Credit Acceptance (CACC) Reaches New 1-Year High at $339.84

Credit Acceptance Corp. (NASDAQ:CACC)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $339.84 and last traded at $332.61, with a volume of 147200 shares trading hands. The stock had previously closed at $331.88.

CACC has been the subject of several research analyst reports. Zacks Investment Research lowered shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 3rd. BidaskClub raised shares of Credit Acceptance from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 12th. Credit Suisse Group boosted their price target on shares of Credit Acceptance from $200.00 to $225.00 and gave the company an “underperform” rating in a report on Tuesday, October 31st. Jefferies Group reissued a “hold” rating and issued a $260.00 price target (up previously from $240.00) on shares of Credit Acceptance in a report on Tuesday, October 10th. Finally, Bank of America boosted their price target on shares of Credit Acceptance from $195.00 to $230.00 and gave the company an “underperform” rating in a report on Tuesday, October 31st. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $255.50.

The company has a market capitalization of $6,560.00, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 1.30 and a beta of 0.54. The company has a debt-to-equity ratio of 2.12, a current ratio of 17.63 and a quick ratio of 17.63.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Monday, October 30th. The credit services provider reported $5.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $5.15 by $0.28. The firm had revenue of $283.90 million during the quarter, compared to analyst estimates of $281.03 million. Credit Acceptance had a net margin of 35.29% and a return on equity of 32.08%. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the prior year, the business earned $4.53 EPS. research analysts anticipate that Credit Acceptance Corp. will post 20.74 EPS for the current fiscal year.

In related news, major shareholder Jill Foss Watson sold 18,106 shares of the company’s stock in a transaction on Tuesday, December 26th. The shares were sold at an average price of $326.06, for a total value of $5,903,642.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 114,925 shares of company stock valued at $37,901,719. Company insiders own 5.80% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ladenburg Thalmann Financial Services Inc. boosted its stake in Credit Acceptance by 437.0% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 537 shares of the credit services provider’s stock worth $150,000 after purchasing an additional 437 shares during the period. SG Americas Securities LLC boosted its stake in shares of Credit Acceptance by 102.8% during the 2nd quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock worth $159,000 after buying an additional 22,463 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Credit Acceptance by 6.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock worth $159,000 after buying an additional 40 shares during the last quarter. Rathbone Brothers plc acquired a new position in shares of Credit Acceptance during the 3rd quarter worth about $210,000. Finally, First Capital Advisors Group LLC. acquired a new position in shares of Credit Acceptance during the 3rd quarter worth about $233,000. 70.69% of the stock is owned by hedge funds and other institutional investors.

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Credit Acceptance 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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