Credit Acceptance (CACC) Reaches New 12-Month High at $311.61

Shares of Credit Acceptance Corporation (NASDAQ:CACC) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $311.61 and last traded at $308.78, with a volume of 192100 shares traded. The stock had previously closed at $309.07.

Several research firms have recently weighed in on CACC. BMO Capital Markets reiterated a “hold” rating and set a $238.00 target price on shares of Credit Acceptance in a research report on Friday, October 6th. Bank of America lifted their target price on Credit Acceptance from $195.00 to $230.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 31st. Jefferies Group reiterated a “hold” rating and set a $260.00 target price (up from $240.00) on shares of Credit Acceptance in a research report on Tuesday, October 10th. Credit Suisse Group lifted their target price on Credit Acceptance from $200.00 to $225.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 31st. Finally, Zacks Investment Research downgraded Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Four analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Credit Acceptance presently has a consensus rating of “Hold” and an average price target of $229.78.

The company has a market cap of $5,968.21, a PE ratio of 15.37, a price-to-earnings-growth ratio of 1.26 and a beta of 0.53. The company has a quick ratio of 17.63, a current ratio of 17.63 and a debt-to-equity ratio of 2.12.

Credit Acceptance (NASDAQ:CACC) last released its earnings results on Monday, October 30th. The credit services provider reported $5.43 earnings per share for the quarter, topping the consensus estimate of $5.15 by $0.28. The business had revenue of $283.90 million during the quarter, compared to the consensus estimate of $281.03 million. Credit Acceptance had a return on equity of 32.08% and a net margin of 35.29%. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period last year, the company earned $4.53 earnings per share. research analysts predict that Credit Acceptance Corporation will post 20.84 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. Ladenburg Thalmann Financial Services Inc. raised its holdings in shares of Credit Acceptance by 437.0% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 537 shares of the credit services provider’s stock valued at $150,000 after acquiring an additional 437 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Credit Acceptance by 6.9% in the second quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock valued at $159,000 after purchasing an additional 40 shares during the last quarter. SG Americas Securities LLC grew its stake in Credit Acceptance by 102.8% in the second quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after purchasing an additional 22,463 shares during the last quarter. Rathbone Brothers plc purchased a new position in Credit Acceptance in the third quarter valued at about $210,000. Finally, First Capital Advisors Group LLC. purchased a new position in Credit Acceptance in the third quarter valued at about $233,000. Hedge funds and other institutional investors own 70.72% of the company’s stock.

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About Credit Acceptance

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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