Credit Acceptance Corporation (NASDAQ:CACC) released its earnings results on Monday. The credit services provider reported $5.43 EPS for the quarter, topping analysts’ consensus estimates of $5.15 by $0.28, Bloomberg Earnings reports. Credit Acceptance Corporation had a return on equity of 33.13% and a net margin of 35.29%. The company had revenue of $283.90 million for the quarter, compared to the consensus estimate of $281.03 million. During the same quarter last year, the business posted $4.53 EPS. Credit Acceptance Corporation’s quarterly revenue was up 15.1% compared to the same quarter last year.
Shares of Credit Acceptance Corporation (NASDAQ:CACC) opened at 286.73 on Wednesday. The firm has a market capitalization of $5.58 billion, a PE ratio of 15.67 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 stock’s 50 day moving average price is $279.65 and its 200-day moving average price is $250.97.
A number of research analysts have commented on CACC shares. BidaskClub downgraded Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 6th. Zacks Investment Research raised Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a report on Thursday, August 3rd. Jefferies Group LLC reaffirmed a “hold” rating and set a $260.00 target price (up previously from $240.00) on shares of Credit Acceptance Corporation in a report on Tuesday, October 10th. BMO Capital Markets reaffirmed a “hold” rating and set a $238.00 target price on shares of Credit Acceptance Corporation in a report on Friday, October 6th. Finally, Credit Suisse Group reaffirmed an “underperform” rating and set a $200.00 target price (up previously from $190.00) on shares of Credit Acceptance Corporation in a report on Tuesday, August 1st. Four investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $229.78.
In other Credit Acceptance Corporation news, major shareholder Jill Foss Watson sold 47,303 shares of Credit Acceptance Corporation stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $270.75, for a total transaction of $12,807,287.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.80% of the stock is currently owned by insiders.
A hedge fund recently raised its stake in Credit Acceptance Corporation stock. The Manufacturers Life Insurance Company raised its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 6.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 619 shares of the credit services provider’s stock after purchasing an additional 40 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Credit Acceptance Corporation were worth $159,000 as of its most recent filing with the Securities and Exchange Commission. 72.92% of the stock is owned by institutional investors and hedge funds.
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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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