Credit Acceptance Corp.’s (CACC) “Hold” Rating Reaffirmed at Janney Montgomery Scott
A number of other research analysts have also recently commented on CACC. Credit Suisse Group AG cut shares of Credit Acceptance Corp. from a neutral rating to an underperform rating and decreased their target price for the company from $200.00 to $185.00 in a research report on Wednesday, July 27th. Compass Point cut shares of Credit Acceptance Corp. from a neutral rating to a sell rating and set a $170.00 target price on the stock. in a research report on Tuesday, September 6th. Finally, Zacks Investment Research raised shares of Credit Acceptance Corp. from a hold rating to a strong-buy rating and set a $226.00 target price on the stock in a research report on Wednesday, August 3rd. Six investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. Credit Acceptance Corp. presently has an average rating of Hold and a consensus price target of $179.15.
Shares of Credit Acceptance Corp. (NASDAQ:CACC) traded down 1.227% on Thursday, hitting $193.545. 58,871 shares of the stock were exchanged. Credit Acceptance Corp. has a 52-week low of $159.43 and a 52-week high of $258.58. The company’s 50 day moving average is $199.73 and its 200-day moving average is $189.56. The stock has a market cap of $3.94 billion, a PE ratio of 12.798 and a beta of 0.67.
Credit Acceptance Corp. (NASDAQ:CACC) last posted its earnings results on Friday, July 29th. The company reported $4.38 EPS for the quarter, beating the Zacks’ consensus estimate of $3.86 by $0.52. Credit Acceptance Corp. had a net margin of 35.03% and a return on equity of 33.91%. The company had revenue of $238.50 million for the quarter, compared to analysts’ expectations of $232.40 million. During the same quarter in the prior year, the company posted $3.60 earnings per share. Credit Acceptance Corp.’s revenue for the quarter was up 17.4% compared to the same quarter last year. Analysts predict that Credit Acceptance Corp. will post $16.02 EPS for the current fiscal year.
In other news, major shareholder Jill Foss Watson sold 43,196 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $202.97, for a total transaction of $8,767,492.12. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 25.20% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Seven Eight Capital LLC boosted its stake in shares of Credit Acceptance Corp. by 214.8% in the first quarter. Seven Eight Capital LLC now owns 639 shares of the company’s stock valued at $116,000 after buying an additional 436 shares during the period. Legal & General Group Plc boosted its stake in shares of Credit Acceptance Corp. by 36.2% in the first quarter. Legal & General Group Plc now owns 689 shares of the company’s stock valued at $125,000 after buying an additional 183 shares during the period. Bartlett & Co. LLC purchased a new stake in shares of Credit Acceptance Corp. during the second quarter valued at $148,000. BlackRock Inc. boosted its stake in shares of Credit Acceptance Corp. by 310.5% in the first quarter. BlackRock Inc. now owns 1,014 shares of the company’s stock valued at $184,000 after buying an additional 767 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in shares of Credit Acceptance Corp. by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 1,015 shares of the company’s stock valued at $188,000 after buying an additional 124 shares during the period. 47.43% of the stock is currently owned by hedge funds and other institutional investors.
About Credit Acceptance Corp.
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.
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