Credit Acceptance (NASDAQ:CACC) Releases Quarterly Earnings Results

Credit Acceptance (NASDAQ:CACC) posted its quarterly earnings results on Wednesday. The credit services provider reported $8.79 EPS for the quarter, topping the consensus estimate of $7.88 by $0.91, Briefing.com reports. The business had revenue of $550.30 million during the quarter, compared to the consensus estimate of $548.13 million. Credit Acceptance had a net margin of 9.01% and a return on equity of 30.77%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $10.70 earnings per share.

Credit Acceptance Stock Performance

NASDAQ CACC traded down $22.78 during trading hours on Thursday, hitting $439.15. The company had a trading volume of 47,089 shares, compared to its average volume of 56,553. The company has a debt-to-equity ratio of 3.77, a quick ratio of 19.15 and a current ratio of 19.15. Credit Acceptance has a 1-year low of $379.77 and a 1-year high of $616.66. The company has a market cap of $5.32 billion, a PE ratio of 29.57 and a beta of 1.42. The business has a 50 day moving average of $455.23 and a 200-day moving average of $490.32.

Analyst Ratings Changes

Separately, TD Cowen lowered their target price on shares of Credit Acceptance from $440.00 to $400.00 and set a “sell” rating for the company in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $395.67.

Insider Buying and Selling at Credit Acceptance

In other Credit Acceptance news, insider Thomas W. Smith sold 1,200 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $451.01, for a total value of $541,212.00. Following the completion of the transaction, the insider now owns 74,450 shares in the company, valued at $33,577,694.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.30% of the stock is currently owned by insiders.

Credit Acceptance Company Profile

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.