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.
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.
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