Credit Acceptance Corporation (NASDAQ:CACC) Receives “Hold” Rating from Jefferies Group LLC
Jefferies Group LLC restated their hold rating on shares of Credit Acceptance Corporation (NASDAQ:CACC) in a report published on Friday morning. They currently have a $215.00 price objective on the credit services provider’s stock.
Several other equities research analysts have also recently issued reports on CACC. BidaskClub cut shares of Credit Acceptance Corporation from a buy rating to a hold rating in a research report on Wednesday, July 12th. Zacks Investment Research cut shares of Credit Acceptance Corporation from a strong-buy rating to a hold rating in a research report on Tuesday, July 4th. Janney Montgomery Scott upgraded shares of Credit Acceptance Corporation from a sell rating to a neutral rating and lifted their price objective for the company from $187.00 to $200.00 in a research report on Tuesday, May 2nd. BMO Capital Markets reiterated a hold rating and set a $212.00 price objective on shares of Credit Acceptance Corporation in a research report on Tuesday, April 11th. Finally, Credit Suisse Group reiterated a hold rating and set a $190.00 price objective on shares of Credit Acceptance Corporation in a research report on Friday, April 7th. Two equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $205.63.
Credit Acceptance Corporation (CACC) traded down 0.05% during trading on Friday, reaching $242.16. 155,591 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $230.58 and its 200-day moving average is $210.27. The company has a market cap of $4.78 billion, a P/E ratio of 13.92 and a beta of 0.52. Credit Acceptance Corporation has a 12-month low of $160.63 and a 12-month high of $264.43.
Credit Acceptance Corporation (NASDAQ:CACC) last released its quarterly earnings data on Monday, May 1st. The credit services provider reported $4.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.29. The firm had revenue of $262.80 million for the quarter, compared to analysts’ expectations of $259.24 million. Credit Acceptance Corporation had a net margin of 35.03% and a return on equity of 32.36%. Analysts predict that Credit Acceptance Corporation will post $18.74 EPS for the current fiscal year.
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In related news, major shareholder Jill Foss Watson sold 26,364 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $227.02, for a total value of $5,985,155.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Steven M. Jones sold 65,000 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $214.15, for a total transaction of $13,919,750.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 451,659 shares of company stock valued at $98,957,724. 5.80% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position 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 worth $185,723,000 after buying an additional 197,463 shares during the period. UBS Group AG raised its position in Credit Acceptance Corporation by 11,086.9% in the first quarter. UBS Group AG now owns 143,975 shares of the credit services provider’s stock worth $28,710,000 after buying an additional 142,688 shares during the period. Norges Bank acquired a new position in Credit Acceptance Corporation during the fourth quarter worth $27,279,000. Columbia Wanger Asset Management LLC acquired a new position in Credit Acceptance Corporation during the first quarter worth $19,862,000. Finally, Schroder Investment Management Group raised its position in Credit Acceptance Corporation by 81.1% in the first quarter. Schroder Investment Management Group now owns 123,762 shares of the credit services provider’s stock worth $24,769,000 after buying an additional 55,409 shares during the period. 72.08% of the stock is owned by hedge funds and other institutional investors.
About Credit Acceptance Corporation
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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