Assenagon Asset Management S.A. grew its holdings in shares of Regional Management Corp (NYSE:RM) by 91.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,620 shares of the credit services provider’s stock after buying an additional 11,263 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Regional Management were worth $665,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of Montreal Can boosted its stake in shares of Regional Management by 203.4% in the second quarter. Bank of Montreal Can now owns 1,174 shares of the credit services provider’s stock valued at $31,000 after purchasing an additional 787 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of Regional Management by 5.0% in the second quarter. Public Employees Retirement System of Ohio now owns 19,187 shares of the credit services provider’s stock valued at $506,000 after purchasing an additional 917 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Regional Management by 0.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 144,796 shares of the credit services provider’s stock valued at $3,819,000 after purchasing an additional 1,343 shares during the period. Prudential Financial Inc. boosted its stake in shares of Regional Management by 1.6% in the second quarter. Prudential Financial Inc. now owns 89,301 shares of the credit services provider’s stock valued at $2,355,000 after purchasing an additional 1,376 shares during the period. Finally, Citadel Advisors LLC boosted its stake in shares of Regional Management by 5.8% in the second quarter. Citadel Advisors LLC now owns 25,888 shares of the credit services provider’s stock valued at $683,000 after purchasing an additional 1,418 shares during the period. Institutional investors own 85.88% of the company’s stock.
In related news, insider Basswood Capital Management, L acquired 31,749 shares of Regional Management stock in a transaction on Thursday, August 8th. The shares were purchased at an average cost of $27.13 per share, for a total transaction of $861,350.37. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Michael R. Dunn sold 10,256 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $28.01, for a total transaction of $287,270.56. Following the transaction, the director now owns 92,451 shares in the company, valued at $2,589,552.51. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 101,827 shares of company stock worth $2,723,614 and have sold 114,051 shares worth $3,032,569. Corporate insiders own 9.50% of the company’s stock.
Regional Management (NYSE:RM) last announced its earnings results on Wednesday, July 31st. The credit services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.05. The business had revenue of $84.27 million during the quarter, compared to the consensus estimate of $80.50 million. Regional Management had a net margin of 10.59% and a return on equity of 13.37%. Equities research analysts predict that Regional Management Corp will post 3.43 EPS for the current year.
Several research analysts have recently weighed in on the stock. ValuEngine upgraded shares of Regional Management from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 1st. Zacks Investment Research downgraded shares of Regional Management from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $32.40.
About Regional Management
Regional Management Corp., a diversified consumer finance company, provides various installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other traditional lenders. The company offers small and large installment loans; loans to finance the purchase of furniture, appliances, and other retail products; insurance products, including credit life, credit accident and health, credit property, vehicle single interest, and credit involuntary unemployment insurance; collateral protection insurance; and property insurance, as well as reinsurance products.
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