Green Dot (NYSE:GDOT) Announces Quarterly Earnings Results, Beats Expectations By $0.22 EPS

Green Dot (NYSE:GDOT – Get Rating) released its quarterly earnings results on Thursday. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.22, Briefing.com reports. Green Dot had a return on equity of 9.70% and a net margin of 3.52%. The company had revenue of $362.80 million for the quarter, compared to analyst estimates of $362.08 million. During the same quarter in the prior year, the firm posted $0.56 EPS. Green Dot’s quarterly revenue was down 1.8% compared to the same quarter last year. Green Dot updated its FY 2022 guidance to $2.35-$2.49 EPS and its FY22 guidance to $2.35-2.49 EPS.

Green Dot Price Performance

NYSE GDOT traded down $3.78 during trading on Friday, hitting $24.52. The company’s stock had a trading volume of 1,492,900 shares, compared to its average volume of 351,538. The company has a market cap of $1.33 billion, a PE ratio of 26.95 and a beta of 0.95. The business’s 50 day simple moving average is $26.33 and its 200-day simple moving average is $27.75. Green Dot has a fifty-two week low of $22.27 and a fifty-two week high of $54.90.

Insiders Place Their Bets

In other news, Director Rajeev V. Date sold 6,214 shares of the firm’s stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $29.20, for a total value of $181,448.80. Following the completion of the transaction, the director now directly owns 19,440 shares in the company, valued at $567,648. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last 90 days, insiders sold 7,714 shares of company stock valued at $220,024. 2.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GDOT. Quantbot Technologies LP boosted its stake in shares of Green Dot by 42.4% in the first quarter. Quantbot Technologies LP now owns 17,399 shares of the financial services provider’s stock worth $478,000 after acquiring an additional 5,182 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Green Dot in the first quarter worth approximately $500,000. MetLife Investment Management LLC boosted its stake in shares of Green Dot by 56.2% in the first quarter. MetLife Investment Management LLC now owns 28,859 shares of the financial services provider’s stock worth $793,000 after acquiring an additional 10,382 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Green Dot by 93.5% in the first quarter. Bank of Montreal Can now owns 30,069 shares of the financial services provider’s stock worth $832,000 after acquiring an additional 14,530 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in Green Dot by 189.0% during the first quarter. First Trust Advisors LP now owns 33,563 shares of the financial services provider’s stock worth $922,000 after buying an additional 21,951 shares during the last quarter. 92.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC cut their price target on Green Dot from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $39.80.

About Green Dot

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Green Dot Corporation, a financial technology and bank holding company, provides various financial products to consumers and businesses in the United States. It operates through three segments: Consumer Services, Business to Business Services, and Money Movement Services. The company offers deposit account programs, including consumer and small business checking account products, network-branded reloadable prepaid debit cards and gift cards, and secured credit programs.