TD Cowen Trims Credit Acceptance (NASDAQ:CACC) Target Price to $420.00

Credit Acceptance (NASDAQ:CACC) had its target price cut by TD Cowen from $465.00 to $420.00 in a report published on Thursday, Benzinga reports. They currently have a sell rating on the credit services provider’s stock.

Separately, StockNews.com upgraded Credit Acceptance from a hold rating to a buy rating in a report on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $402.33.

Credit Acceptance Stock Performance

NASDAQ CACC opened at $506.28 on Thursday. The company has a debt-to-equity ratio of 3.29, a current ratio of 13.79 and a quick ratio of 15.71. Credit Acceptance has a 1-year low of $379.77 and a 1-year high of $616.66. The firm has a market capitalization of $6.13 billion, a P/E ratio of 25.98 and a beta of 1.44. The business’s 50-day simple moving average is $542.73 and its 200-day simple moving average is $511.24.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Tuesday, April 30th. The credit services provider reported $9.28 earnings per share for the quarter, beating analysts’ consensus estimates of $6.81 by $2.47. Credit Acceptance had a net margin of 12.83% and a return on equity of 30.70%. The firm had revenue of $508.00 million for the quarter, compared to analysts’ expectations of $497.71 million. During the same period in the previous year, the company posted $9.71 earnings per share. Credit Acceptance’s revenue was up 11.9% compared to the same quarter last year. Equities analysts predict that Credit Acceptance will post 40.95 EPS for the current year.

Insider Buying and Selling at Credit Acceptance

In other news, insider Douglas W. Busk sold 2,500 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $572.58, for a total transaction of $1,431,450.00. Following the transaction, the insider now directly owns 3,112 shares of the company’s stock, valued at $1,781,868.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Credit Acceptance

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Cerity Partners LLC acquired a new stake in Credit Acceptance during the 4th quarter valued at approximately $472,516,000. Wellington Management Group LLP grew its position in shares of Credit Acceptance by 7.4% during the third quarter. Wellington Management Group LLP now owns 644,666 shares of the credit services provider’s stock worth $296,624,000 after buying an additional 44,454 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Credit Acceptance by 0.4% in the third quarter. Vanguard Group Inc. now owns 590,161 shares of the credit services provider’s stock worth $271,545,000 after buying an additional 2,631 shares during the last quarter. Crow s Nest Holdings LP raised its holdings in Credit Acceptance by 39.4% in the fourth quarter. Crow s Nest Holdings LP now owns 92,000 shares of the credit services provider’s stock valued at $49,011,000 after acquiring an additional 26,000 shares in the last quarter. Finally, Goodnow Investment Group LLC boosted its stake in Credit Acceptance by 17.0% during the 4th quarter. Goodnow Investment Group LLC now owns 77,941 shares of the credit services provider’s stock valued at $41,522,000 after acquiring an additional 11,310 shares during the last quarter. 81.71% of the stock is owned by hedge funds and other institutional investors.

Credit Acceptance Company Profile

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.