Credit Acceptance (NASDAQ:CACC) Given New $590.00 Price Target at TD Cowen

Credit Acceptance (NASDAQ:CACC) had its price objective cut by TD Cowen from $600.00 to $590.00 in a report issued on Tuesday,Benzinga reports. They currently have a hold rating on the credit services provider’s stock.

Separately, Weiss Ratings upgraded shares of Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $565.00.

Credit Acceptance Trading Up 1.0%

Shares of CACC opened at $536.58 on Tuesday. The firm has a fifty day simple moving average of $578.23 and a two-hundred day simple moving average of $555.90. Credit Acceptance has a twelve month low of $401.90 and a twelve month high of $668.86. The stock has a market capitalization of $5.61 billion, a P/E ratio of 11.80 and a beta of 1.40. The company has a quick ratio of 14.89, a current ratio of 14.89 and a debt-to-equity ratio of 3.84.

Credit Acceptance (NASDAQ:CACC) last announced its earnings results on Tuesday, August 4th. The credit services provider reported $12.12 EPS for the quarter, missing analysts’ consensus estimates of $12.20 by ($0.08). Credit Acceptance had a net margin of 21.54% and a return on equity of 31.67%. The business had revenue of $415.00 million for the quarter, compared to the consensus estimate of $588.07 million. During the same quarter in the prior year, the company earned $10.05 EPS. Credit Acceptance’s revenue was up .6% compared to the same quarter last year. On average, research analysts anticipate that Credit Acceptance will post 47.8 EPS for the current year.

Hedge Funds Weigh In On Credit Acceptance

Several large investors have recently modified their holdings of the stock. Versant Capital Management Inc boosted its stake in Credit Acceptance by 45.5% during the 3rd quarter. Versant Capital Management Inc now owns 80 shares of the credit services provider’s stock valued at $42,000 after purchasing an additional 25 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of Credit Acceptance by 1.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 8,994 shares of the credit services provider’s stock valued at $5,727,000 after acquiring an additional 111 shares during the last quarter. WINTON GROUP Ltd purchased a new position in shares of Credit Acceptance during the second quarter valued at approximately $1,527,000. Integrated Wealth Concepts LLC purchased a new stake in Credit Acceptance in the second quarter worth approximately $38,000. Finally, Allworth Financial LP lifted its holdings in shares of Credit Acceptance by 105.3% during the 2nd quarter. Allworth Financial LP now owns 156 shares of the credit services provider’s stock valued at $99,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Credit Acceptance Company Profile

Credit Acceptance Corporation (NASDAQ:CACC) is a specialty finance company that provides automobile financing to consumers, including borrowers who may have limited or impaired credit histories. The company primarily operates through an indirect lending model, partnering with automobile dealers who offer financing to their customers at the point of sale.

Credit Acceptance purchases or services retail installment contracts originated by participating dealers and provides dealers with financing programs, underwriting support, loan servicing, and related tools.