Credit Acceptance Corporation (CACC) Cut to “Hold” at BidaskClub

BidaskClub downgraded shares of Credit Acceptance Corporation (NASDAQ:CACC) from a buy rating to a hold rating in a research report report published on Wednesday, July 12th.

Several other analysts have also recently commented on CACC. Zacks Investment Research cut Credit Acceptance Corporation from a strong-buy rating to a hold rating in a report on Tuesday, July 4th. Janney Montgomery Scott upgraded Credit Acceptance Corporation from a sell rating to a neutral rating and lifted their price target for the company from $187.00 to $200.00 in a report on Tuesday, May 2nd. BMO Capital Markets restated a hold rating and issued a $212.00 price target on shares of Credit Acceptance Corporation in a report on Tuesday, April 11th. Jefferies Group LLC restated a hold rating and issued a $215.00 price target on shares of Credit Acceptance Corporation in a report on Friday, April 7th. Finally, Credit Suisse Group restated a hold rating and issued a $190.00 price target on shares of Credit Acceptance Corporation in a report on Friday, April 7th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $216.56.

Shares of Credit Acceptance Corporation (NASDAQ:CACC) traded up 1.46% on Wednesday, reaching $279.92. 440,254 shares of the company’s stock traded hands. The stock’s 50-day moving average price is $250.91 and its 200-day moving average price is $217.29. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of 15.30 and a beta of 0.51. Credit Acceptance Corporation has a 52 week low of $160.63 and a 52 week high of $281.67.

Credit Acceptance Corporation (NASDAQ:CACC) last posted its quarterly earnings results on Monday, July 31st. The credit services provider reported $5.22 EPS for the quarter, beating the consensus estimate of $4.89 by $0.33. The company had revenue of $253.20 million during the quarter, compared to analysts’ expectations of $268.18 million. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. The firm’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.38 EPS. Equities analysts predict that Credit Acceptance Corporation will post $19.90 EPS for the current year.

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In other Credit Acceptance Corporation news, CFO Kenneth Booth sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $273.01, for a total value of $546,020.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Jill Foss Watson sold 41,729 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $216.42, for a total value of $9,030,990.18. The disclosure for this sale can be found here. Insiders have sold a total of 483,242 shares of company stock valued at $114,452,562 in the last quarter. Company insiders own 5.80% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the company. Karp Capital Management Corp acquired a new position in shares of Credit Acceptance Corporation during the first quarter worth about $244,000. Bank of New York Mellon Corp raised its position in shares of Credit Acceptance Corporation by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 43,644 shares of the credit services provider’s stock worth $8,703,000 after buying an additional 807 shares during the last quarter. First Trust Advisors LP raised its position in shares of Credit Acceptance Corporation by 51.0% in the first quarter. First Trust Advisors LP now owns 34,598 shares of the credit services provider’s stock worth $6,899,000 after buying an additional 11,690 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Credit Acceptance Corporation by 9.1% in the first quarter. Wells Fargo & Company MN now owns 3,516 shares of the credit services provider’s stock worth $701,000 after buying an additional 293 shares during the last quarter. Finally, Beck Mack & Oliver LLC raised its position in shares of Credit Acceptance Corporation by 5.7% in the first quarter. Beck Mack & Oliver LLC now owns 361,295 shares of the credit services provider’s stock worth $72,046,000 after buying an additional 19,485 shares during the last quarter. Hedge funds and other institutional investors own 72.50% of the company’s stock.

Credit Acceptance Corporation 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.

Analyst Recommendations for Credit Acceptance Corporation (NASDAQ:CACC)

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