Credit Acceptance (NASDAQ:CACC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday. The firm currently has a $390.00 target price on the credit services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 14.37% from the stock’s previous close.
According to Zacks, “Credit Acceptance Corporation is a specialized financial services company which provides funding, receivables management, collection, sales training and related services to automobile dealers. “
CACC has been the topic of a number of other reports. BidaskClub lowered shares of Credit Acceptance from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 6th. Credit Suisse Group restated a “sell” rating and set a $270.00 price objective on shares of Credit Acceptance in a report on Monday, January 8th. BMO Capital Markets restated a “market perform” rating and set a $252.00 price objective (up from $238.00) on shares of Credit Acceptance in a report on Tuesday, October 31st. Jefferies Group restated a “hold” rating and set a $260.00 price objective (up from $240.00) on shares of Credit Acceptance in a report on Tuesday, October 10th. Finally, Oppenheimer assumed coverage on shares of Credit Acceptance in a report on Monday, January 8th. They set a “buy” rating and a $355.00 price objective on the stock. Four analysts have rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $263.50.
Credit Acceptance (NASDAQ:CACC) opened at $340.99 on Friday. The firm has a market cap of $6,584.52, a price-to-earnings ratio of 16.96, a PEG ratio of 1.04 and a beta of 0.54. Credit Acceptance has a 52-week low of $182.50 and a 52-week high of $344.21. The company has a current ratio of 17.63, a quick ratio of 17.63 and a debt-to-equity ratio of 2.12.
Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Monday, October 30th. The credit services provider reported $5.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.15 by $0.28. Credit Acceptance had a net margin of 35.29% and a return on equity of 32.08%. The company had revenue of $283.90 million for the quarter, compared to analysts’ expectations of $281.03 million. During the same period last year, the firm posted $4.53 earnings per share. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. research analysts anticipate that Credit Acceptance will post 20.74 EPS for the current year.
In other Credit Acceptance news, major shareholder Jill Foss Watson sold 18,106 shares of Credit Acceptance stock in a transaction on Tuesday, December 26th. The shares were sold at an average price of $326.06, for a total value of $5,903,642.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 114,925 shares of company stock worth $37,901,719. 5.80% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the business. Ladenburg Thalmann Financial Services Inc. increased its stake in Credit Acceptance by 437.0% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 537 shares of the credit services provider’s stock valued at $150,000 after buying an additional 437 shares during the last quarter. SG Americas Securities LLC increased its stake in Credit Acceptance by 102.8% in the 2nd quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after buying an additional 22,463 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Credit Acceptance by 6.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock valued at $159,000 after buying an additional 40 shares during the last quarter. Rathbone Brothers plc acquired a new stake in Credit Acceptance in the 3rd quarter valued at $210,000. Finally, First Capital Advisors Group LLC. acquired a new stake in Credit Acceptance in the 3rd quarter valued at $233,000. Hedge funds and other institutional investors own 70.69% of the company’s stock.
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About Credit Acceptance
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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