ELVT - Elevate Credit, Inc.

NYSE - NYSE Delayed Price. Currency in USD
3.9200
-0.0200 (-0.51%)
At close: 4:02PM EST
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Previous Close3.9400
Open3.9700
Bid3.9100 x 800
Ask3.9500 x 900
Day's Range3.8500 - 3.9798
52 Week Range3.8500 - 5.2100
Volume79,586
Avg. Volume91,296
Market Cap173.099M
Beta (3Y Monthly)1.33
PE Ratio (TTM)6.22
EPS (TTM)0.6300
Earnings DateNov 4, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est5.67
  • Business Wire

    Elevate Credit to Attend the Stephens 2019 Investment Conference

    Elevate Credit, Inc. today announced that its Interim Chief Executive Officer, Jason Harvison, and Chief Financial Officer, Chris Lutes, will attend the Stephens 2019 Nashville Investment Conference on November 14th at the Omni Nashville Hotel.

  • Business Wire

    Elevate Credit Third Quarter Earnings Release Available on its Investor Relations Website

    Elevate Credit, Inc. , a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced financial results for the third quarter 2019.

  • Low Rates and Low Inflation? Not Always on Main Street
    Bloomberg

    Low Rates and Low Inflation? Not Always on Main Street

    (Bloomberg Opinion) -- For those in finance and finance-related industries, it’s easy to get lured into sweeping generalizations about the state of the American economy. I can’t begin to estimate how many times I’ve heard some iteration of “the U.S. consumer remains strong,” or “stubbornly low inflation,” or “it’s a great time to be a borrower with rock-bottom interest rates.”So I give a lot of credit to Bloomberg News’s Christopher Maloney and Adam Tempkin for shattering that boilerplate with an article this week about the boom in online installment loans. Provocatively titled “America’s Middle Class Is Getting Hooked on Debt With 100% Rates,” it undercuts much of Wall Street’s assumptions about life across the country.Are all American consumers really that strong? Perhaps not, judging by how subprime borrowers owe some $50 billion on installment products. Is inflation frustratingly low? Maybe by historical averages, but in the 10 years through 2018, crucial budget items for middle-class households like home prices, medical care and college tuition have soared at a much faster pace than average incomes, potentially driving people to alternative credit providers. And as for those ultra-low interest rates so often bandied about?Enter the online installment loan, aimed in part at a fast expanding group of ‘near-prime’ borrowers -- those with bad, but not terrible, credit -- with limited access to traditional banking options.Ranging anywhere from $100 to $10,000 or more, they quickly became so popular that many alternative credit providers soon began generating the bulk of their revenue from installment rather than payday loans.…For subprime lender Enova International Inc., outstanding installment loans averaged $2,123 in the second quarter, versus $420 for short-term products, according to a recent regulatory filing.Larger loans have allowed many installment lenders to charge interest rates well in the triple digits. In many states, Enova’s NetCredit platform offers annual percentage rates between 34% and 155%.That number — 155% — is stunningly high. Granted, it’s not as if online installment loans are necessarily the first type of debt incurred by Americans, nor are they a particularly large share of obligations. Total household debt reached a record $13.86 trillion in the second quarter, according to data from the Federal Reserve Bank of New York. More than two-thirds of that is mortgages, while loans for college and automobiles are consuming ever-larger shares of balance sheets.Still, triple-digit interest costs are unthinkable for individuals, corporations or governments with pristine credit. The Bankrate.com 30-year fixed mortgage lending rate fell earlier this month to 3.68%, not far from the all-time low of 3.32% in September 2016. Deere & Co. set a record in September for the lowest-yielding 30-year investment-grade corporate debt, at 2.877%. Even though the yield on the longest-dated U.S. Treasuries dropped to an unprecedented low in late August, President Donald Trump is imploring the Fed to emulate Europe and Japan and drop interest rates below zero.For those relying on installment loans, the concept of being paid to borrow money surely sounds like an alternate reality. California has actually taken measures to cap the interest rate on loans between $2,500 and $10,000 — to 36% plus the fed funds rate. Compared with an annual percentage rate of more than 100%, I guess that’s a borrower-friendly move.It’s always risky to draw broad conclusions about household credit trends. The sevenfold increase in online installment loan volume since 2014, for instance, can mean two things, depending on your worldview. For those with a gloomy take on the U.S. economy, it’s a sign of how the working class has been forced to take on onerous debt to keep up with their higher cost of living. For the more optimistic onlookers, it indicates that individuals with marginal credit scores are confident enough in their financial position to borrow, even if they’re still locked out from traditional banks. In the words of Jonathan Walker, who heads Elevate Credit Inc.’s Center for the New Middle Class, “there has been a lot of innovation to meet the consumer where they are.”Similarly, the New York Fed’s data has a mix of good and bad economic news. On the bright side, 95.6% of households were current on their debt payments in the second quarter, the largest share since 2006. However, those considered “severely derogatory” on payments made up almost half of all delinquencies, the largest share ever. My conclusion was that in the current economy, you either have the money to pay back what you owe or you don’t.But even that might be too simplistic. Looking out over the coming years, some analysts suggest FICO credit scores from Fair Isaac Corp. have been artificially boosted over the past decade and overstate how many borrowers could pay back what they owe in an economic downturn. Online installment loans are among the debt most vulnerable to inflated scores. So are credit cards — and card issuers ramped up the percentage of loans they expect will never be repaid in the first quarter to a seven-year high of 3.82%. The so-called charge-off rate has since come down to 3.33%.Perhaps some credit is due to Fed Chair Jerome Powell, who is widely expected on Wednesday to announce the central bank’s third interest-rate cut since July. He has reiterated at every opportunity that he and other officials are acting as they see fit to sustain the economic expansion, with a focus on funneling the benefits of a strong labor market and rising wage growth to people who have missed out thus far. They’ve kept the U.S. economy chugging along.And yet it feels as if the economy remains at a crossroads. Conference Board data released on Tuesday showed that U.S. consumers are as confident about their current situation as they have been in the past 19 years, while their outlook for the future is the most dour since January.Layer that cautious macro view on top of the more micro elements of household debt balances, including the surge in online installment loans, and an image begins to emerge of a precarious situation for a swath of Americans. It’s a picture of the economy that Wall Street too often blurs out.To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • America’s Middle Class Is Addicted to a New Kind of Credit
    Bloomberg

