Brokerages Set Credit Acceptance Corporation (CACC) Target Price at $222.38

Shares of Credit Acceptance Corporation (NASDAQ:CACC) have received a consensus recommendation of “Hold” from the ten research firms that are currently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $222.38.

Several research firms have weighed in on CACC. Zacks Investment Research upgraded shares of Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a research note on Thursday, August 3rd. Jefferies Group LLC reiterated a “hold” rating and issued a $240.00 price objective (up previously from $215.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, August 1st. BidaskClub lowered shares of Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 6th. Credit Suisse Group reiterated an “underperform” rating and issued a $200.00 price objective (up previously from $190.00) on shares of Credit Acceptance Corporation in a research note 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 research report on Tuesday, August 1st.

In other Credit Acceptance Corporation news, insider Douglas W. Busk sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total value of $669,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jill Foss Watson sold 29,956 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $270.81, for a total transaction of $8,112,384.36. The disclosure for this sale can be found here. Insiders sold 152,858 shares of company stock valued at $41,562,168 over the last three months. Insiders own 5.80% of the company’s stock.

A number of hedge funds have recently bought and sold shares of CACC. Teachers Advisors LLC grew its position in Credit Acceptance Corporation by 6.5% in the fourth quarter. Teachers Advisors LLC now owns 14,379 shares of the credit services provider’s stock worth $3,128,000 after acquiring an additional 883 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Credit Acceptance Corporation by 35.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 1,560 shares of the credit services provider’s stock worth $311,000 after buying an additional 412 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Credit Acceptance Corporation by 46.1% during the 1st quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock worth $146,000 after buying an additional 231 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Credit Acceptance Corporation by 9.1% during the 1st 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 period. Finally, First Trust Advisors LP boosted its holdings in shares of Credit Acceptance Corporation by 51.0% during the 1st 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 period. 72.71% of the stock is owned by institutional investors.

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Credit Acceptance Corporation (NASDAQ CACC) traded up 1.53% during trading on Wednesday, hitting $269.42. 172,068 shares of the company traded hands. Credit Acceptance Corporation has a one year low of $160.63 and a one year high of $281.67. The firm has a market cap of $5.24 billion, a P/E ratio of 14.73 and a beta of 0.50. The firm has a 50 day moving average of $267.84 and a 200 day moving average of $231.09.

Credit Acceptance Corporation (NASDAQ:CACC) last released its quarterly earnings data on Monday, July 31st. The credit services provider reported $5.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.89 by $0.33. The firm had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.38 EPS. On average, analysts expect that Credit Acceptance Corporation will post $19.90 earnings per share for the current fiscal year.

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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