Mon, Feb. 9, 12:48 PM
- Complaining that payday lenders have become too expert at working their way around state laws aimed at clamping down on usurious short-term loans, the Feds are about to get involved for the first time, with the CFPB set to release a first draft of rules targeting payday lenders.
- At the center of the new regulations - a requirement that lenders assess whether borrowers can actually repay the loans at the end of their short periods. The data suggest few can, which leaves borrowers with no choice but to roll over loans, accept new fees, or taking out new loans altogether. The CFPB found borrowers took out a median of 10 loans over a 12-month period, with median fees of $458, median amount borrowed of $350M. More than 80% of loans were rolled over or renewed within two weeks - manna to the lenders, and the bureau is now taking dead aim.
- World Acceptance (WRLD -2.4%), Cash America (CSH -1%), Regional Management (RM -1.3%), First Cash Financial (FCFS -0.7%)
Oct. 22, 2014, 10:04 AM
- EPS of $2.16 vs. EPS of $1.80 in 2Q12 due to ongoing share repurchase program, 0.8M shares repurchased in 1HFY15
- Total Revenue increased 1.7% y/y to $152.6M. Interest and fees income increased 2.6% y/y ro $133M due to continued growth in loans
- Net charge off as a % of loan to 10.1% from 15.4% in 3Q13
- Return on Average Assets 11.9%. Return on average equity 33.8%
- Conference call at 10 ET.
- WRLD -3.5%
- Previously: World Acceptance misses by $0.14, misses on revenue
Sep. 8, 2014, 12:49 PM
Sep. 8, 2014, 9:19 AM
Sep. 8, 2014, 9:15 AM
Jun. 3, 2014, 12:13 PM
- KPMG notifies World Acceptance (WRLD -3.6%) more time is needed to complete an audit of the company's financials for the fiscal year ending March 31.
- Reported revenues of 617.6M (up 5.8% Y/Y) and net income of $106.6M (up 2.4%) are expected to be materially inline with what the audited results will show.
Mar. 14, 2014, 12:21 PM
- World Acceptance Corp. (WRLD +3.9%) is bouncing from yesterday's plunge on its receipt of a civil investigative demand (CID) from the CFPB, but today it's the turn of Springleaf Financial (LEAF -4.8%) and Santander Consumer (SC -1.3%) to head south.
- World's "sleazy" marketing tactics have been talked about for some time from Citron Research to Whitney Tilson to Herb Greenberg. Shorting the stock is a favored play of the hedge fund crowd which has been pushing D.C. to move against the company for several months.
- Also moving: CSH, EZPW, DLLR, ATLC
Jan. 17, 2014, 11:02 AM
- World Acceptance Corporation (WRLD -3.2%) slides on heavy volume after Whitney Tilson reiterates his short in the specialty consumer lender, calling it among the "scummiest, most predatory financial companies."
- Earlier coverage of WRLD
- Others of note: Springleaf Financial (LEAF -0.4%), Atlanticus Holdings (ATLC -1.8%), Cash America (CSH +0.4%), EZCORP (EZPW -0.8%), DFC Global (DLLR -2.5%).
Nov. 4, 2013, 9:18 AM
Oct. 1, 2013, 10:26 AM
- Shares of World Acceptance (WRLD +7.1%) climb after FBR Capital upgrades the small-loan consumer lender to Outperform from Perform and hikes its PT to $105 ($90 previous).
- The firm believes that with 36% of its branches in Texas and Georgia, World "stands to benefit from favorable fee increases in these states."
Aug. 20, 2013, 2:34 PM
- Cash America International (CSH +7.6%) soars after Janney Montgomery upgrades the shares to Buy from Neutral.
- The stock currently trades at an "excessive discount" as the market has more than priced in "the risk of negative payday regulation."
- Price target is $49.
- Peers trading higher include FCFS +1.9% and WRLD +2.8%,
Jul. 5, 2013, 12:55 PM
Jul. 5, 2013, 9:50 AM
Jun. 18, 2013, 3:32 PM
Oct. 25, 2012, 9:10 AM
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