William B. Roberts, a director at Consumer Portfolio Services, Inc. (NASDAQ:CPSS), a $221.76 million market cap company trading at a P/E ratio of 10.38, recently sold a significant portion of his holdings in the company. According to InvestingPro data, CPSS has shown strong momentum with a 25.12% return over the past six months. According to a recent SEC filing, Roberts sold a total of 10,275 shares of common stock over two days, November 26 and 27, 2024. The transactions were executed at a weighted average price, with the shares sold at prices ranging from $10.28 to $10.58 on November 26, and from $10.25 to $10.36 on November 27.
The total value of these sales amounted to approximately $106,350. Following these transactions, Roberts retains direct ownership of 734,803 shares of the company.
In other recent news, Consumer Portfolio Services, a finance services company, has reported several significant developments. The company's Q3 2024 financial performance showed a 9% year-over-year increase in revenues, reaching $100.6 million, and a 38% surge in origination volume. However, pre-tax earnings and net income declined to $6.9 million and $4.8 million, respectively.
During its annual shareholder meeting, the re-election of the nine-member board of directors was approved, as was the ratification of executive compensation. Shareholders also ratified the appointment of Crowe LLP as the independent auditors for the fiscal year ending December 31, 2024.
In a strategic move to bolster its auto loan financing business, the company expanded its credit facility from $200 million to $225 million, facilitated by Citibank, N.A. Operational improvements, such as reduced funding times and increased same-day funding, were also noted. Additionally, the company has successfully integrated AI-driven tools with plans to focus on technology to boost efficiencies and reduce fraud losses in the future.
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