Credit Acceptance (NASDAQ:CACC) received a $257.00 price objective from investment analysts at Stephens in a research note issued to investors on Wednesday, January 3rd. The firm currently has a “sell” rating on the credit services provider’s stock. Stephens’ price target points to a potential downside of 24.30% from the stock’s current price.
Several other analysts also recently weighed in on CACC. BMO Capital Markets reissued a “hold” rating and issued a $238.00 target price on shares of Credit Acceptance in a report on Friday, October 6th. Bank of America boosted their target price on Credit Acceptance from $195.00 to $230.00 and gave the company an “underperform” rating in a report on Tuesday, October 31st. Jefferies Group reissued a “hold” rating and issued a $260.00 target price (up from $240.00) on shares of Credit Acceptance in a report on Tuesday, October 10th. BidaskClub raised Credit Acceptance from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 12th. Finally, Credit Suisse Group upped their price objective on Credit Acceptance from $200.00 to $225.00 and gave the company an “underperform” rating in a research note on Tuesday, October 31st. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $255.50.
Shares of Credit Acceptance (CACC) traded up $6.89 during midday trading on Wednesday, hitting $339.50. The stock had a trading volume of 122,700 shares, compared to its average volume of 230,470. Credit Acceptance has a twelve month low of $182.50 and a twelve month high of $340.00. The company has a debt-to-equity ratio of 2.12, a current ratio of 17.63 and a quick ratio of 17.63. The firm has a market capitalization of $6,560.00, a PE ratio of 17.60, a PEG ratio of 1.30 and a beta of 0.54.
Credit Acceptance (NASDAQ:CACC) last released its earnings results on Monday, October 30th. The credit services provider reported $5.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $5.15 by $0.28. The firm had revenue of $283.90 million during the quarter, compared to analysts’ expectations of $281.03 million. Credit Acceptance had a return on equity of 32.08% and a net margin of 35.29%. Credit Acceptance’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the previous year, the firm posted $4.53 EPS. analysts expect that Credit Acceptance will post 20.74 EPS for the current year.
In related news, major shareholder Jill Foss Watson sold 30,038 shares of the company’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $330.83, for a total value of $9,937,471.54. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders sold 114,925 shares of company stock worth $37,901,719. Insiders own 5.80% of the company’s stock.
A number of large investors have recently made changes to their positions in CACC. Russell Investments Group Ltd. grew its holdings in Credit Acceptance by 99.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,458 shares of the credit services provider’s stock valued at $375,000 after buying an additional 726 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Credit Acceptance by 7.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 67,285 shares of the credit services provider’s stock valued at $17,302,000 after buying an additional 4,935 shares during the last quarter. State of Wisconsin Investment Board grew its holdings in Credit Acceptance by 33.5% during the 2nd quarter. State of Wisconsin Investment Board now owns 2,233 shares of the credit services provider’s stock valued at $574,000 after buying an additional 560 shares during the last quarter. SG Americas Securities LLC grew its holdings in Credit Acceptance by 102.8% during the 2nd quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after buying an additional 22,463 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Credit Acceptance by 12.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 49,213 shares of the credit services provider’s stock worth $12,655,000 after purchasing an additional 5,569 shares during the period. Hedge funds and other institutional investors own 70.69% of the company’s stock.
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About Credit Acceptance
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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