Credit Acceptance (NASDAQ:CACC) Price Target Raised to $390.00

Credit Acceptance (NASDAQ:CACC) had its price objective lifted by Credit Suisse Group from $380.00 to $390.00 in a report published on Thursday morning, The Fly reports. Credit Suisse Group currently has an underperform rating on the credit services provider’s stock.

A number of other equities analysts have also recently issued reports on the stock. BMO Capital Markets cut their target price on shares of Credit Acceptance to $472.00 and set an in-line rating on the stock in a report on Tuesday, November 5th. BTIG Research reissued a sell rating and issued a $340.00 target price on shares of Credit Acceptance in a report on Wednesday, July 31st. BidaskClub cut shares of Credit Acceptance from a sell rating to a strong sell rating in a report on Wednesday, October 30th. Stephens cut their target price on shares of Credit Acceptance from $495.00 to $290.00 and set an equal weight rating on the stock in a report on Tuesday, November 5th. Finally, ValuEngine raised shares of Credit Acceptance from a sell rating to a hold rating in a report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The company presently has an average rating of Hold and a consensus target price of $410.00.

Shares of CACC stock traded down $8.36 during trading hours on Thursday, hitting $430.55. 125,100 shares of the company were exchanged, compared to its average volume of 94,715. The company has a debt-to-equity ratio of 1.75, a quick ratio of 29.49 and a current ratio of 29.49. Credit Acceptance has a one year low of $356.12 and a one year high of $509.99. The business’s 50-day simple moving average is $445.37 and its two-hundred day simple moving average is $467.83. The stock has a market capitalization of $8.18 billion, a price-to-earnings ratio of 15.17, a P/E/G ratio of 1.14 and a beta of 0.70.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings results on Friday, November 1st. The credit services provider reported $8.89 EPS for the quarter, topping the consensus estimate of $8.86 by $0.03. Credit Acceptance had a net margin of 44.69% and a return on equity of 29.54%. The business had revenue of $378.70 million for the quarter, compared to analysts’ expectations of $380.69 million. During the same quarter last year, the company posted $7.56 earnings per share. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. As a group, analysts anticipate that Credit Acceptance will post 34.57 EPS for the current fiscal year.

In other news, CEO Brett A. Roberts sold 9,937 shares of Credit Acceptance stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $427.63, for a total transaction of $4,249,359.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Kenneth Booth purchased 1,250 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were acquired at an average cost of $410.61 per share, for a total transaction of $513,262.50. The disclosure for this purchase can be found here. Company insiders own 5.00% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rational Advisors LLC bought a new stake in shares of Credit Acceptance during the second quarter valued at approximately $1,022,000. Natixis bought a new stake in shares of Credit Acceptance during the second quarter valued at approximately $1,116,000. Covey Capital Advisors LLC raised its holdings in shares of Credit Acceptance by 34.3% during the second quarter. Covey Capital Advisors LLC now owns 2,350 shares of the credit services provider’s stock valued at $1,137,000 after buying an additional 600 shares during the last quarter. Pearl River Capital LLC bought a new stake in shares of Credit Acceptance during the second quarter valued at approximately $42,000. Finally, First Trust Advisors LP raised its holdings in shares of Credit Acceptance by 43.2% during the third quarter. First Trust Advisors LP now owns 35,685 shares of the credit services provider’s stock valued at $16,462,000 after buying an additional 10,764 shares during the last quarter. 59.75% of the stock is currently owned by institutional investors.

Credit Acceptance Company Profile

Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.

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Analyst Recommendations for Credit Acceptance (NASDAQ:CACC)

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