FY2017 Earnings Estimate for Credit Acceptance Corporation Issued By Jefferies Group (CACC)
Credit Acceptance Corporation (NASDAQ:CACC) – Stock analysts at Jefferies Group lifted their FY2017 earnings per share (EPS) estimates for shares of Credit Acceptance Corporation in a report issued on Tuesday. Jefferies Group analyst J. Hecht now forecasts that the credit services provider will earn $20.84 per share for the year, up from their prior forecast of $20.32. Jefferies Group has a “Hold” rating and a $260.00 price objective on the stock. Jefferies Group also issued estimates for Credit Acceptance Corporation’s Q4 2017 earnings at $5.53 EPS, Q1 2018 earnings at $5.54 EPS, Q2 2018 earnings at $5.28 EPS, Q3 2018 earnings at $5.42 EPS, Q4 2018 earnings at $5.72 EPS and FY2018 earnings at $21.97 EPS.
Credit Acceptance Corporation (NASDAQ:CACC) last posted its earnings results on Monday, October 30th. The credit services provider reported $5.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.15 by $0.28. Credit Acceptance Corporation had a return on equity of 32.08% and a net margin of 35.29%. The firm had revenue of $283.90 million for the quarter, compared to the consensus estimate of $281.03 million. During the same quarter in the prior year, the business earned $4.53 EPS. The business’s revenue for the quarter was up 15.1% on a year-over-year basis.
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Other equities analysts have also issued reports about the stock. Credit Suisse Group raised their target price on shares of Credit Acceptance Corporation from $200.00 to $225.00 and gave the stock an “underperform” rating in a research report on Tuesday. Zacks Investment Research raised shares of Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a research report on Thursday, August 3rd. JMP Securities reaffirmed an “underperform” rating and set a $195.00 target price (up from $180.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. BMO Capital Markets raised their target price on shares of Credit Acceptance Corporation from $226.00 to $238.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 1st. Finally, BidaskClub lowered shares of Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 6th. Four investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $229.78.
In related news, major shareholder Jill Foss Watson sold 29,956 shares of Credit Acceptance Corporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $270.81, for a total transaction of $8,112,384.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 5.80% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Abrams Bison Investments LLC increased its holdings in Credit Acceptance Corporation by 0.9% during the second quarter. Abrams Bison Investments LLC now owns 1,169,556 shares of the credit services provider’s stock valued at $300,740,000 after buying an additional 10,157 shares during the period. Vanguard Group Inc. boosted its stake 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 valued at $185,723,000 after acquiring an additional 197,463 shares in the last quarter. BlackRock Inc. boosted its stake in Credit Acceptance Corporation by 11.4% in the second quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock valued at $114,720,000 after acquiring an additional 45,768 shares in the last quarter. Beck Mack & Oliver LLC boosted its stake in Credit Acceptance Corporation by 0.7% in the second quarter. Beck Mack & Oliver LLC now owns 363,977 shares of the credit services provider’s stock valued at $93,593,000 after acquiring an additional 2,682 shares in the last quarter. Finally, Koch Industries Inc. acquired a new stake in Credit Acceptance Corporation in the second quarter valued at approximately $240,000. 72.92% of the stock is currently owned by institutional investors.
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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