Credit Acceptance Corporation (NASDAQ:CACC) Rating Increased to Market Perform at Raymond James Financial, Inc.

Credit Acceptance Corporation (NASDAQ:CACC) was upgraded by equities researchers at Raymond James Financial, Inc. from an “underperform” rating to a “market perform” rating in a research report issued on Tuesday, August 1st, Marketbeat reports.

Several other equities research analysts have also issued reports on CACC. Credit Suisse Group reissued an “underperform” rating and set a $200.00 price target (up from $190.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Jefferies Group LLC reissued a “hold” rating and set a $215.00 price target on shares of Credit Acceptance Corporation in a research report on Friday, July 14th. Zacks Investment Research lowered Credit Acceptance Corporation from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub downgraded Credit Acceptance Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Janney Montgomery Scott upgraded Credit Acceptance Corporation from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $187.00 to $200.00 in a research note on Tuesday, May 2nd. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $216.56.

Shares of Credit Acceptance Corporation (NASDAQ:CACC) opened at 261.83 on Tuesday. The company has a 50 day moving average of $257.10 and a 200-day moving average of $221.97. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 14.31 and a beta of 0.51. Credit Acceptance Corporation has a one year low of $160.63 and a one year high of $281.67.

Credit Acceptance Corporation (NASDAQ:CACC) last posted its quarterly earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.89 by $0.33. The business had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. The business’s revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the company posted $4.38 EPS. On average, analysts anticipate that Credit Acceptance Corporation will post $19.90 earnings per share for the current year.

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In other news, major shareholder Jill Foss Watson sold 29,956 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $270.81, for a total value of $8,112,384.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Douglas W. Busk sold 2,500 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $267.72, for a total value of $669,300.00. The disclosure for this sale can be found here. In the last three months, insiders sold 357,114 shares of company stock valued at $87,000,109. Company insiders own 5.80% of the company’s stock.

Several large investors have recently made changes to their positions in CACC. Norges Bank bought a new stake in shares of Credit Acceptance Corporation during the fourth quarter valued at approximately $27,279,000. Teachers Advisors LLC increased its stake in shares of Credit Acceptance Corporation by 6.5% in the fourth quarter. Teachers Advisors LLC now owns 14,379 shares of the credit services provider’s stock valued at $3,128,000 after buying an additional 883 shares in the last quarter. James Investment Research Inc. bought a new stake in shares of Credit Acceptance Corporation during the first quarter valued at approximately $698,000. Howard Hughes Medical Institute increased its stake in shares of Credit Acceptance Corporation by 32.8% in the first quarter. Howard Hughes Medical Institute now owns 50,836 shares of the credit services provider’s stock valued at $10,137,000 after buying an additional 12,548 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in shares of Credit Acceptance Corporation by 35.9% in the first quarter. Janney Montgomery Scott LLC now owns 1,560 shares of the credit services provider’s stock valued at $311,000 after buying an additional 412 shares in the last quarter. 72.98% of the stock is owned by institutional investors and hedge funds.

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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