Credit Acceptance (NASDAQ:CACC) Price Target Cut to $400.00

Credit Acceptance (NASDAQ:CACC) had its price objective trimmed by TD Cowen from $440.00 to $400.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has a sell rating on the credit services provider’s stock.

Credit Acceptance Stock Down 3.2 %

Shares of CACC stock traded down $15.42 on Thursday, hitting $473.87. The stock had a trading volume of 36,409 shares, compared to its average volume of 60,081. The firm has a market capitalization of $5.74 billion, a price-to-earnings ratio of 25.10 and a beta of 1.44. The stock’s 50 day moving average is $518.94 and its 200-day moving average is $532.60. The company has a debt-to-equity ratio of 3.29, a quick ratio of 13.79 and a current ratio of 13.79. Credit Acceptance has a 52-week low of $379.77 and a 52-week high of $616.66.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Wednesday, July 31st. The credit services provider reported $10.29 earnings per share for the quarter, beating the consensus estimate of $7.20 by $3.09. The business had revenue of $538.20 million during the quarter, compared to the consensus estimate of $525.03 million. Credit Acceptance had a net margin of 9.01% and a return on equity of 30.10%. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.69 earnings per share. As a group, research analysts expect that Credit Acceptance will post 38.21 earnings per share for the current year.

Institutional Trading of Credit Acceptance

Several institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers raised its holdings in Credit Acceptance by 10.1% in the second quarter. Rhumbline Advisers now owns 9,235 shares of the credit services provider’s stock valued at $4,753,000 after acquiring an additional 844 shares in the last quarter. nVerses Capital LLC acquired a new stake in Credit Acceptance in the second quarter valued at $51,000. UMB Bank n.a. raised its holdings in Credit Acceptance by 4.6% in the second quarter. UMB Bank n.a. now owns 654 shares of the credit services provider’s stock valued at $337,000 after acquiring an additional 29 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Credit Acceptance by 47.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,110 shares of the credit services provider’s stock valued at $571,000 after acquiring an additional 359 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Credit Acceptance by 4.2% in the second quarter. Bank of New York Mellon Corp now owns 23,732 shares of the credit services provider’s stock valued at $12,214,000 after acquiring an additional 951 shares in the last quarter. 81.71% of the stock is owned by institutional investors and hedge funds.

About Credit Acceptance

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.