Credit Acceptance Corporation (NASDAQ:CACC) announced its quarterly earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.33, Bloomberg Earnings reports. The firm had revenue of $253.20 million for the quarter, compared to the consensus estimate of $268.18 million. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm posted $4.38 EPS.
Credit Acceptance Corporation (NASDAQ:CACC) opened at 261.83 on Friday. Credit Acceptance Corporation has a 52-week low of $160.63 and a 52-week high of $281.67. The firm’s 50-day moving average is $257.10 and its 200-day moving average is $221.97. The company has a market cap of $5.09 billion, a PE ratio of 14.31 and a beta of 0.51.
In related news, major shareholder Jill Foss Watson sold 18,700 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $224.59, for a total transaction of $4,199,833.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kenneth Booth sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $273.01, for a total value of $546,020.00. The disclosure for this sale can be found here. Insiders sold a total of 357,114 shares of company stock valued at $87,000,109 over the last ninety days. Corporate insiders own 5.80% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Koch Industries Inc. acquired a new stake in shares of Credit Acceptance Corporation during the second quarter worth about $240,000. Vanguard Group Inc. increased its stake in shares of 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 worth $185,723,000 after buying an additional 197,463 shares during the last quarter. UBS Group AG boosted its position in shares of Credit Acceptance Corporation by 11,086.9% in the first quarter. UBS Group AG now owns 143,975 shares of the credit services provider’s stock worth $28,710,000 after buying an additional 142,688 shares during the period. Norges Bank purchased a new position in shares of Credit Acceptance Corporation during the fourth quarter worth approximately $27,279,000. Finally, Goldman Sachs Group Inc. boosted its position in shares of Credit Acceptance Corporation by 479.4% in the second quarter. Goldman Sachs Group Inc. now owns 138,545 shares of the credit services provider’s stock worth $35,626,000 after buying an additional 114,632 shares during the period. 72.98% of the stock is owned by hedge funds and other institutional investors.
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A number of brokerages have recently issued reports on CACC. Raymond James Financial, Inc. raised shares of Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a report on Tuesday, August 1st. BidaskClub downgraded shares of Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 6th. BMO Capital Markets reissued a “market perform” rating and issued a $226.00 price objective (up previously from $212.00) on shares of Credit Acceptance Corporation in a report on Wednesday, May 3rd. Jefferies Group LLC reissued a “hold” rating and issued a $240.00 price objective (up previously from $215.00) on shares of Credit Acceptance Corporation in a report on Tuesday, August 1st. Finally, JMP Securities reaffirmed an “underperform” rating and set a $195.00 price target (up previously from $180.00) on shares of Credit Acceptance Corporation in a report on Tuesday, August 1st. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. Credit Acceptance Corporation presently has an average rating of “Hold” and a consensus price target of $216.56.
About Credit Acceptance Corporation
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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