Credit Acceptance Corporation (CACC) Issues Earnings Results, Beats Estimates By $0.28 EPS
Credit Acceptance Corporation (NASDAQ:CACC) released its quarterly earnings data on Monday. The credit services provider reported $5.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $5.15 by $0.28, Bloomberg Earnings reports. The business had revenue of $283.90 million during the quarter, compared to analysts’ expectations of $281.03 million. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company earned $4.53 EPS.
Credit Acceptance Corporation (NASDAQ:CACC) opened at 296.02 on Tuesday. Credit Acceptance Corporation has a 52 week low of $160.63 and a 52 week high of $299.92. The company has a market capitalization of $5.76 billion, a price-to-earnings ratio of 16.18 and a beta of 0.55. The company’s 50-day moving average is $279.02 and its 200 day moving average is $250.71.
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In other news, insider Douglas W. Busk sold 2,500 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total value of $669,300.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Jill Foss Watson sold 29,956 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $270.81, for a total transaction of $8,112,384.36. The disclosure for this sale can be found here. Insiders sold a total of 117,107 shares of company stock worth $31,880,082 over the last ninety days. Insiders own 5.80% of the company’s stock.
An institutional investor recently raised its position in Credit Acceptance Corporation stock. The Manufacturers Life Insurance Company increased its position in Credit Acceptance Corporation (NASDAQ:CACC) by 6.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 619 shares of the credit services provider’s stock after purchasing an additional 40 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Credit Acceptance Corporation were worth $159,000 at the end of the most recent reporting period. Institutional investors own 72.92% of the company’s stock.
Several brokerages have issued reports on CACC. Zacks Investment Research upgraded shares of Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research report on Thursday, August 3rd. BidaskClub cut shares of Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 6th. Jefferies Group LLC restated a “hold” rating and issued a $260.00 price target (up from $240.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, October 10th. BMO Capital Markets restated a “hold” rating and issued a $238.00 price target on shares of Credit Acceptance Corporation in a research report on Friday, October 6th. Finally, Raymond James Financial, Inc. upgraded shares of Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Credit Acceptance Corporation presently has an average rating of “Hold” and a consensus target price of $224.88.
Credit Acceptance Corporation Company Profile
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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