2021, after market close. A conference call will be held at 5:00 pm ET for discussion of the results. Oportun leverages an AI-driven digital platform to offer responsible consumer credit, having extended over 4 million loans totaling $10 billion. The company has been recognized as a Community Development Financial Institution since 2009, emphasizing its commitment to responsible lending practices.
Oportun Financial Corporation (Nasdaq: OPRT) announced the milestone of originating over 4 million loans totaling $10 billion, primarily aimed at underserved consumers. Utilizing advanced A.I. technology and a proprietary scoring model, Oportun provides affordable credit alternatives, saving customers more than $1.8 billion in interest compared to traditional options. With its approach, the company has assisted more than 890,000 individuals in establishing credit history since its inception in 2006, demonstrating a commitment to enhancing economic equity.
Oportun Financial Corporation announced the issuance of $375 million in two-year asset-backed notes secured by its unsecured personal installment loans. The offering received high ratings from DBRS and Kroll Bond Rating Agency, with a weighted average fixed interest rate of 1.79% per annum. This securitization was oversubscribed, reflecting strong investor confidence, and is the company's largest bond issuance to date. Oportun aims to provide affordable credit to those with limited credit histories, highlighting its innovative A.I.-driven digital platform.
Oportun Financial Corporation (Nasdaq: OPRT) reported Q4 and full year 2020 results showing a net income of $8.5 million or $0.29 per diluted share, down from $23.2 million in Q4 2019. Total revenue fell to $140.8 million from $165.3 million year-over-year, attributed to lower loan originations amid pandemic-induced economic uncertainties. Retail location closures are planned, with 136 locations to be shut down, focusing on digital growth. The Annualized Net Charge-Off Rate increased to 9.4% in Q4, partly due to pandemic impacts. The company hasn’t provided a financial outlook, citing ongoing uncertainties.
Oportun Financial Corporation (Nasdaq: OPRT) is set to announce its fourth-quarter 2020 financial results on February 18, 2021, after market close. A conference call to discuss these results will occur at 5:00 PM ET, accessible via dial-in and webcast. Oportun, a mission-driven Community Development Financial Institution, aims to provide affordable financial services to low- and moderate-income individuals through advanced technology. The company's services enhance creditworthiness and help individuals access new opportunities.
Oportun Financial Corporation (Nasdaq: OPRT) has submitted an application to the OCC to establish Oportun Bank, N.A. This move aims to serve approximately 100 million low- and moderate-income (LMI) consumers across the U.S. as a federally regulated bank. The bank will offer consumer lending and deposit services nationwide with a maximum APR of 36%. Oportun has previously extended over $9.3 billion in credit to LMI communities, saving customers over $1.8 billion in interest and fees. The proposed bank signifies Oportun's commitment to advancing economic equity and financial inclusion.
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