Equities researchers at Oppenheimer began coverage on shares of Credit Acceptance (NASDAQ:CACC) in a report released on Monday. The firm set a “buy” rating and a $355.00 price target on the credit services provider’s stock. Oppenheimer’s price objective would suggest a potential upside of 7.50% from the stock’s previous close.
Other equities research analysts have also issued reports about the stock. Credit Suisse Group restated a “sell” rating and issued a $270.00 price objective on shares of Credit Acceptance in a report on Monday. Bank of America lifted their target price on shares of Credit Acceptance from $195.00 to $230.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 31st. BMO Capital Markets reaffirmed a “hold” rating and issued a $238.00 target price on shares of Credit Acceptance in a research note on Friday, October 6th. Stephens set a $257.00 target price on shares of Credit Acceptance and gave the stock a “sell” rating in a research note on Wednesday, January 3rd. Finally, BidaskClub downgraded shares of Credit Acceptance from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Credit Acceptance has an average rating of “Hold” and an average target price of $255.50.
Shares of Credit Acceptance (NASDAQ:CACC) traded up $1.23 on Monday, hitting $330.24. 136,825 shares of the stock were exchanged, compared to its average volume of 223,136. The company has a market cap of $6,380.00, a price-to-earnings ratio of 17.12, a price-to-earnings-growth ratio of 1.30 and a beta of 0.54. The company has a current ratio of 17.63, a quick ratio of 17.63 and a debt-to-equity ratio of 2.12. Credit Acceptance has a 1 year low of $182.50 and a 1 year high of $338.12.
In related news, major shareholder Jill Foss Watson sold 18,106 shares of Credit Acceptance stock in a transaction on Tuesday, December 26th. The shares were sold at an average price of $326.06, for a total value of $5,903,642.36. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 114,925 shares of company stock worth $37,901,719. 5.80% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of the business. Aperio Group LLC increased its position in Credit Acceptance by 1.4% during the 2nd quarter. Aperio Group LLC now owns 1,243 shares of the credit services provider’s stock valued at $320,000 after purchasing an additional 17 shares during the period. Highland Capital Management LLC grew its position in shares of Credit Acceptance by 0.9% in the 3rd quarter. Highland Capital Management LLC now owns 2,168 shares of the credit services provider’s stock worth $436,000 after buying an additional 19 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Credit Acceptance by 0.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 7,421 shares of the credit services provider’s stock worth $1,347,000 after buying an additional 20 shares during the period. Legal & General Group Plc grew its position in shares of Credit Acceptance by 4.1% in the 2nd quarter. Legal & General Group Plc now owns 717 shares of the credit services provider’s stock worth $133,000 after buying an additional 28 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in shares of Credit Acceptance by 0.9% in the 1st quarter. Public Employees Retirement System of Ohio now owns 4,078 shares of the credit services provider’s stock worth $813,000 after buying an additional 37 shares during the period. 70.69% of the stock is currently owned by institutional investors and hedge funds.
Credit Acceptance 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.
