Jefferies Group LLC reaffirmed their hold rating on shares of Credit Acceptance Corporation (NASDAQ:CACC) in a research report report published on Tuesday. They currently have a $240.00 price objective on the credit services provider’s stock, up from their previous price objective of $215.00.
A number of other research analysts have also recently issued reports on CACC. Credit Suisse Group reaffirmed a hold rating and issued a $190.00 price target on shares of Credit Acceptance Corporation in a report on Friday, April 7th. BMO Capital Markets reissued a hold rating and set a $212.00 target price on shares of Credit Acceptance Corporation in a report on Tuesday, April 11th. Janney Montgomery Scott raised shares of Credit Acceptance Corporation from a sell rating to a neutral rating and raised their target price for the stock from $187.00 to $200.00 in a report on Tuesday, May 2nd. Zacks Investment Research raised shares of Credit Acceptance Corporation from a hold rating to a strong-buy rating and set a $248.00 target price for the company in a report on Thursday, May 4th. Finally, BidaskClub raised shares of Credit Acceptance Corporation from a buy rating to a strong-buy rating in a report on Friday, June 23rd. Four equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $209.67.
Shares of Credit Acceptance Corporation (NASDAQ:CACC) opened at 271.015 on Tuesday. The company has a market cap of $5.34 billion, a P/E ratio of 15.584 and a beta of 0.51. Credit Acceptance Corporation has a 52-week low of $160.63 and a 52-week high of $279.00. The firm has a 50-day moving average of $248.00 and a 200-day moving average of $216.06.
Credit Acceptance Corporation (NASDAQ:CACC) last posted its quarterly earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.89 by $0.33. The business had revenue of $253.20 million during the quarter, compared to analysts’ expectations of $268.18 million. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.80%. The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the company posted $4.38 earnings per share. Equities research analysts forecast that Credit Acceptance Corporation will post $18.80 earnings per share for the current year.
In related news, major shareholder Jill Foss Watson sold 28,699 shares of the firm’s stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $216.20, for a total transaction of $6,204,723.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Arthur L. Smith sold 1,596 shares of the firm’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $215.93, for a total transaction of $344,624.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 382,659 shares of company stock worth $84,174,894. 5.80% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in CACC. Columbia Wanger Asset Management LLC purchased a new stake in Credit Acceptance Corporation during the first quarter valued at approximately $19,862,000. Norges Bank purchased a new stake in Credit Acceptance Corporation during the fourth quarter valued at approximately $27,279,000. Janney Montgomery Scott LLC raised its stake in Credit Acceptance Corporation by 35.9% in the first quarter. Janney Montgomery Scott LLC now owns 1,560 shares of the credit services provider’s stock valued at $311,000 after buying an additional 412 shares in the last quarter. Allen Investment Management LLC raised its stake in Credit Acceptance Corporation by 1.8% in the first quarter. Allen Investment Management LLC now owns 2,344 shares of the credit services provider’s stock valued at $467,000 after buying an additional 41 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Credit Acceptance Corporation by 27.4% in the first quarter. Ameriprise Financial Inc. now owns 3,394 shares of the credit services provider’s stock valued at $676,000 after buying an additional 730 shares in the last quarter. Institutional investors own 72.22% of the company’s stock.
About Credit Acceptance Corporation
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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