Shares of Credit Acceptance Corporation (NASDAQ:CACC – Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $667.00 and last traded at $662.8750, with a volume of 15462 shares traded. The stock had previously closed at $657.12.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on CACC. Weiss Ratings upgraded Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 8th. Stephens boosted their price target on Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a research note on Friday, April 17th. TD Cowen increased their price target on Credit Acceptance from $450.00 to $500.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Finally, Zacks Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $520.00.
Check Out Our Latest Report on CACC
Credit Acceptance Stock Up 0.1%
Credit Acceptance (NASDAQ:CACC – Get Free Report) last issued its earnings results on Tuesday, May 5th. The credit services provider reported $10.71 EPS for the quarter, missing analysts’ consensus estimates of $10.73 by ($0.02). Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The firm had revenue of $406.00 million during the quarter, compared to the consensus estimate of $580.77 million. During the same period in the previous year, the firm earned $9.35 earnings per share. The business’s quarterly revenue was up 1.6% on a year-over-year basis. As a group, research analysts forecast that Credit Acceptance Corporation will post 47.5 EPS for the current year.
Insider Buying and Selling
In related news, major shareholder Jill Foss Watson sold 9,450 shares of Credit Acceptance stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $538.52, for a total value of $5,089,014.00. Following the completion of the sale, the insider owned 92,107 shares of the company’s stock, valued at approximately $49,601,461.64. This trade represents a 9.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Jonathan Lum sold 6,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $600.00, for a total transaction of $3,600,000.00. Following the sale, the chief operating officer owned 31,609 shares of the company’s stock, valued at $18,965,400. This trade represents a 15.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 59,816 shares of company stock worth $34,542,867 over the last quarter. Corporate insiders own 6.10% of the company’s stock.
Institutional Investors Weigh In On Credit Acceptance
A number of institutional investors and hedge funds have recently made changes to their positions in CACC. M&T Bank Corp acquired a new position in Credit Acceptance during the 4th quarter valued at about $208,294,000. Boston Partners purchased a new stake in shares of Credit Acceptance in the third quarter worth approximately $206,327,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Credit Acceptance by 764.8% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 203,879 shares of the credit services provider’s stock valued at $91,652,000 after purchasing an additional 180,304 shares in the last quarter. Smith Thomas W purchased a new position in shares of Credit Acceptance during the fourth quarter valued at approximately $42,083,000. Finally, Renaissance Technologies LLC grew its holdings in Credit Acceptance by 1,078.0% during the first quarter. Renaissance Technologies LLC now owns 63,468 shares of the credit services provider’s stock worth $26,876,000 after buying an additional 58,080 shares in the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.
Credit Acceptance Company Profile
Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.
Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.
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