Brokerages Set Credit Acceptance (CACC) PT at $277.83

Shares of Credit Acceptance (NASDAQ:CACC) have earned an average rating of “Hold” from the eleven brokerages that are presently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $277.83.

Several analysts have issued reports on the stock. BidaskClub lowered shares of Credit Acceptance from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 31st. Zacks Investment Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 13th. BMO Capital Markets reduced their price target on shares of Credit Acceptance from $312.00 to $295.00 and set a “market perform” rating for the company in a research report on Thursday, February 1st. JMP Securities raised their price target on shares of Credit Acceptance from $195.00 to $260.00 and gave the company an “underperform” rating in a research report on Wednesday, January 31st. Finally, Oppenheimer raised their price target on shares of Credit Acceptance from $355.00 to $387.00 and gave the company an “outperform” rating in a research report on Wednesday, January 31st.

Credit Acceptance traded down $0.01, reaching $361.53, during midday trading on Monday, Marketbeat.com reports. The stock had a trading volume of 61,543 shares, compared to its average volume of 110,512. Credit Acceptance has a 12 month low of $210.65 and a 12 month high of $377.82. The firm has a market capitalization of $6.98 billion, a price-to-earnings ratio of 17.69, a PEG ratio of 0.76 and a beta of 0.57. The company has a debt-to-equity ratio of 2.07, a current ratio of 22.16 and a quick ratio of 22.16.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings results on Thursday, May 3rd. The credit services provider reported $6.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.19 by ($0.08). The company had revenue of $295.60 million for the quarter, compared to analyst estimates of $296.16 million. Credit Acceptance had a net margin of 43.49% and a return on equity of 29.44%. Credit Acceptance’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the firm posted $4.67 EPS. sell-side analysts expect that Credit Acceptance will post 26.04 EPS for the current year.

In related news, CFO Kenneth Booth sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 6th. The shares were sold at an average price of $334.50, for a total value of $669,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John S. Soave sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, March 16th. The stock was sold at an average price of $337.01, for a total transaction of $842,525.00. The disclosure for this sale can be found here. Company insiders own 5.40% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Glen Harbor Capital Management LLC purchased a new position in shares of Credit Acceptance during the 1st quarter worth $102,000. Meadow Creek Investment Management LLC purchased a new position in shares of Credit Acceptance during the 1st quarter worth $157,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Credit Acceptance during the 4th quarter worth $198,000. CIBC Asset Management Inc purchased a new position in shares of Credit Acceptance during the 4th quarter worth $216,000. Finally, Xact Kapitalforvaltning AB purchased a new position in shares of Credit Acceptance during the 4th quarter worth $222,000. Institutional investors own 69.86% of the company’s stock.

About Credit Acceptance

Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.

Analyst Recommendations for Credit Acceptance (NASDAQ:CACC)

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