Zacks Investment Research cut shares of Credit Acceptance Corporation (NASDAQ:CACC) from a strong-buy rating to a hold rating in a report released on Tuesday.

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 subject of several other reports. Raymond James Financial, Inc. raised Credit Acceptance Corporation from an underperform rating to a market perform rating in a research report on Tuesday, August 1st. BidaskClub lowered Credit Acceptance Corporation from a strong-buy rating to a buy rating in a research report on Thursday, July 6th. Jefferies Group LLC reaffirmed a hold rating and set a $240.00 target price (up from $215.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. JMP Securities reaffirmed an underperform rating and set a $195.00 target price (up from $180.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Finally, Credit Suisse Group AG reaffirmed an underperform rating and set a $200.00 target price (up from $190.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. The company has an average rating of Hold and an average price target of $222.38.

Shares of Credit Acceptance Corporation (NASDAQ CACC) traded up 0.30% during midday trading on Tuesday, hitting $286.41. The company had a trading volume of 22,358 shares. The stock has a market capitalization of $5.57 billion, a price-to-earnings ratio of 15.65 and a beta of 0.55. The stock’s 50-day moving average price is $270.14 and its 200-day moving average price is $238.63. Credit Acceptance Corporation has a one year low of $160.63 and a one year high of $287.98.

Credit Acceptance Corporation (NASDAQ:CACC) last announced its quarterly earnings results on Monday, July 31st. The credit services provider reported $5.22 EPS for the quarter, beating the Zacks’ consensus estimate of $4.89 by $0.33. The company had revenue of $253.20 million during the quarter, compared to analysts’ expectations of $268.18 million. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. Credit Acceptance Corporation’s revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the company earned $4.38 EPS. Analysts predict that Credit Acceptance Corporation will post $19.90 EPS for the current year.

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In other news, major shareholder Jill Foss Watson sold 35,348 shares of Credit Acceptance Corporation stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $275.69, for a total value of $9,745,090.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kenneth Booth sold 2,000 shares of Credit Acceptance Corporation stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $273.01, for a total value of $546,020.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 152,858 shares of company stock valued at $41,562,168. Corporate insiders own 5.80% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC raised its position in shares of Credit Acceptance Corporation by 102.8% in the 2nd quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock worth $159,000 after acquiring an additional 22,463 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Credit Acceptance Corporation by 6.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock worth $159,000 after acquiring an additional 40 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Credit Acceptance Corporation by 46.1% in the 1st quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock worth $146,000 after acquiring an additional 231 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Credit Acceptance Corporation in the 1st quarter worth about $177,000. Finally, Trust Co. of Toledo NA OH bought a new position in shares of Credit Acceptance Corporation in the 2nd quarter worth about $279,000. 72.71% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Credit Acceptance Corporation (NASDAQ:CACC)

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