Wall Street analysts predict that Credit Acceptance Corporation (NASDAQ:CACC) will post earnings of $5.03 per share for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Credit Acceptance Corporation’s earnings. The highest EPS estimate is $5.19 and the lowest is $4.92. Credit Acceptance Corporation reported earnings of $4.53 per share in the same quarter last year, which would indicate a positive year over year growth rate of 11%. The firm is scheduled to report its next quarterly earnings results on Tuesday, November 7th.
On average, analysts expect that Credit Acceptance Corporation will report full-year earnings of $19.92 per share for the current fiscal year, with EPS estimates ranging from $19.56 to $20.37. For the next financial year, analysts forecast that the company will post earnings of $21.92 per share, with EPS estimates ranging from $21.29 to $22.71. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that cover Credit Acceptance Corporation.
Credit Acceptance Corporation (NASDAQ:CACC) last issued its quarterly earnings data on Monday, July 31st. The credit services provider reported $5.22 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.33. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The firm had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. During the same quarter in the prior year, the firm earned $4.38 EPS. The company’s revenue was up 14.5% on a year-over-year basis.
Several brokerages have commented on CACC. Zacks Investment Research downgraded Credit Acceptance Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 4th. BidaskClub downgraded Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 6th. BMO Capital Markets reissued a “hold” rating and set a $238.00 target price on shares of Credit Acceptance Corporation in a research note on Friday, October 6th. JMP Securities reissued an “underperform” rating and set a $195.00 target price (up previously from $180.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, August 1st. Finally, Jefferies Group LLC reissued a “hold” rating and set a $215.00 target price on shares of Credit Acceptance Corporation in a research note on Friday, July 14th. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Credit Acceptance Corporation currently has a consensus rating of “Hold” and an average target price of $224.88.
Shares of Credit Acceptance Corporation (NASDAQ:CACC) traded up 1.40% during midday trading on Friday, reaching $282.30. 205,710 shares of the company’s stock were exchanged. The company’s 50 day moving average is $273.42 and its 200-day moving average is $243.30. The stock has a market cap of $5.49 billion, a PE ratio of 15.43 and a beta of 0.55. Credit Acceptance Corporation has a 12 month low of $160.63 and a 12 month high of $288.23.
In other news, insider Douglas W. Busk sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $267.72, for a total value of $669,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Jill Foss Watson sold 35,348 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $275.69, for a total value of $9,745,090.12. The disclosure for this sale can be found here. Insiders sold 152,858 shares of company stock valued at $41,562,168 in the last ninety days. 5.80% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Abrams Bison Investments LLC increased its stake in shares of Credit Acceptance Corporation by 0.9% in the second quarter. Abrams Bison Investments LLC now owns 1,169,556 shares of the credit services provider’s stock valued at $300,740,000 after buying an additional 10,157 shares during the period. Vanguard Group Inc. increased its stake in shares of Credit Acceptance Corporation by 26.9% in the first quarter. Vanguard Group Inc. now owns 931,364 shares of the credit services provider’s stock valued at $185,723,000 after buying an additional 197,463 shares during the period. BlackRock Inc. increased its stake in shares of Credit Acceptance Corporation by 11.4% in the second quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock valued at $114,720,000 after buying an additional 45,768 shares during the period. Beck Mack & Oliver LLC increased its stake in shares of Credit Acceptance Corporation by 0.7% in the second quarter. Beck Mack & Oliver LLC now owns 363,977 shares of the credit services provider’s stock valued at $93,593,000 after buying an additional 2,682 shares during the period. Finally, Koch Industries Inc. acquired a new position in shares of Credit Acceptance Corporation in the second quarter valued at approximately $240,000. 72.71% of the stock is owned by institutional investors.
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Credit Acceptance Corporation Company Profile
Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.
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