Credit Acceptance (CACC) Raised to “Strong-Buy” at BidaskClub

Credit Acceptance (NASDAQ:CACC) was upgraded by investment analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

Several other equities analysts also recently commented on the company. Zacks Investment Research upgraded Credit Acceptance from a “hold” rating to a “strong-buy” rating and set a $390.00 target price for the company in a research report on Friday. Oppenheimer began coverage on Credit Acceptance in a research report on Monday, January 8th. They set a “buy” rating and a $355.00 target price for the company. Credit Suisse Group restated a “sell” rating and set a $270.00 target price on shares of Credit Acceptance in a research report on Monday, January 8th. Stephens set a $257.00 target price on Credit Acceptance and gave the stock a “sell” rating in a research report on Wednesday, January 3rd. Finally, Bank of America raised 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. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and two have issued a strong buy rating to the stock. Credit Acceptance has a consensus rating of “Hold” and an average price target of $263.50.

Credit Acceptance (CACC) opened at $340.99 on Friday. The company has a current ratio of 17.63, a quick ratio of 17.63 and a debt-to-equity ratio of 2.12. The company has a market capitalization of $6,560.00, a P/E ratio of 17.68, a P/E/G ratio of 1.30 and a beta of 0.54. Credit Acceptance has a 52-week low of $182.50 and a 52-week high of $344.21.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Monday, October 30th. The credit services provider reported $5.43 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 the consensus estimate 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 was up 15.1% on a year-over-year basis. During the same quarter last year, the company earned $4.53 EPS. analysts forecast that Credit Acceptance will post 20.74 earnings per share for the current fiscal year.

In other news, major shareholder Jill Foss Watson sold 18,106 shares of Credit Acceptance stock in a transaction on Tuesday, December 26th. The stock was sold at an average price of $326.06, for a total value of $5,903,642.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 114,925 shares of company stock valued at $37,901,719 over the last three months. Insiders own 5.80% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its stake in shares of Credit Acceptance by 6.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock valued at $159,000 after buying an additional 40 shares during the period. Legal & General Group Plc increased its stake in shares of Credit Acceptance by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 3,250 shares of the credit services provider’s stock valued at $836,000 after buying an additional 45 shares during the period. Wells Fargo & Company MN increased its stake in shares of Credit Acceptance by 4.5% in the 2nd quarter. Wells Fargo & Company MN now owns 3,674 shares of the credit services provider’s stock valued at $945,000 after buying an additional 158 shares during the period. Rafferty Asset Management LLC increased its stake in shares of Credit Acceptance by 10.9% in the 2nd quarter. Rafferty Asset Management LLC now owns 1,660 shares of the credit services provider’s stock valued at $427,000 after buying an additional 163 shares during the period. Finally, Pacer Advisors Inc. increased its stake in shares of Credit Acceptance by 11.6% in the 3rd quarter. Pacer Advisors Inc. now owns 2,413 shares of the credit services provider’s stock valued at $676,000 after buying an additional 250 shares during the period. 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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