Credit Acceptance Corp. (CACC) Shares Up 3%
Credit Acceptance Corp. (NASDAQ:CACC) shares shot up 3% during trading 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 have commented on CACC. BMO Capital Markets reiterated a “hold” rating on shares of Credit Acceptance Corp. in a research report on Tuesday, May 3rd. Macquarie lowered Credit Acceptance Corp. from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $190.00 to $150.00 in a research report on Wednesday, May 11th. Zacks Investment Research upgraded Credit Acceptance Corp. from a “hold” rating to a “strong-buy” rating and set a $226.00 price target on the stock in a research report on Wednesday, August 3rd. Compass Point raised their price target on Credit Acceptance Corp. from $160.00 to $170.00 and gave the stock a “neutral” rating in a research report on Monday, August 1st. Finally, Credit Suisse Group AG lowered Credit Acceptance Corp. from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $200.00 to $185.00 in a research report on Wednesday, July 27th. Five investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $179.15.
The company has a 50 day moving average of $196.60 and a 200 day moving average of $189.38. The firm has a market cap of $4.02 billion and a price-to-earnings ratio of 13.03.
Credit Acceptance Corp. (NASDAQ:CACC) last announced its quarterly earnings data on Friday, July 29th. The company reported $4.38 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 firm’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.60 earnings per share. On average, 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 shares were sold at an average price of $200.66, for a total transaction of $9,681,243.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
An institutional investor recently raised its position in Credit Acceptance Corp. stock. Wells Fargo & Company MN increased its stake in Credit Acceptance Corp. (NASDAQ:CACC) by 5.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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.
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