Credit Acceptance (NASDAQ:CACC) Upgraded at TD Cowen

TD Cowen upgraded shares of Credit Acceptance (NASDAQ:CACC) from a sell rating to a hold rating in a research report released on Thursday, MarketBeat reports. TD Cowen currently has $460.00 target price on the credit services provider’s stock.

Other equities research analysts have also issued reports about the stock. Weiss Ratings restated a “hold (c)” rating on shares of Credit Acceptance in a report on Wednesday, October 8th. Cowen reissued a “sell” rating on shares of Credit Acceptance in a report on Friday, October 31st. Four research analysts have rated the stock with a Hold rating, According to MarketBeat, Credit Acceptance presently has a consensus rating of “Hold” and a consensus target price of $480.00.

Credit Acceptance Stock Up 2.2%

Shares of NASDAQ CACC opened at $476.32 on Thursday. The company has a market capitalization of $5.25 billion, a P/E ratio of 12.61 and a beta of 1.24. The company has a debt-to-equity ratio of 3.94, a current ratio of 15.81 and a quick ratio of 15.81. The company has a 50 day simple moving average of $451.53 and a 200-day simple moving average of $481.17. Credit Acceptance has a 1 year low of $401.90 and a 1 year high of $560.00.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Thursday, October 30th. The credit services provider reported $10.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.61 by $0.67. Credit Acceptance had a return on equity of 27.88% and a net margin of 19.70%.The firm had revenue of $405.10 million during the quarter, compared to the consensus estimate of $592.19 million. During the same period last year, the company earned $9.25 EPS. The company’s quarterly revenue was up 5.8% on a year-over-year basis. On average, equities research analysts predict that Credit Acceptance will post 53.24 earnings per share for the current year.

Institutional Investors Weigh In On Credit Acceptance

Hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC raised its position in Credit Acceptance by 2.7% in the third quarter. Global Retirement Partners LLC now owns 882 shares of the credit services provider’s stock worth $412,000 after acquiring an additional 23 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Credit Acceptance by 5.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 721 shares of the credit services provider’s stock valued at $337,000 after purchasing an additional 36 shares in the last quarter. Greenline Partners LLC lifted its stake in shares of Credit Acceptance by 0.3% in the third quarter. Greenline Partners LLC now owns 13,450 shares of the credit services provider’s stock valued at $6,280,000 after purchasing an additional 36 shares during the period. Ameriprise Financial Inc. boosted its holdings in Credit Acceptance by 2.0% during the second quarter. Ameriprise Financial Inc. now owns 1,929 shares of the credit services provider’s stock worth $983,000 after buying an additional 38 shares in the last quarter. Finally, Creative Planning boosted its holdings in Credit Acceptance by 8.1% during the third quarter. Creative Planning now owns 572 shares of the credit services provider’s stock worth $267,000 after buying an additional 43 shares in the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Credit Acceptance Company Profile

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.