Stephens upgraded shares of Credit Acceptance (NASDAQ:CACC) from an underweight rating to an equal rating in a report issued on Thursday, January 3rd, Marketbeat.com reports. They currently have $381.00 price objective on the credit services provider’s stock.
Several other research analysts have also commented on CACC. BidaskClub lowered Credit Acceptance from a buy rating to a hold rating in a report on Tuesday, October 2nd. Oppenheimer set a $420.00 price target on Credit Acceptance and gave the stock a buy rating in a report on Tuesday, October 30th. Credit Suisse Group raised their price objective on Credit Acceptance from $310.00 to $335.00 and gave the stock an underperform rating in a research report on Tuesday, October 30th. BMO Capital Markets raised their price objective on Credit Acceptance from $312.00 to $333.00 and gave the stock a market perform rating in a research report on Thursday, November 1st. Finally, Zacks Investment Research reissued a buy rating and set a $438.00 price objective on shares of Credit Acceptance in a research report on Monday, November 12th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $380.43.
NASDAQ CACC opened at $422.60 on Thursday. Credit Acceptance has a 52 week low of $297.63 and a 52 week high of $467.26. The company has a debt-to-equity ratio of 1.97, a quick ratio of 36.75 and a current ratio of 36.75. The firm has a market cap of $7.92 billion, a PE ratio of 20.68, a P/E/G ratio of 0.78 and a beta of 0.59.
Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Monday, October 29th. The credit services provider reported $7.75 EPS for the quarter, topping the consensus estimate of $6.90 by $0.85. Credit Acceptance had a return on equity of 28.83% and a net margin of 48.70%. The business had revenue of $332.00 million for the quarter, compared to analyst estimates of $327.45 million. During the same quarter in the previous year, the firm earned $5.43 EPS. The company’s quarterly revenue was up 16.9% compared to the same quarter last year. Sell-side analysts expect that Credit Acceptance will post 27.89 earnings per share for the current fiscal year.
In other Credit Acceptance news, insider Prescott General Partners Llc sold 2,039 shares of Credit Acceptance stock in a transaction dated Monday, November 12th. The stock was sold at an average price of $419.97, for a total value of $856,318.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Scott J. Vassalluzzo sold 5,000 shares of Credit Acceptance stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $413.10, for a total value of $2,065,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 36,818 shares of company stock valued at $15,431,423 over the last three months. Corporate insiders own 5.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JLB & Associates Inc. acquired a new position in Credit Acceptance in the 4th quarter valued at about $1,236,000. First Hawaiian Bank grew its position in Credit Acceptance by 73.9% in the 4th quarter. First Hawaiian Bank now owns 706 shares of the credit services provider’s stock valued at $270,000 after acquiring an additional 300 shares in the last quarter. Federated Investors Inc. PA grew its position in Credit Acceptance by 355.0% in the 3rd quarter. Federated Investors Inc. PA now owns 91 shares of the credit services provider’s stock valued at $40,000 after acquiring an additional 71 shares in the last quarter. Legal & General Group Plc grew its position in Credit Acceptance by 3.1% in the 3rd quarter. Legal & General Group Plc now owns 5,301 shares of the credit services provider’s stock valued at $2,322,000 after acquiring an additional 158 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Credit Acceptance by 31.3% in the 3rd quarter. AQR Capital Management LLC now owns 109,837 shares of the credit services provider’s stock valued at $48,116,000 after acquiring an additional 26,181 shares in the last quarter. 61.96% of the stock is owned by institutional investors.
About Credit Acceptance
Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.
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