Jefferies Group LLC Reaffirms Hold Rating for Credit Acceptance Corporation (CACC)
Jefferies Group LLC reaffirmed their hold rating on shares of Credit Acceptance Corporation (NASDAQ:CACC) in a research report sent to investors on Tuesday morning. The brokerage currently has a $260.00 target price on the credit services provider’s stock, up from their prior target price of $240.00.
Several other analysts also recently weighed in on CACC. JMP Securities restated an underperform rating and issued a $195.00 price objective (up from $180.00) on shares of Credit Acceptance Corporation in a report on Tuesday, August 1st. BMO Capital Markets lifted their price objective on Credit Acceptance Corporation from $226.00 to $238.00 and gave the company a market perform rating in a report on Tuesday, August 1st. Zacks Investment Research downgraded Credit Acceptance Corporation from a strong-buy rating to a hold rating in a report on Tuesday, October 3rd. Raymond James Financial, Inc. upgraded Credit Acceptance Corporation from an underperform rating to a market perform rating in a report on Tuesday, August 1st. Finally, Credit Suisse Group restated an underperform rating and issued a $200.00 price objective (up from $190.00) on shares of Credit Acceptance Corporation in a report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $224.88.
Credit Acceptance Corporation (CACC) traded up 0.570% during mid-day trading on Tuesday, hitting $282.904. 57,519 shares of the stock were exchanged. The stock has a market cap of $5.50 billion, a price-to-earnings ratio of 15.463 and a beta of 0.55. The stock has a 50 day moving average of $272.83 and a 200-day moving average of $241.89. Credit Acceptance Corporation has a 52-week low of $160.63 and a 52-week high of $288.23.
Credit Acceptance Corporation (NASDAQ:CACC) last released its quarterly earnings data on Monday, July 31st. The credit services provider reported $5.22 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.33. The firm had revenue of $253.20 million during the quarter, compared to the consensus estimate of $268.18 million. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $4.38 earnings per share. Equities analysts predict that Credit Acceptance Corporation will post $19.90 EPS for the current fiscal year.
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In other Credit Acceptance Corporation news, insider Douglas W. Busk sold 2,500 shares of Credit Acceptance Corporation stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $267.72, for a total value of $669,300.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Jill Foss Watson sold 35,348 shares of Credit Acceptance Corporation stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $275.69, for a total value of $9,745,090.12. The disclosure for this sale can be found here. Insiders sold 152,858 shares of company stock worth $41,562,168 in the last quarter. 5.80% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Abrams Bison Investments LLC grew its stake in Credit Acceptance Corporation by 0.9% in the second quarter. Abrams Bison Investments LLC now owns 1,169,556 shares of the credit services provider’s stock valued at $300,740,000 after purchasing an additional 10,157 shares during the last quarter. Vanguard Group Inc. grew its stake in Credit Acceptance Corporation by 26.9% in the first quarter. Vanguard Group Inc. now owns 931,364 shares of the credit services provider’s stock valued at $185,723,000 after purchasing an additional 197,463 shares during the last quarter. BlackRock Inc. grew its stake in Credit Acceptance Corporation by 11.4% in the second quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock valued at $114,720,000 after purchasing an additional 45,768 shares during the last quarter. Beck Mack & Oliver LLC grew its stake in Credit Acceptance Corporation by 0.7% in the second quarter. Beck Mack & Oliver LLC now owns 363,977 shares of the credit services provider’s stock valued at $93,593,000 after purchasing an additional 2,682 shares during the last quarter. Finally, Koch Industries Inc. purchased a new position in Credit Acceptance Corporation in the second quarter valued at about $240,000. Institutional investors own 72.71% of the company’s stock.
Credit Acceptance Corporation Company Profile
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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