Credit Acceptance (NASDAQ:CACC) released its earnings results on Tuesday, January 30th. The credit services provider reported $5.16 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $5.53 by ($0.37), Bloomberg Earnings reports. Credit Acceptance had a return on equity of 31.87% and a net margin of 42.36%. The company had revenue of $287.30 million for the quarter, compared to analyst estimates of $287.37 million. During the same period in the previous year, the firm earned $4.79 earnings per share. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year.
Credit Acceptance (NASDAQ CACC) traded down $5.22 during trading on Wednesday, hitting $315.36. The stock had a trading volume of 164,900 shares, compared to its average volume of 207,868. Credit Acceptance has a fifty-two week low of $182.50 and a fifty-two week high of $377.82. 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 stock has a market cap of $6,190.42, a P/E ratio of 15.65, a P/E/G ratio of 0.69 and a beta of 0.57.
In other Credit Acceptance news, major shareholder Jill Foss Watson sold 18,106 shares of the company’s stock in a transaction that occurred on Tuesday, December 26th. The stock was sold at an average price of $326.06, for a total transaction of $5,903,642.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas W. Busk sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $319.86, for a total value of $319,860.00. The disclosure for this sale can be found here. Insiders sold a total of 115,925 shares of company stock valued at $38,221,579 over the last three months. Company insiders own 5.80% of the company’s stock.
An institutional investor recently raised its position in Credit Acceptance stock. The Manufacturers Life Insurance Company raised its stake in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 6.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 619 shares of the credit services provider’s stock after acquiring an additional 40 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Credit Acceptance were worth $159,000 as of its most recent SEC filing. 70.68% of the stock is owned by institutional investors and hedge funds.
CACC has been the subject of several analyst reports. Stephens set a $257.00 target price on Credit Acceptance and gave the stock a “sell” rating in a research note on Wednesday, January 3rd. BidaskClub raised Credit Acceptance from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 12th. Bank of America lifted their price target on Credit Acceptance from $195.00 to $230.00 and gave the stock an “underperform” rating in a report on Tuesday, October 31st. Oppenheimer lifted their price target on Credit Acceptance from $355.00 to $387.00 and gave the stock an “outperform” rating in a report on Wednesday, January 31st. Finally, BMO Capital Markets decreased their price target on Credit Acceptance from $312.00 to $295.00 and set a “market perform” rating for the company in a report on Thursday, February 1st. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $283.22.
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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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