BMO Capital Markets Reaffirms Market Perform Rating for Credit Acceptance Corporation (CACC)

Credit Acceptance Corporation (NASDAQ:CACC)‘s stock had its “market perform” rating reiterated by research analysts at BMO Capital Markets in a report released on Tuesday. They presently have a $252.00 target price on the credit services provider’s stock. BMO Capital Markets’ price target would indicate a potential downside of 14.87% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Credit Acceptance Corporation from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 4th. JMP Securities reiterated an “underperform” rating and issued a $195.00 price target (up from $180.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. BidaskClub downgraded shares of Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 6th. Jefferies Group LLC reiterated a “hold” rating and issued a $215.00 price target on shares of Credit Acceptance Corporation in a research report on Friday, July 14th. Finally, Credit Suisse Group reiterated an “underperform” rating and issued a $200.00 price target (up from $190.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Credit Acceptance Corporation has an average rating of “Hold” and an average target price of $226.63.

Credit Acceptance Corporation (NASDAQ:CACC) traded down 2.96% during midday trading on Tuesday, hitting $287.26. The stock had a trading volume of 97,279 shares. The company has a market cap of $5.59 billion, a price-to-earnings ratio of 15.70 and a beta of 0.55. The company’s 50 day moving average is $279.02 and its 200 day moving average is $250.71. Credit Acceptance Corporation has a 1-year low of $160.63 and a 1-year high of $299.92.

Credit Acceptance Corporation (NASDAQ:CACC) last released its quarterly earnings results on Monday, October 30th. The credit services provider reported $5.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.15 by $0.28. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The company had revenue of $283.90 million during the quarter, compared to the consensus estimate of $281.03 million. During the same period in the previous year, the business earned $4.53 earnings per share. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. On average, equities analysts anticipate that Credit Acceptance Corporation will post $19.90 earnings per share for the current fiscal year.

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In related news, major shareholder Jill Foss Watson sold 29,956 shares of Credit Acceptance Corporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $270.81, for a total value of $8,112,384.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Kenneth Booth sold 2,000 shares of Credit Acceptance Corporation stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $273.01, for a total transaction of $546,020.00. The disclosure for this sale can be found here. Insiders sold 117,107 shares of company stock worth $31,880,082 over the last three months. 5.80% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. increased its stake in Credit Acceptance Corporation by 91.3% in the third quarter. Victory Capital Management Inc. now owns 49,333 shares of the credit services provider’s stock valued at $13,822,000 after acquiring an additional 23,539 shares during the last quarter. Rathbone Brothers plc bought a new position in Credit Acceptance Corporation in the third quarter valued at approximately $210,000. First Trust Advisors LP increased its stake in Credit Acceptance Corporation by 5,945.1% in the third quarter. First Trust Advisors LP now owns 53,378 shares of the credit services provider’s stock valued at $14,955,000 after acquiring an additional 52,495 shares during the last quarter. Shell Asset Management Co. bought a new position in Credit Acceptance Corporation in the third quarter valued at approximately $3,456,000. Finally, Public Employees Retirement System of Ohio increased its stake in Credit Acceptance Corporation by 30.0% in the second quarter. Public Employees Retirement System of Ohio now owns 5,303 shares of the credit services provider’s stock valued at $1,364,000 after acquiring an additional 1,225 shares during the last quarter. 72.92% of the stock is currently owned by institutional investors and hedge funds.

Credit Acceptance Corporation Company Profile

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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