Oppenheimer set a $420.00 price target on Credit Acceptance (NASDAQ:CACC) in a research report report published on Tuesday. The firm currently has a buy rating on the credit services provider’s stock.
Other equities analysts have also issued reports about the stock. JMP Securities upped their target price on shares of Credit Acceptance from $260.00 to $350.00 and gave the stock a market underperform rating in a research report on Thursday, August 2nd. Susquehanna Bancshares boosted their price target on shares of Credit Acceptance from $350.00 to $371.00 and gave the stock a hold rating in a research note on Wednesday, August 1st. BidaskClub raised shares of Credit Acceptance from a hold rating to a buy rating in a research note on Tuesday, July 31st. BMO Capital Markets boosted their price target on shares of Credit Acceptance from $305.00 to $312.00 and gave the stock a market perform rating in a research note on Thursday, August 2nd. Finally, Compass Point raised shares of Credit Acceptance from a sell rating to a neutral rating in a research note on Wednesday, August 1st. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $366.57.
Shares of CACC stock opened at $423.57 on Tuesday. Credit Acceptance has a 1 year low of $277.68 and a 1 year high of $467.26. The company has a market cap of $8.20 billion, a PE ratio of 16.46, a P/E/G ratio of 0.91 and a beta of 0.56. The company has a current ratio of 36.75, a quick ratio of 33.69 and a debt-to-equity ratio of 1.97.
Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Monday, October 29th. The credit services provider reported $7.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $6.90 by $0.85. Credit Acceptance had a net margin of 48.70% and a return on equity of 28.83%. The company had revenue of $332.00 million for the quarter, compared to analyst estimates of $327.45 million. During the same period in the prior year, the business earned $5.43 earnings per share. Credit Acceptance’s quarterly revenue was up 16.9% on a year-over-year basis. Research analysts predict that Credit Acceptance will post 27.08 EPS for the current year.
In related news, insider Prescott General Partners Llc sold 36,900 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $453.38, for a total transaction of $16,729,722.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Arthur L. Smith sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $460.98, for a total transaction of $921,960.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,200 shares of company stock valued at $18,233,510. 5.40% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of CACC. Epoch Investment Partners Inc. bought a new stake in Credit Acceptance in the second quarter valued at approximately $25,211,000. BlackRock Inc. increased its stake in Credit Acceptance by 4.4% in the second quarter. BlackRock Inc. now owns 509,990 shares of the credit services provider’s stock valued at $180,231,000 after purchasing an additional 21,628 shares in the last quarter. SG Capital Management LLC bought a new stake in Credit Acceptance in the second quarter valued at approximately $7,011,000. Janus Henderson Group PLC increased its stake in Credit Acceptance by 142.2% in the second quarter. Janus Henderson Group PLC now owns 29,154 shares of the credit services provider’s stock valued at $10,303,000 after purchasing an additional 17,115 shares in the last quarter. Finally, Swiss National Bank increased its stake in Credit Acceptance by 71.3% in the second quarter. Swiss National Bank now owns 20,177 shares of the credit services provider’s stock valued at $7,131,000 after purchasing an additional 8,400 shares in the last quarter. 67.59% of the stock is owned by hedge funds and other institutional investors.
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.
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