    America’s Middle Class Is Addicted to a New Kind of Credit

    (Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Pocket Cast or iTunes.The payday-loan business was in decline. Regulators were circling, storefronts were vanishing and investors were abandoning the industry’s biggest companies en masse.And yet today, just a few years later, many of the same subprime lenders that specialized in the debt are promoting an almost equally onerous type of credit.It’s called the online installment loan, a form of debt with much longer maturities but often the same sort of crippling, triple-digit interest rates. If the payday loan’s target audience is the nation’s poor, then the installment loan is geared to all those working-class Americans who have seen their wages stagnate and unpaid bills pile up in the years since the Great Recession.In just a span of five years, online installment loans have gone from being a relatively niche offering to a red-hot industry. Non-prime borrowers now collectively owe about $50 billion on installment products, according to credit reporting firm TransUnion. In the process, they’re helping transform the way that a large swathe of the country accesses debt. And they have done so without attracting the kind of public and regulatory backlash that hounded the payday loan.“Installment loans are a cash cow for creditors, but a devastating cost to borrowers,” said Margot Saunders, senior counsel for the National Consumer Law Center, a nonprofit advocacy group.Subprime EvolutionFor many families struggling with rising costs and stagnant wages, it’s a cost they’re increasingly willing to bear.In the decade through 2018, average household incomes for those with a high school diploma have risen about 15%, to roughly $46,000, according to the latest U.S. Census Bureau data available.Not only is that less than the 20% increase registered on a broad basket of goods over the span, but key costs that play an outsize role in middle-class budgets have increased much more: home prices are up 26%, medical care 33%, and college costs a whopping 45%.To keep up, Americans borrowed. A lot. Unsecured personal loans, as well as mortgage, auto, credit-card and student debt have all steadily climbed over the span.For many payday lenders staring at encroaching regulatory restrictions and accusations of predatory lending, the working class’s growing need for credit was an opportunity to reinvent themselves.They “saw the writing on the wall, and figured, ‘let’s anticipate this and figure out how to stay in business,’” said Lisa Servon, a University of Pennsylvania professor specializing in urban poverty and author of The Unbanking of America: How the New Middle Class Survives.Triple-Digit RatesEnter the online installment loan, aimed in part at a fast expanding group of ‘near-prime’ borrowers -- those with bad, but not terrible, credit -- with limited access to traditional banking options.Ranging anywhere from $100 to $10,000 or more, they quickly became so popular that many alternative credit providers soon began generating the bulk of their revenue from installment rather than payday loans.Yet the shift came with a major consequence for borrowers. By changing how customers repaid their debts, subprime lenders were able to partly circumvent growing regulatory efforts intended to prevent families from falling into debt traps built on exorbitant fees and endless renewals.Whereas payday loans are typically paid back in one lump sum and in a matter of weeks, terms on installment loans can range anywhere from 4 to 60 months, ostensibly allowing borrowers to take on larger amounts of personal debt.In states such as California and Virginia, interest-rate caps enacted years ago and meant to protect payday borrowers only applied to loans below $2,500.For subprime lender Enova International Inc., outstanding installment loans averaged $2,123 in the second quarter, versus $420 for short-term products, according to a recent regulatory filing.Larger loans have allowed many installment lenders to charge interest rates well in the triple digits. In many states, Enova’s NetCredit platform offers annual percentage rates between 34% and 155%.In fact, Virginia sued NetCredit last year for avoiding state interest-rate caps, while California Governor Gavin Newsom earlier this month signed into law a measure capping interest rates on loans between $2,500 and $10,000 at 36% plus the Federal Reserve’s benchmark, currently at around 2%.A representative for Enova directed Bloomberg to the firm’s latest quarterly filings, wherein the company says that Virginia’s claims are without merit.