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

BidaskClub upgraded shares of Credit Acceptance (NASDAQ:CACC) from a buy rating to a strong-buy rating in a research report sent to investors on Saturday morning.

Several other research analysts have also recently weighed in on CACC. Zacks Investment Research cut Credit Acceptance from a strong-buy rating to a hold rating in a research note on Tuesday, October 3rd. BMO Capital Markets reiterated a hold rating and issued a $238.00 price target on shares of Credit Acceptance in a research report on Friday, October 6th. Jefferies Group reiterated a hold rating and issued a $260.00 price target (up previously from $240.00) on shares of Credit Acceptance in a research report on Tuesday, October 10th. Credit Suisse Group increased their price target on Credit Acceptance from $200.00 to $225.00 and gave the company an underperform rating in a research report on Tuesday, October 31st. Finally, Bank of America increased their price target on Credit Acceptance from $195.00 to $230.00 and gave the company an underperform rating in a research report on Tuesday, October 31st. Four analysts have rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company. Credit Acceptance currently has a consensus rating of Hold and an average target price of $263.50.

Credit Acceptance (NASDAQ:CACC) opened at $340.99 on Friday. Credit Acceptance has a 52 week low of $182.50 and a 52 week high of $344.21. The firm has a market capitalization of $6,584.59, a PE ratio of 17.64, a P/E/G ratio of 1.04 and a beta of 0.54. The company has a current ratio of 17.63, a quick ratio of 17.63 and a debt-to-equity ratio of 2.12.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Monday, October 30th. The credit services provider reported $5.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $5.15 by $0.28. Credit Acceptance had a return on equity of 32.08% and a net margin of 35.29%. The business had revenue of $283.90 million during the quarter, compared to analysts’ expectations of $281.03 million. During the same quarter last year, the business posted $4.53 earnings per share. The company’s quarterly revenue was up 15.1% on a year-over-year basis. equities analysts forecast that Credit Acceptance will post 20.74 EPS for the current fiscal year.

In related news, major shareholder Jill Foss Watson sold 35,318 shares of the stock in a transaction on Thursday, December 28th. The stock was sold at an average price of $326.14, for a total value of $11,518,612.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 114,925 shares of company stock valued at $37,901,719 in the last quarter. 5.80% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ladenburg Thalmann Financial Services Inc. boosted its position in Credit Acceptance by 437.0% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 537 shares of the credit services provider’s stock worth $150,000 after acquiring an additional 437 shares during the period. SG Americas Securities LLC raised its stake in shares of Credit Acceptance by 102.8% during the 2nd quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock worth $159,000 after purchasing an additional 22,463 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Credit Acceptance by 6.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock worth $159,000 after purchasing an additional 40 shares in the last quarter. Rathbone Brothers plc purchased a new stake in shares of Credit Acceptance during the 3rd quarter worth about $210,000. Finally, First Capital Advisors Group LLC. purchased a new stake in shares of Credit Acceptance during the 3rd quarter worth about $233,000. Hedge funds and other institutional investors own 70.70% of the company’s stock.

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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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