Credit Acceptance Corporation (NASDAQ:CACC) Issues Quarterly Earnings Results, Beats Expectations By $0.33 EPS

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.

Earnings History for Credit Acceptance Corporation (NASDAQ:CACC)

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