Credit Acceptance Corp. (CACC) Shares Up 3%
Credit Acceptance Corp. (NASDAQ:CACC) shot up 3% on Monday . The company traded as high as $207.36 and last traded at $205.67, with a volume of 121,703 shares trading hands. The stock had previously closed at $199.76.
A number of brokerages recently weighed in on CACC. Janney Montgomery Scott upgraded shares of Credit Acceptance Corp. from a “sell” rating to a “neutral” rating and set a $173.00 price objective on the stock in a research note on Monday, June 20th. Zacks Investment Research lowered Credit Acceptance Corp. from a “buy” rating to a “hold” rating in a report on Monday, May 23rd. BMO Capital Markets reaffirmed a “hold” rating on shares of Credit Acceptance Corp. in a report on Tuesday, May 3rd. Credit Suisse Group AG lowered Credit Acceptance Corp. from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $200.00 to $185.00 in a report on Wednesday, July 27th. Finally, Compass Point lifted their target price on Credit Acceptance Corp. from $160.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, August 1st. Five equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $179.15.
The firm has a 50-day moving average price of $195.64 and a 200 day moving average price of $188.82. The company has a market cap of $4.18 billion and a PE ratio of 13.57.
Credit Acceptance Corp. (NASDAQ:CACC) last issued its quarterly earnings results on Friday, July 29th. The company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.86 by $0.52. The firm had revenue of $238.50 million for the quarter, compared to analyst estimates of $232.40 million. The company’s revenue was up 17.4% compared to the same quarter last year. During the same period last year, the company earned $3.60 EPS. Equities analysts expect that Credit Acceptance Corp. will post $16.02 earnings per share for the current fiscal year.
In other news, major shareholder Jill Foss Watson sold 48,247 shares of the company’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $200.66, for a total transaction of $9,681,243.02. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.
An institutional investor recently raised its position in Credit Acceptance Corp. stock. Wells Fargo & Company MN boosted its stake in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 5.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,670 shares of the company’s stock after buying an additional 2,749 shares during the period. Wells Fargo & Company MN owned approximately 0.24% of Credit Acceptance Corp. worth $10,845,000 at the end of the most recent reporting period.
Credit Acceptance Corporation (Credit Acceptance) is a provider of financing programs to automobile dealers that enable them to sell vehicles to consumers. The Company’s financing programs are offered through a nationwide network of automobile dealers; from repeat and referral sales generated by customers, and from sales to customers responding to advertisements for it products.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.