Credit Acceptance (CACC) Receives New Coverage from Analysts at Oppenheimer

Oppenheimer assumed coverage on shares of Credit Acceptance (NASDAQ:CACC) in a research note issued to investors on Monday. The brokerage issued a buy rating and a $355.00 price objective on the credit services provider’s stock.

A number of other analysts have also weighed in on the company. Zacks Investment Research lowered Credit Acceptance from a strong-buy rating to a hold rating in a research note on Tuesday, October 3rd. BidaskClub raised Credit Acceptance from a buy rating to a strong-buy rating in a research note on Tuesday, December 12th. Credit Suisse Group increased their price objective on Credit Acceptance from $200.00 to $225.00 and gave the company an underperform rating in a research note on Tuesday, October 31st. Jefferies Group reissued a hold rating and set a $260.00 price objective (up previously from $240.00) on shares of Credit Acceptance in a research note on Tuesday, October 10th. Finally, Bank of America increased their price objective on Credit Acceptance from $195.00 to $230.00 and gave the company an underperform rating in a research note on Tuesday, October 31st. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $263.50.

Shares of Credit Acceptance (NASDAQ:CACC) traded up $1.49 on Monday, reaching $340.99. The company’s stock had a trading volume of 123,662 shares, compared to its average volume of 146,722. The stock has a market capitalization of $6,560.00, a price-to-earnings ratio of 17.68, a P/E/G ratio of 1.30 and a beta of 0.54. The company has a debt-to-equity ratio of 2.12, a quick ratio of 17.63 and a current ratio of 17.63. Credit Acceptance has a 1-year low of $182.50 and a 1-year high of $344.21.

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

In related news, major shareholder Jill Foss Watson sold 30,038 shares of the firm’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $330.83, for a total value of $9,937,471.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 114,925 shares of company stock valued at $37,901,719 in the last ninety days. 5.80% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in CACC. Ladenburg Thalmann Financial Services Inc. lifted its stake in 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 worth $150,000 after acquiring an additional 437 shares during the period. SG Americas Securities LLC lifted 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 worth $159,000 after acquiring an additional 22,463 shares during the period. The Manufacturers Life Insurance Company lifted 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 worth $159,000 after acquiring an additional 40 shares during the period. Rathbone Brothers plc purchased a new stake in Credit Acceptance in the third quarter worth $210,000. Finally, First Capital Advisors Group LLC. purchased a new stake in Credit Acceptance in the third quarter worth $233,000. 70.69% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for Credit Acceptance (NASDAQ:CACC)

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