Credit Acceptance Corporation (CACC) Receives Consensus Rating of “Hold” from Analysts
Credit Acceptance Corporation (NASDAQ:CACC) has been given an average recommendation of “Hold” by the eleven ratings firms that are presently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a sell recommendation and seven have given a hold recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $219.75.
A number of research firms have recently commented on CACC. BMO Capital Markets reiterated a “market perform” rating and set a $252.00 target price (up from $238.00) on shares of Credit Acceptance Corporation in a research note on Tuesday. Bank of America Corporation lifted their target price on Credit Acceptance Corporation from $195.00 to $230.00 and gave the stock an “underperform” rating in a research note on Tuesday. JMP Securities reiterated an “underperform” rating and set a $195.00 target price (up from $180.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, August 1st. Jefferies Group LLC reiterated a “hold” rating and set a $240.00 target price (up from $215.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, August 1st. Finally, Credit Suisse Group lifted their target price on Credit Acceptance Corporation from $200.00 to $225.00 and gave the stock an “underperform” rating in a research note on Tuesday.
Credit Acceptance Corporation (NASDAQ:CACC) last released its earnings results on Monday, October 30th. The credit services provider reported $5.43 EPS for the quarter, topping the Zacks’ consensus estimate of $5.15 by $0.28. The company had revenue of $283.90 million for the quarter, compared to analysts’ expectations of $281.03 million. Credit Acceptance Corporation had a return on equity of 32.08% and a net margin of 35.29%. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business posted $4.53 EPS.
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In related news, major shareholder Jill Foss Watson sold 29,956 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $270.81, for a total value of $8,112,384.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 5.80% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Prudential Financial Inc. raised its stake in Credit Acceptance Corporation by 386.9% in the 3rd quarter. Prudential Financial Inc. now owns 10,823 shares of the credit services provider’s stock valued at $3,033,000 after acquiring an additional 8,600 shares during the period. Chicago Equity Partners LLC bought a new stake in Credit Acceptance Corporation in the 3rd quarter valued at about $2,260,000. First Capital Advisors Group LLC. bought a new stake in Credit Acceptance Corporation in the 3rd quarter valued at about $233,000. Victory Capital Management Inc. raised its stake in 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. Finally, Rathbone Brothers plc bought a new stake in Credit Acceptance Corporation in the 3rd quarter valued at about $210,000. Institutional investors and hedge funds own 72.92% of the company’s stock.
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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