Credit Acceptance (CACC) Downgraded by BidaskClub

BidaskClub cut shares of Credit Acceptance (NASDAQ:CACC) from a buy rating to a hold rating in a research note issued to investors on Thursday, March 21st, BidAskClub reports.

Other equities research analysts also recently issued reports about the company. Stephens upgraded Credit Acceptance from an underweight rating to an equal rating and set a $381.00 price target for the company in a report on Thursday, January 3rd. Zacks Investment Research downgraded Credit Acceptance from a buy rating to a hold rating in a report on Tuesday, January 15th. Oppenheimer reiterated a market perform rating on shares of Credit Acceptance in a report on Thursday, January 31st. They noted that the move was a valuation call. BTIG Research initiated coverage on Credit Acceptance in a report on Wednesday, January 23rd. They set a sell rating and a $340.00 price objective for the company. Finally, BMO Capital Markets increased their price objective on Credit Acceptance to $390.00 and gave the stock a market perform rating in a report on Monday, February 4th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $388.33.

Shares of Credit Acceptance stock traded down $2.38 during trading hours on Thursday, hitting $456.59. The company’s stock had a trading volume of 59,983 shares, compared to its average volume of 79,736. Credit Acceptance has a 12 month low of $299.00 and a 12 month high of $467.26. The company has a market capitalization of $8.36 billion, a P/E ratio of 16.08, a price-to-earnings-growth ratio of 0.83 and a beta of 0.68. The company has a debt-to-equity ratio of 1.83, a current ratio of 17.07 and a quick ratio of 17.07.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Wednesday, January 30th. The credit services provider reported $7.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.45 by $0.40. Credit Acceptance had a return on equity of 29.89% and a net margin of 44.64%. The company had revenue of $342.80 million during the quarter, compared to the consensus estimate of $338.73 million. During the same period in the prior year, the company earned $5.16 earnings per share. The company’s revenue for the quarter was up 19.3% compared to the same quarter last year. On average, equities analysts anticipate that Credit Acceptance will post 33.5 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CACC. Norges Bank acquired a new stake in shares of Credit Acceptance in the fourth quarter valued at approximately $42,095,000. RV Capital GmbH acquired a new stake in shares of Credit Acceptance in the fourth quarter valued at approximately $41,994,000. Prescott Investors Profit Sharing Trust acquired a new stake in shares of Credit Acceptance in the fourth quarter valued at approximately $29,381,000. The Manufacturers Life Insurance Company lifted its position in shares of Credit Acceptance by 7,377.2% in the third quarter. The Manufacturers Life Insurance Company now owns 40,975 shares of the credit services provider’s stock valued at $17,950,000 after buying an additional 40,427 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Credit Acceptance by 31.3% in the third quarter. AQR Capital Management LLC now owns 109,837 shares of the credit services provider’s stock valued at $48,116,000 after buying an additional 26,181 shares during the last quarter. 63.94% of the stock is owned by institutional investors.

About Credit Acceptance

Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.

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Analyst Recommendations for Credit Acceptance (NASDAQ:CACC)

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