Credit Acceptance Corporation (CACC) Earns Hold Rating from Jefferies Group LLC

Jefferies Group LLC restated their hold rating on shares of Credit Acceptance Corporation (NASDAQ:CACC) in a research report sent to investors on Tuesday morning. Jefferies Group LLC currently has a $260.00 price target on the credit services provider’s stock, up from their previous price target of $240.00.

Other equities analysts have also recently issued reports about the company. BidaskClub cut Credit Acceptance Corporation from a strong-buy rating to a buy rating in a report on Thursday, July 6th. Zacks Investment Research raised Credit Acceptance Corporation from a hold rating to a buy rating and set a $310.00 target price for the company in a report on Thursday, August 3rd. BMO Capital Markets reissued a hold rating and issued a $238.00 target price on shares of Credit Acceptance Corporation in a report on Friday, October 6th. Raymond James Financial, Inc. raised Credit Acceptance Corporation from an underperform rating to a market perform rating in a report on Tuesday, August 1st. Finally, JMP Securities reissued an underperform rating and issued a $195.00 target price (up from $180.00) on shares of Credit Acceptance Corporation in a report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $224.88.

Credit Acceptance Corporation (NASDAQ CACC) opened at 282.95 on Tuesday. Credit Acceptance Corporation has a 12 month low of $160.63 and a 12 month high of $288.23. The stock has a 50 day moving average price of $273.26 and a 200 day moving average price of $242.56. The firm has a market cap of $5.51 billion, a price-to-earnings ratio of 15.47 and a beta of 0.55.

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 firm 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 company’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.38 EPS. On average, equities analysts expect that Credit Acceptance Corporation will post $19.90 earnings per share for the current fiscal year.

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In related news, insider Douglas W. Busk sold 2,500 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $267.72, for a total transaction of $669,300.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kenneth Booth sold 2,000 shares of the 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 disclosure for this sale can be found here. Over the last three months, insiders sold 152,858 shares of company stock valued at $41,562,168. 5.80% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CACC. Koch Industries Inc. bought a new stake in Credit Acceptance Corporation during the 2nd quarter worth approximately $240,000. Vanguard Group Inc. grew its position in Credit Acceptance Corporation by 26.9% during the 1st quarter. Vanguard Group Inc. now owns 931,364 shares of the credit services provider’s stock worth $185,723,000 after acquiring an additional 197,463 shares during the last quarter. UBS Group AG grew its position in Credit Acceptance Corporation by 11,086.9% during the 1st quarter. UBS Group AG now owns 143,975 shares of the credit services provider’s stock worth $28,710,000 after acquiring an additional 142,688 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Credit Acceptance Corporation by 479.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 138,545 shares of the credit services provider’s stock worth $35,626,000 after acquiring an additional 114,632 shares during the last quarter. Finally, American Century Companies Inc. bought a new stake in Credit Acceptance Corporation during the 2nd quarter worth approximately $28,338,000. Institutional investors and hedge funds own 72.71% of the company’s stock.

About Credit Acceptance Corporation

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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