Zacks Investment Research upgraded shares of Credit Acceptance (NASDAQ:CACC) from a hold rating to a strong-buy rating in a research report sent to investors on Friday. The brokerage currently has $390.00 price target on the credit services provider’s stock.
According to Zacks, “Credit Acceptance Corporation is a specialized financial services company which provides funding, receivables management, collection, sales training and related services to automobile dealers. “
Several other equities research analysts have also issued reports on the stock. BidaskClub raised shares of Credit Acceptance from a buy rating to a strong-buy rating in a report on Tuesday, December 12th. Credit Suisse Group increased their target price on shares of Credit Acceptance from $200.00 to $225.00 and gave the stock 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. Bank of America increased their target price on shares of Credit Acceptance from $195.00 to $230.00 and gave the stock an underperform rating in a report on Tuesday, October 31st. Finally, BMO Capital Markets reissued a market perform rating and issued a $252.00 target price (up from $238.00) on shares of Credit Acceptance in a report on Tuesday, October 31st. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $263.50.
Credit Acceptance (NASDAQ:CACC) traded up $1.49 during trading on Friday, reaching $340.99. 123,662 shares of the company traded hands, compared to its average volume of 230,721. The stock has a market cap of $6,580.00, a price-to-earnings ratio of 17.68, a price-to-earnings-growth ratio of 1.03 and a beta of 0.54. Credit Acceptance has a one year low of $182.50 and a one year high of $344.21. The company has a quick ratio of 17.63, a current ratio of 17.63 and a debt-to-equity ratio of 2.12.
Credit Acceptance (NASDAQ:CACC) last released its earnings results on Monday, October 30th. The credit services provider reported $5.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $5.15 by $0.28. The company had revenue of $283.90 million during the quarter, compared to analyst estimates of $281.03 million. Credit Acceptance had a net margin of 35.29% and a return on equity of 32.08%. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.53 EPS. analysts predict that Credit Acceptance will post 20.74 EPS for the current fiscal year.
In other Credit Acceptance news, major shareholder Jill Foss Watson sold 18,106 shares of the stock in a transaction that occurred on Tuesday, December 26th. The shares were sold at an average price of $326.06, for a total transaction of $5,903,642.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 114,925 shares of company stock valued at $37,901,719. Insiders own 5.80% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in CACC. Rational Advisors LLC bought a new position in shares of Credit Acceptance during the 3rd quarter valued at approximately $1,180,000. Clinton Group Inc. bought a new position in shares of Credit Acceptance during the 2nd quarter valued at approximately $1,624,000. Goldman Sachs Group Inc. boosted its position in shares of Credit Acceptance by 479.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 138,545 shares of the credit services provider’s stock valued at $35,626,000 after acquiring an additional 114,632 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of Credit Acceptance by 386.9% during the 3rd quarter. Prudential Financial Inc. now owns 10,823 shares of the credit services provider’s stock valued at $3,033,000 after acquiring an additional 8,600 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Credit Acceptance by 7.7% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 72,472 shares of the credit services provider’s stock valued at $20,305,000 after acquiring an additional 5,187 shares during the last quarter. 70.69% of the stock is owned by institutional investors and hedge funds.
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Credit Acceptance 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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