Credit Acceptance Corporation (CACC) Price Target Raised to $230.00

Credit Acceptance Corporation (NASDAQ:CACC) had its price target lifted by equities researchers at Bank of America Corporation from $195.00 to $230.00 in a research report issued to clients and investors on Tuesday. The brokerage presently has an “underperform” rating on the credit services provider’s stock. Bank of America Corporation’s price objective would indicate a potential downside of 22.30% from the company’s previous close.

A number of other research analysts have also recently commented on the company. BidaskClub cut Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 6th. Zacks Investment Research upgraded Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 price target on the stock in a research report on Thursday, August 3rd. Jefferies Group LLC restated a “hold” rating and issued a $260.00 price target (up previously from $240.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, October 10th. BMO Capital Markets restated a “hold” rating and issued a $238.00 price target on shares of Credit Acceptance Corporation in a research report on Friday, October 6th. Finally, Credit Suisse Group restated an “underperform” rating and issued a $200.00 price target (up previously from $190.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Four analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $229.78.

Credit Acceptance Corporation (NASDAQ CACC) traded down 3.51% during midday trading on Tuesday, hitting $285.62. 285,808 shares of the stock traded hands. The stock has a market capitalization of $5.56 billion, a PE ratio of 15.61 and a beta of 0.55. Credit Acceptance Corporation has a 12-month low of $160.63 and a 12-month high of $299.92. The firm’s 50 day moving average is $279.02 and its 200-day moving average is $250.71.

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

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In other Credit Acceptance Corporation news, insider Douglas W. Busk sold 2,500 shares of Credit Acceptance Corporation stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $267.72, for a total value of $669,300.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Jill Foss Watson sold 35,348 shares of Credit Acceptance Corporation stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $275.69, for a total value of $9,745,090.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 117,107 shares of company stock worth $31,880,082. Company insiders own 5.80% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Aperio Group LLC grew its position in Credit Acceptance Corporation by 1.4% in the second quarter. Aperio Group LLC now owns 1,243 shares of the credit services provider’s stock valued at $320,000 after acquiring an additional 17 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Credit Acceptance Corporation by 0.9% during the first quarter. Public Employees Retirement System of Ohio now owns 4,078 shares of the credit services provider’s stock worth $813,000 after purchasing an additional 37 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Credit Acceptance Corporation by 6.9% during the second quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock worth $159,000 after purchasing an additional 40 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Credit Acceptance Corporation by 1.4% during the second quarter. Legal & General Group Plc now owns 3,250 shares of the credit services provider’s stock worth $836,000 after purchasing an additional 45 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado grew its holdings in shares of Credit Acceptance Corporation by 4.8% during the second quarter. Public Employees Retirement Association of Colorado now owns 1,954 shares of the credit services provider’s stock worth $502,000 after purchasing an additional 90 shares during the last quarter. Hedge funds and other institutional investors own 72.92% of the company’s stock.

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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