TD Cowen Trims Credit Acceptance (NASDAQ:CACC) Target Price to $420.00

Credit Acceptance (NASDAQ:CACC) had its price target cut by equities researchers at TD Cowen from $465.00 to $420.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “sell” rating on the credit services provider’s stock. TD Cowen’s price objective indicates a potential downside of 16.07% from the company’s current price.

Separately, StockNews.com upgraded shares of Credit Acceptance from a “hold” rating to a “buy” rating in a report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $396.75.

Credit Acceptance Stock Performance

Shares of NASDAQ CACC traded up $7.81 during midday trading on Thursday, reaching $500.39. 47,733 shares of the company traded hands, compared to its average volume of 67,352. The stock has a 50-day moving average price of $544.58 and a 200 day moving average price of $509.70. Credit Acceptance has a 52 week low of $379.77 and a 52 week high of $616.66. The company has a market cap of $6.15 billion, a price-to-earnings ratio of 25.61 and a beta of 1.44. The company has a debt-to-equity ratio of 2.84, a current ratio of 15.71 and a quick ratio of 15.71.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Tuesday, April 30th. The credit services provider reported $9.28 earnings per share for the quarter, beating analysts’ consensus estimates of $6.81 by $2.47. The business had revenue of $508.00 million for the quarter, compared to the consensus estimate of $497.71 million. Credit Acceptance had a return on equity of 30.34% and a net margin of 12.83%. The firm’s revenue was up 11.9% compared to the same quarter last year. During the same period last year, the business earned $9.71 EPS. Sell-side analysts anticipate that Credit Acceptance will post 40.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Credit Acceptance news, insider Douglas W. Busk sold 2,500 shares of Credit Acceptance stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $572.58, for a total transaction of $1,431,450.00. Following the completion of the transaction, the insider now directly owns 3,112 shares of the company’s stock, valued at $1,781,868.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Douglas W. Busk sold 500 shares of Credit Acceptance stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $579.98, for a total value of $289,990.00. Following the completion of the transaction, the insider now directly owns 3,112 shares in the company, valued at $1,804,897.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Douglas W. Busk sold 2,500 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $572.58, for a total value of $1,431,450.00. Following the completion of the transaction, the insider now owns 3,112 shares in the company, valued at approximately $1,781,868.96. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CACC. Whittier Trust Co. bought a new stake in Credit Acceptance in the fourth quarter valued at about $74,000. National Bank of Canada FI increased its position in shares of Credit Acceptance by 242.3% in the fourth quarter. National Bank of Canada FI now owns 243 shares of the credit services provider’s stock valued at $131,000 after acquiring an additional 172 shares during the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Credit Acceptance by 15.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 338 shares of the credit services provider’s stock valued at $180,000 after buying an additional 46 shares during the last quarter. Panagora Asset Management Inc. bought a new stake in Credit Acceptance in the 4th quarter valued at $210,000. Finally, Beacon Pointe Advisors LLC acquired a new position in shares of Credit Acceptance during the 4th quarter worth approximately $211,000. 81.71% of the stock is currently owned by institutional investors and hedge funds.

About Credit Acceptance

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.