Credit Acceptance Corporation (CACC) Price Target Raised to $225.00
Credit Acceptance Corporation (NASDAQ:CACC) had its target price upped by equities research analysts at Credit Suisse Group from $200.00 to $225.00 in a note issued to investors on Tuesday. The brokerage presently has an “underperform” rating on the credit services provider’s stock. Credit Suisse Group’s price target indicates a potential downside of 21.53% from the company’s current price.
CACC has been the topic of several other research reports. Jefferies Group LLC reaffirmed a “hold” rating and set a $260.00 price target (up previously from $240.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, October 10th. Zacks Investment Research downgraded shares of Credit Acceptance Corporation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Raymond James Financial, Inc. upgraded shares of Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a report on Tuesday, August 1st. BMO Capital Markets reiterated a “hold” rating and issued a $238.00 target price on shares of Credit Acceptance Corporation in a report on Friday, October 6th. Finally, BidaskClub downgraded shares of Credit Acceptance Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Four analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $229.78.
Credit Acceptance Corporation (CACC) traded down 3.14% during mid-day trading on Tuesday, reaching $286.73. The company’s stock had a trading volume of 386,782 shares. Credit Acceptance Corporation has a one year low of $160.63 and a one year high of $299.92. The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of 15.67 and a beta of 0.55. The stock has a 50-day moving average price of $279.65 and a 200-day moving average price of $250.97.
Credit Acceptance Corporation (NASDAQ:CACC) last posted its earnings results on Monday, October 30th. The credit services provider reported $5.43 EPS for the quarter, beating the Zacks’ consensus estimate of $5.15 by $0.28. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. The firm had revenue of $283.90 million for the quarter, compared to analysts’ expectations of $281.03 million. During the same period last year, the firm earned $4.53 EPS. The company’s quarterly revenue was up 15.1% on a year-over-year basis. Equities research analysts forecast that Credit Acceptance Corporation will post $19.90 EPS for the current year.
WARNING: “Credit Acceptance Corporation (CACC) Price Target Raised to $225.00” was first posted by American Banking News and is owned by of American Banking News. If you are accessing this piece on another site, it was copied illegally and republished in violation of US and international copyright and trademark laws. The legal version of this piece can be accessed at https://www.americanbankingnews.com/2017/10/31/credit-acceptance-corporation-cacc-price-target-raised-to-225-00.html.
In other news, CFO Kenneth Booth sold 2,000 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $273.01, for a total value of $546,020.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Douglas W. Busk sold 2,500 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total transaction of $669,300.00. The disclosure for this sale can be found here. Insiders have sold 117,107 shares of company stock worth $31,880,082 in the last three months. Insiders own 5.80% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. First Capital Advisors Group LLC. purchased a new position in shares of Credit Acceptance Corporation in the 3rd quarter valued at $233,000. Victory Capital Management Inc. raised its stake in shares of Credit Acceptance Corporation by 91.3% in the 3rd quarter. Victory Capital Management Inc. now owns 49,333 shares of the credit services provider’s stock valued at $13,822,000 after acquiring an additional 23,539 shares during the period. Rathbone Brothers plc acquired a new stake in Credit Acceptance Corporation during the 3rd quarter valued at $210,000. First Trust Advisors LP grew its holdings in Credit Acceptance Corporation by 5,945.1% during the 3rd quarter. First Trust Advisors LP now owns 53,378 shares of the credit services provider’s stock valued at $14,955,000 after purchasing an additional 52,495 shares in the last quarter. Finally, Shell Asset Management Co. acquired a new stake in Credit Acceptance Corporation during the 3rd quarter valued at $3,456,000. 72.92% of the stock is currently owned by institutional investors and hedge funds.
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.
Receive News & Ratings for Credit Acceptance Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Credit Acceptance Corporation and related companies with MarketBeat.com's FREE daily email newsletter.