Zacks Investment Research upgraded shares of Credit Acceptance (NASDAQ:CACC) from a hold rating to a strong-buy rating in a research note issued to investors on Friday. They currently have $390.00 price target on the credit services provider’s stock.
According to Zacks, “Credit Acceptance Corporation is a specialized financial services company which provides funding, receivables management, collection, sales training and related services to automobile dealers. “
Other research analysts have also recently issued research reports about the stock. 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 research report on Tuesday, October 31st. 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 research report on Tuesday, October 31st. BMO Capital Markets reissued a hold rating and set a $238.00 price target on shares of Credit Acceptance in a research report on Friday, October 6th. Oppenheimer assumed coverage on shares of Credit Acceptance in a research report on Monday, January 8th. They set a buy rating and a $355.00 price target on the stock. Finally, BidaskClub cut shares of Credit Acceptance from a strong-buy rating to a buy rating in a research report on Saturday, January 6th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the company. Credit Acceptance has an average rating of Hold and an average target price of $263.50.
Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Monday, October 30th. The credit services provider reported $5.43 earnings per share for the quarter, beating the consensus estimate of $5.15 by $0.28. The firm had revenue of $283.90 million for 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 company’s revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.53 EPS. sell-side analysts predict that Credit Acceptance will post 20.74 EPS for the current year.
In other Credit Acceptance news, major shareholder Jill Foss Watson sold 31,463 shares of the company’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $335.06, for a total value of $10,541,992.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 114,925 shares of company stock worth $37,901,719 in the last ninety days. 5.80% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Rational Advisors LLC acquired a new position in Credit Acceptance in the third quarter valued at about $1,180,000. Clinton Group Inc. acquired a new position in Credit Acceptance in the second quarter valued at about $1,624,000. Goldman Sachs Group Inc. lifted its position in Credit Acceptance by 479.4% in the second quarter. Goldman Sachs Group Inc. now owns 138,545 shares of the credit services provider’s stock valued at $35,626,000 after buying an additional 114,632 shares during the last quarter. Prudential Financial Inc. lifted its position in Credit Acceptance by 386.9% in the third quarter. Prudential Financial Inc. now owns 10,823 shares of the credit services provider’s stock valued at $3,033,000 after buying an additional 8,600 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its position in Credit Acceptance by 7.7% in the third quarter. Schwab Charles Investment Management Inc. now owns 72,472 shares of the credit services provider’s stock valued at $20,305,000 after buying an additional 5,187 shares during the last quarter. 70.70% of the stock is currently owned by 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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