Credit Acceptance (NASDAQ:CACC)‘s stock had its “sell” rating restated by analysts at Credit Suisse Group in a research note issued to investors on Monday. They currently have a $270.00 price objective on the credit services provider’s stock. Credit Suisse Group’s target price would indicate a potential downside of 18.65% from the company’s current price.
Several other equities analysts have also issued reports on CACC. Zacks Investment Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. BMO Capital Markets restated a “hold” rating and set a $238.00 target price on shares of Credit Acceptance in a research report on Friday, October 6th. Jefferies Group restated a “hold” rating and set a $260.00 target price (up from $240.00) on shares of Credit Acceptance in a research report on Tuesday, October 10th. Bank of America boosted their target price on Credit Acceptance from $195.00 to $230.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 31st. Finally, BidaskClub upgraded Credit Acceptance from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 12th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $255.50.
Credit Acceptance (CACC) traded up $1.64 during trading on Monday, hitting $331.88. The stock had a trading volume of 198,800 shares, compared to its average volume of 154,500. The firm has a market cap of $6,410.00, a price-to-earnings ratio of 17.20, a P/E/G ratio of 1.30 and a beta of 0.54. Credit Acceptance has a 52 week low of $182.50 and a 52 week high of $338.12. The company has a debt-to-equity ratio of 2.12, a current ratio of 17.63 and a quick ratio of 17.63.
In related news, major shareholder Jill Foss Watson sold 30,038 shares of the business’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $330.83, for a total value of $9,937,471.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 114,925 shares of company stock valued at $37,901,719 over the last quarter. 5.80% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Parametric Portfolio Associates LLC grew its position in shares of Credit Acceptance by 19.0% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 50,674 shares of the credit services provider’s stock valued at $14,197,000 after purchasing an additional 8,097 shares during the period. Sterling Capital Management LLC acquired a new position in shares of Credit Acceptance in the 3rd quarter valued at approximately $693,000. California Public Employees Retirement System grew its position in shares of Credit Acceptance by 4.5% in the 3rd quarter. California Public Employees Retirement System now owns 15,152 shares of the credit services provider’s stock valued at $4,245,000 after purchasing an additional 652 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its position in shares of Credit Acceptance by 437.0% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 537 shares of the credit services provider’s stock valued at $150,000 after purchasing an additional 437 shares during the period. Finally, Janus Henderson Group PLC acquired a new position in shares of Credit Acceptance in the 3rd quarter valued at approximately $2,072,000. Institutional investors and hedge funds own 70.69% of the company’s stock.
Credit Acceptance 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.
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