Credit Acceptance (CACC) Hits New 52-Week High at $328.34

Credit Acceptance Corporation (NASDAQ:CACC)’s share price hit a new 52-week high on Friday . The company traded as high as $328.34 and last traded at $327.39, with a volume of 91875 shares. The stock had previously closed at $324.54.

A number of equities analysts recently weighed in on CACC shares. Zacks Investment Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. BMO Capital Markets reissued a “hold” rating and set a $238.00 target price on shares of Credit Acceptance in a research note on Friday, October 6th. Jefferies Group reissued a “hold” rating and set a $260.00 target price (up previously from $240.00) on shares of Credit Acceptance in a research note on Tuesday, October 10th. Credit Suisse Group lifted their target price on shares of Credit Acceptance from $200.00 to $225.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 31st. Finally, Bank of America lifted their target price on shares of Credit Acceptance from $195.00 to $230.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 31st. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $229.78.

The company has a debt-to-equity ratio of 2.12, a current ratio of 17.63 and a quick ratio of 17.63. The stock has a market capitalization of $6,340.00, a price-to-earnings ratio of 15.88, a P/E/G ratio of 1.30 and a beta of 0.53.

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

A number of large investors have recently bought and sold shares of CACC. American Century Companies Inc. acquired a new position in shares of Credit Acceptance during the second quarter valued at about $28,338,000. Rational Advisors LLC acquired a new position in shares of Credit Acceptance during the third quarter valued at about $1,180,000. Rhumbline Advisers grew its holdings in shares of Credit Acceptance by 23.3% during the second quarter. Rhumbline Advisers now owns 15,244 shares of the credit services provider’s stock valued at $3,920,000 after buying an additional 2,883 shares during the last quarter. Caldwell & Orkin Inc. acquired a new position in shares of Credit Acceptance during the second quarter valued at about $2,186,000. Finally, Allen Investment Management LLC grew its holdings in shares of Credit Acceptance by 28.1% during the second quarter. Allen Investment Management LLC now owns 3,002 shares of the credit services provider’s stock valued at $772,000 after buying an additional 658 shares during the last quarter. Institutional investors and hedge funds 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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