Credit Acceptance (NASDAQ:CACC) had its price objective raised by BMO Capital Markets from $312.00 to $333.00 in a report published on Thursday morning. BMO Capital Markets currently has a market perform rating on the credit services provider’s stock.
Several other equities research analysts also recently issued reports on the company. Credit Suisse Group raised their price target on Credit Acceptance from $310.00 to $335.00 and gave the company an underperform rating in a report on Tuesday, October 30th. Oppenheimer set a $420.00 price target on Credit Acceptance and gave the company a buy rating in a report on Tuesday, October 30th. BidaskClub raised Credit Acceptance from a hold rating to a buy rating in a report on Tuesday, October 16th. Zacks Investment Research raised Credit Acceptance from a hold rating to a buy rating and set a $500.00 target price for the company in a report on Friday, August 3rd. Finally, JMP Securities lifted their target price on Credit Acceptance from $260.00 to $350.00 and gave the stock a market underperform rating in a report on Thursday, August 2nd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $366.57.
Shares of Credit Acceptance stock opened at $424.00 on Thursday. Credit Acceptance has a 1 year low of $277.68 and a 1 year high of $467.26. The firm has a market cap of $8.18 billion, a price-to-earnings ratio of 20.74, a price-to-earnings-growth ratio of 0.91 and a beta of 0.56. The company has a debt-to-equity ratio of 1.97, a current ratio of 36.75 and a quick ratio of 36.75.
Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Monday, October 29th. The credit services provider reported $7.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.90 by $0.85. Credit Acceptance had a return on equity of 28.83% and a net margin of 48.70%. The business had revenue of $332.00 million during the quarter, compared to the consensus estimate of $327.45 million. During the same quarter last year, the firm posted $5.43 EPS. The company’s quarterly revenue was up 16.9% on a year-over-year basis. On average, sell-side analysts forecast that Credit Acceptance will post 27.08 EPS for the current fiscal year.
In related news, insider Arthur L. Smith sold 2,000 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $460.98, for a total value of $921,960.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Prescott General Partners Llc sold 1,300 shares of the business’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $447.56, for a total value of $581,828.00. The disclosure for this sale can be found here. Insiders have sold 40,200 shares of company stock valued at $18,233,510 in the last three months. Insiders own 5.40% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Virginia Retirement Systems ET AL raised its stake in Credit Acceptance by 7.7% in the third quarter. Virginia Retirement Systems ET AL now owns 4,200 shares of the credit services provider’s stock valued at $1,840,000 after purchasing an additional 300 shares in the last quarter. WINTON GROUP Ltd raised its stake in Credit Acceptance by 13.4% in the third quarter. WINTON GROUP Ltd now owns 1,635 shares of the credit services provider’s stock valued at $716,000 after purchasing an additional 193 shares in the last quarter. Grandfield & Dodd LLC acquired a new position in Credit Acceptance in the third quarter valued at about $224,000. Wells Fargo & Company MN raised its stake in Credit Acceptance by 30.1% in the third quarter. Wells Fargo & Company MN now owns 11,397 shares of the credit services provider’s stock valued at $4,992,000 after purchasing an additional 2,636 shares in the last quarter. Finally, Chicago Equity Partners LLC acquired a new position in Credit Acceptance in the third quarter valued at about $988,000. 67.56% of the stock is owned by institutional investors and hedge funds.
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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