“The benefit of installments loans is you have more time to make the payments; the downside is the payments on these high-cost loans go exclusively towards the interest, possibly for up to the first 18 months,” the National Consumer Law Center’s Saunders said.The industry, for its part, argues that just as with payday loans, higher interest rates are needed to counter the fact that non-prime consumers are more likely to default.Between Enova and rival online lender Elevate Credit Inc., write offs for installment loans in the first half of the year averaged about 12% of the total outstanding, well above the 3.6% of the credit card industry.“With high-cost credit, you’re only serving people that won’t qualify for other types of credit, so you’re already in a hardship situation,” said John Hecht, an analyst at Jefferies LLC. “Companies have to price for that.”According to Elevate’s most recent quarterly financials, net charge offs for their Rise installment loan product equaled about 45% of the revenue those loans generated.“By the time they get to be our customers, they may have hit that speed bump at least once; often they will have run into medical bills or a job loss, which knocks out their ability to get other forms of credit,” said Jonathan Walker, who heads Elevate’s Center for the New Middle Class, a research and data gathering unit that analyzes the borrowing habits of the more than 150 million Americans without prime credit scores.Elevate’s average online subprime installment loan customer has an annual income of about $52,000. About 80% have been to college and 30% own a home, according to Walker. More than 10% of the company’s core customer base makes over $100,000 a year.“Ten years ago it was payday loans or nothing, and today there has been a lot of innovation to meet the consumer where they are,” Walker said.Booming BusinessThe surging popularity of online installment loans, combined with a growing ability to tap into big data to better screen customers, has helped boost the fortunes of many subprime lenders. The Trump administration’s decision earlier this year to delay and potentially weaken planned restrictions on payday lending that were announced in 2016 has also bolstered the industry’s outlook.Elevate’s annual revenue rose about 1,000% in the five years through December to $787 million, while Enova has seen growth of 46% in the span to $1.1 billion, according to data compiled by Bloomberg.Subprime installment loans are now being bundled into securities for sale to bond investors, providing issuers an even lower cost of capital and expanded investor base. Earlier this month Enova priced its second-ever term securitization backed by NetCredit loans. The deal paid buyers yields between 4% and 7.75%. Its debut asset-backed security issued a year ago contained loans with annual interest rates as high as 100%.The bulk of their growth has been fueled by the middle class.About 45% of online installment borrowers in 2018 reported annual income over $40,000, according to data from Experian Plc unit Clarity Services, based on a study sample of more than 350 million consumer loan applications and 25 million loans over the period. Roughly 15% have annual incomes between $50,000 and $60,000, and around 13% have incomes above $60,000.For Tiffany Poole, a personal bankruptcy lawyer at Poole, Mensinger, Cutrona & Ellsworth-Aults in Wilmington, Delaware, middle America’s growing dependency on credit has fueled a marked shift in the types of clients who come through her door.“When I first started, most filings were from the lower class, but now I have people who are middle class and upper-middle class, and the debts are getting larger,” said Poole, who’s been practicing law for two decades. “Generally the debtors have more than one of these loans listed as creditors.”(Updates to specify TransUnion data reflects to non-prime borrowers in fourth paragraph, adds yield of Enova asset-backed security in third paragraph after ‘Booming Business’ subhead.)\--With assistance from Shahien Nasiripour and Steven Church.To contact the reporters on this story: Christopher Maloney in New York at cmaloney16@bloomberg.net;Adam Tempkin in New York at atempkin2@bloomberg.netTo contact the editors responsible for this story: Nikolaj Gammeltoft at ngammeltoft@bloomberg.net, ;David Papadopoulos at papadopoulos@bloomberg.net, Boris Korby, Dan WilchinsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Business Wire

    Elevate to Release Third Quarter 2019 Earnings on Monday, November 4, 2019

    Elevate Credit, Inc. , a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced that it will release its third quarter 2019 financial results after the market closes on Monday, November 4, 2019.

  • Imagine Owning Elevate Credit (NYSE:ELVT) And Wondering If The 37% Share Price Slide Is Justified
    Simply Wall St.

