Welcome to our dedicated page for Oportun Financial Corporation news (Ticker: OPRT), a resource for investors and traders seeking the latest updates and insights on Oportun Financial Corporation 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 (Nasdaq: OPRT) is set to engage investors at the Jefferies Consumer Conference and East Coast Ideas Conference. CEO Raul Vazquez will lead a fireside chat on June 20, available for viewing at 8 AM ET, for 30 days. Additionally, Oportun will present at the East Coast Ideas Conference on June 22 at 6 AM ET, accessible for 90 days. The webcasts can be found on Oportun’s Investor Relations website. The company, recognized as a Community Development Financial Institution, emphasizes inclusive financial services, having provided over $13 billion in affordable credit.
Oportun (Nasdaq: OPRT) has successfully issued $400 million in two-year revolving asset-backed notes, supported by a pool of unsecured and secured installment loans. This offering features four classes of fixed-rate notes rated by DBRS, with Class A, B, and C attracting a weighted average yield of 5.68%. This transaction underscores Oportun's ability to secure growth capital in challenging markets, reflecting strong investor confidence in its A.I.-driven underwriting capabilities. The Class D bonds will be retained by Oportun, further supporting its existing financing facilities.
Oportun Financial Corporation (Nasdaq: OPRT) reported strong Q1 2022 results, achieving a 139% year-over-year growth in originations and a 59% rise in total revenues, reaching $215 million. Record diluted EPS stood at $1.37, while adjusted EPS was $1.58. The company raised its full-year revenue guidance to $910-$930 million and adjusted EPS guidance to $2.45-$2.56. Membership grew to 1.7 million, driven by increased product adoption. However, the 30+ Day Delinquency Rate rose to 4.5% from 3.0% year-over-year.
Oportun (Nasdaq: OPRT) will announce its first-quarter 2022 financial results on May 9, 2022, after market close. A conference call will follow at 5:00 PM ET, providing an opportunity for investors to discuss the results. Participants are advised to dial in 10 minutes prior to the start. Oportun is a fintech platform that aims to deliver inclusive financial services and has supported over 1.5 million members with more than $12 billion in affordable credit since its inception.
Oportun (Nasdaq: OPRT) announced the appointment of Dorian Hare as SVP of Investor Relations, bringing prior experience from Equifax and Moody's. CEO Raul Vazquez emphasized the importance of effective communication in driving shareholder value amidst the company’s growth potential. Additionally, Casey Mueller has been promoted to Senior VP and Principal Accounting Officer. Oportun reported record revenue of $627 million and Adjusted Net Income of $79 million for 2021, highlighting its successful digital banking strategy and commitment to providing affordable financial services.
Oportun (Nasdaq: OPRT) announced a sale of $228 million in loans through amortizing asset-backed notes, part of a $400 million total issuance. The transaction features loans secured by personal installment loans and achieved a yield of 6.75% on Oportun's share. Priced at a fixed interest rate of 3.83% per annum, the notes received favorable ratings from DBRS and Kroll. This strategic move allows Oportun to generate capital while reducing credit exposure. Oportun has provided over $12 billion in credit to its members since its inception.
Oportun Financial Corporation (OPRT) reported a robust performance for 4Q21, with aggregate originations of $865 million—up 93% year-over-year—bringing FY21 total to a record $2.3 billion. Total revenue for 4Q21 reached $194 million, a 38% increase, while net income rose to $14.2 million, or $0.46 per diluted share. Adjusted net income stood at $25.6 million, or $0.82 per diluted share. The company's member base grew to 1.48 million following the acquisition of Digit, boosting digital banking capabilities. Oportun forecasts continued growth in 2022 with projected revenue and originations increasing significantly.
Oportun Financial Corporation (Nasdaq: OPRT) will announce its financial results for the fourth quarter of 2021 on February 24, 2022, post-market close. A conference call and earnings webcast will occur at 5:00 pm ET. Interested participants can join via dial-in or through the company's investor relations website. Since its inception, Oportun has provided over $10 billion in loans to 1.4 million members, helping them save significantly on fees and interest. The firm is recognized as a Community Development Financial Institution (CDFI) since 2009.
Oportun partners with Sezzle to enhance its Lending-as-a-Service platform, becoming Sezzle’s first digital-only partner. This collaboration allows consumers to finance higher-value purchases at Sezzle's 44,000 merchants, benefiting from Oportun's machine learning capabilities to assess loan applicants. Historically, around half of Oportun's borrowers lacked credit scores, yet the company has aided nearly 1 million Americans in building their credit since 2006, saving them over $2 billion in fees. The partnership aims to provide affordable and transparent financing options.
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