Credit Acceptance Corporation (NASDAQ:CACC) will be issuing its quarterly earnings data after the market closes on Monday, October 30th. Analysts expect the company to announce earnings of $4.93 per share for the quarter.
Credit Acceptance Corporation (NASDAQ:CACC) last released its earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.89 by $0.33. The firm had revenue of $253.20 million during the quarter, compared to analysts’ expectations of $268.18 million. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. The company’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.38 EPS. On average, analysts expect Credit Acceptance Corporation to post $19.90 EPS for the current fiscal year and $21.50 EPS for the next fiscal year.
Credit Acceptance Corporation (NASDAQ CACC) opened at 299.00 on Friday. The firm’s 50-day moving average price is $276.26 and its 200-day moving average price is $248.08. Credit Acceptance Corporation has a 12-month low of $160.63 and a 12-month high of $299.77. The company has a market cap of $5.82 billion, a PE ratio of 16.34 and a beta of 0.55.
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Several equities research analysts have weighed in on CACC shares. Zacks Investment Research raised shares of Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research note on Thursday, August 3rd. BidaskClub downgraded shares of Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 6th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $260.00 price target (up from $240.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, October 10th. BMO Capital Markets reissued a “hold” rating and set a $238.00 target price on shares of Credit Acceptance Corporation in a research report on Friday, October 6th. Finally, Raymond James Financial, Inc. raised shares of Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. Three 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 an average rating of “Hold” and an average target price of $224.88.
In related news, insider Douglas W. Busk sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total transaction of $669,300.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 transaction of $9,745,090.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 152,858 shares of company stock worth $41,562,168. Corporate insiders own 5.80% of the company’s stock.
An institutional investor recently raised its position in Credit Acceptance Corporation stock. The Manufacturers Life Insurance Company raised its stake in Credit Acceptance Corporation (NASDAQ:CACC) by 6.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 619 shares of the credit services provider’s stock after buying an additional 40 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Credit Acceptance Corporation were worth $159,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 72.69% of the company’s stock.
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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