    Imagine Owning Elevate Credit (NYSE:ELVT) And Wondering If The 37% Share Price Slide Is Justified

    Investors can approximate the average market return by buying an index fund. Active investors aim to buy stocks that...

  • Business Wire

    Surprise Medical Expenses Are a Significant Source of Financial Stress for Middle Class Consumers

    Surprise medical expenses prove to be a hardship for all Americans no matter their credit score, according to a study released today by Elevate's Center for the New Middle Class (CNMC). The research found that eight in ten non-prime consumers (those with credit scores under 700), and six in ten prime consumers have experienced some level of financial hardship due to medical bills in the last five years. These new findings revealed that 54% of non-prime and 42% of prime consumers have delayed seeking medical treatment due to fear of high costs.

  • Do Insiders Own Shares In Elevate Credit, Inc. (NYSE:ELVT)?
    Simply Wall St.

    Do Insiders Own Shares In Elevate Credit, Inc. (NYSE:ELVT)?

    The big shareholder groups in Elevate Credit, Inc. (NYSE:ELVT) have power over the company. Generally speaking, as a...

  • Read This Before Buying Elevate Credit, Inc. (NYSE:ELVT) Shares
    Simply Wall St.

    Read This Before Buying Elevate Credit, Inc. (NYSE:ELVT) Shares

    We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. On...

  • Navigating Earnings Season In A Down Stock Market
    Zacks

    Navigating Earnings Season In A Down Stock Market

    Tracey Ryniec joins the podcast to break down Q2 earnings season and how she finds stocks that are poised to beat the market

  • Is It Time To Invest In Apple?
    Zacks

    Is It Time To Invest In Apple?

    Eric and Danny Break Down Apple's Earnings Report and All The Latest News.

  • Top Ranked Value Stocks to Buy for July 22nd
    Zacks

    Top Ranked Value Stocks to Buy for July 22nd

    Top Ranked Value Stocks to Buy for July 22nd

  • Elevate Credit, Inc. (ELVT) Reports Next Week: What to Expect
    Zacks

    Elevate Credit, Inc. (ELVT) Reports Next Week: What to Expect

    Elevate Credit, Inc. (ELVT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • Is Elevate Credit, Inc. (ELVT) a Great Value Stock Right Now?
    Zacks

    Is Elevate Credit, Inc. (ELVT) a Great Value Stock Right Now?

    Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

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    Zacks

    Top Ranked Value Stocks to Buy for July 18th

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    Zacks

    Top Ranked Value Stocks to Buy for July 11th

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  • 3 Rock-Solid Cheap Stocks With a P/E Under 10
    Motley Fool

    3 Rock-Solid Cheap Stocks With a P/E Under 10

    Is the market wrong about these bargain-priced stocks?

  • Is Elevate Credit, Inc. (ELVT) Stock Undervalued Right Now?
    Zacks

    Is Elevate Credit, Inc. (ELVT) Stock Undervalued Right Now?

    Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

  • Hedge Funds Have Never Been This Bullish On Elevate Credit, Inc. (ELVT)
    Insider Monkey

    Hedge Funds Have Never Been This Bullish On Elevate Credit, Inc. (ELVT)

    Before putting in our own effort and resources into finding a good investment, we can quickly utilize hedge fund expertise to give us a quick glimpse of whether that stock could make for a good addition to our portfolios. The odds are not exactly stacked in investors' favor when it comes to beating the market, […]

  • Is Elevate Credit, Inc. (NYSE:ELVT) Potentially Underrated?
    Simply Wall St.

    Is Elevate Credit, Inc. (NYSE:ELVT) Potentially Underrated?

    Elevate Credit, Inc. (NYSE:ELVT) is a stock with outstanding fundamental characteristics. When we build an investment...

  • Business Wire

    Elevate Nominated for Diversity & Inclusion Award from the Council for Inclusion in Financial Services (CIFS)

    Elevate Credit, Inc. (ELVT), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, is pleased to announce that it has been nominated to receive the Council for Inclusion in Financial Services (CIFS) 2019 Diversity & Inclusion Award. “We are thrilled to be recognized for our work serving credit constrained Americans with more inclusive credit products,” said Ken Rees, CEO of Elevate. “Our mission is to grant more people access to vital financial services, including personal loans and credit cards.

  • Business Wire

    Job Loss and Medical Expenses Leading Causes of Bad Credit, According to Elevate’s Center for the New Middle Class

    Job loss and medical expenses are the leading factors causing Americans’ credit scores to drop, according to new research by Elevate’s Center for the New Middle Class (CNMC). The CNMC is a research body that studies the relationship between credit and everyday life, focused on Americans with credit scores below 700 (called non-prime credit). At this level, Americans begin to lose access to traditional credit products, like personal loans and credit cards, and everyday life becomes harder as a result.