Zacks: Analysts Anticipate Credit Acceptance Corporation (CACC) Will Announce Earnings of $4.89 Per Share
Equities analysts predict that Credit Acceptance Corporation (NASDAQ:CACC) will report $4.89 earnings per share for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Credit Acceptance Corporation’s earnings, with the lowest EPS estimate coming in at $4.65 and the highest estimate coming in at $5.12. Credit Acceptance Corporation reported earnings per share of $4.38 during the same quarter last year, which suggests a positive year-over-year growth rate of 11.6%. The business is scheduled to announce its next earnings results on Friday, August 4th.
On average, analysts expect that Credit Acceptance Corporation will report full-year earnings of $19.51 per share for the current fiscal year, with EPS estimates ranging from $18.96 to $20.06. For the next year, analysts forecast that the firm will report earnings of $21.15 per share, with EPS estimates ranging from $20.39 to $21.91. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that cover Credit Acceptance Corporation.
Credit Acceptance Corporation (NASDAQ:CACC) last announced its earnings results on Monday, May 1st. The credit services provider reported $4.67 EPS for the quarter, beating the Zacks’ consensus estimate of $4.38 by $0.29. Credit Acceptance Corporation had a net margin of 35.03% and a return on equity of 32.36%. The business had revenue of $262.80 million during the quarter, compared to analysts’ expectations of $259.24 million.
CACC has been the topic of several recent research reports. BMO Capital Markets reissued a “market perform” rating and set a $226.00 price target (up previously from $212.00) on shares of Credit Acceptance Corporation in a research report on Wednesday, May 3rd. Credit Suisse Group reaffirmed a “hold” rating and issued a $190.00 target price on shares of Credit Acceptance Corporation in a research report on Friday, April 7th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $215.00 target price on shares of Credit Acceptance Corporation in a research report on Friday, April 7th. Zacks Investment Research raised shares of Credit Acceptance Corporation from a “hold” rating to a “strong-buy” rating and set a $248.00 price target on the stock in a research report on Thursday, May 4th. Finally, Janney Montgomery Scott raised shares of Credit Acceptance Corporation from a “sell” rating to a “neutral” rating and increased their price target for the stock from $187.00 to $200.00 in a research report on Tuesday, May 2nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $205.63.
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Shares of Credit Acceptance Corporation (NASDAQ CACC) traded up 0.79% during mid-day trading on Wednesday, reaching $239.05. 302,465 shares of the company’s stock were exchanged. The company has a market capitalization of $4.71 billion, a PE ratio of 13.75 and a beta of 0.52. Credit Acceptance Corporation has a one year low of $160.63 and a one year high of $243.86. The company’s 50-day moving average price is $221.12 and its 200-day moving average price is $206.86.
In other Credit Acceptance Corporation news, major shareholder Jill Foss Watson sold 200,000 shares of the stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $199.28, for a total value of $39,856,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, President Steven M. Jones sold 65,000 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $214.15, for a total transaction of $13,919,750.00. The disclosure for this sale can be found here. Insiders sold 851,659 shares of company stock worth $178,413,724 over the last quarter. 5.80% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. raised its position in shares of Credit Acceptance Corporation by 46.1% in the first quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock valued at $146,000 after buying an additional 231 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Credit Acceptance Corporation during the first quarter valued at approximately $177,000. Karp Capital Management Corp bought a new position in shares of Credit Acceptance Corporation during the first quarter valued at approximately $244,000. Gotham Asset Management LLC bought a new position in shares of Credit Acceptance Corporation during the first quarter valued at approximately $270,000. Finally, Rafferty Asset Management LLC bought a new position in shares of Credit Acceptance Corporation during the first quarter valued at approximately $299,000. Institutional investors own 72.08% 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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