Credit Acceptance (CACC) Given a $420.00 Price Target by Oppenheimer Analysts

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Credit Acceptance (NASDAQ:CACC) has been assigned a $420.00 price objective by stock analysts at Oppenheimer in a report issued on Tuesday. The brokerage currently has a “buy” rating on the credit services provider’s stock. Oppenheimer’s target price would indicate a potential upside of 7.50% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Credit Acceptance from a “strong-buy” rating to a “buy” rating in a report on Friday, August 31st. Zacks Investment Research upgraded shares of Credit Acceptance from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Friday, August 3rd. Susquehanna Bancshares increased their price target on shares of Credit Acceptance from $350.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, August 1st. BMO Capital Markets increased their price target on shares of Credit Acceptance from $305.00 to $312.00 and gave the stock a “market perform” rating in a report on Thursday, August 2nd. Finally, JMP Securities increased their price target on shares of Credit Acceptance from $260.00 to $350.00 and gave the stock a “market underperform” rating in a report on Thursday, August 2nd. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $338.75.

Shares of Credit Acceptance stock opened at $390.70 on Tuesday. The company has a market capitalization of $7.66 billion, a P/E ratio of 19.11, a P/E/G ratio of 0.73 and a beta of 0.56. The company has a quick ratio of 33.69, a current ratio of 33.69 and a debt-to-equity ratio of 2.03. Credit Acceptance has a 52 week low of $277.20 and a 52 week high of $467.26.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Monday, October 29th. The credit services provider reported $7.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $6.90 by $0.85. Credit Acceptance had a net margin of 46.43% and a return on equity of 28.97%. The firm had revenue of $332.00 million during the quarter, compared to analyst estimates of $327.45 million. During the same period last year, the firm posted $5.43 EPS. Credit Acceptance’s revenue was up 16.9% on a year-over-year basis. Analysts expect that Credit Acceptance will post 27.36 EPS for the current fiscal year.

In related news, CFO Kenneth Booth sold 2,000 shares of the stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $425.00, for a total value of $850,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas N. Tryforos sold 33,300 shares of the firm’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $438.14, for a total transaction of $14,590,062.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,500 shares of company stock worth $34,100,502. 5.40% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Swiss National Bank grew its stake in shares of Credit Acceptance by 71.3% during the 2nd quarter. Swiss National Bank now owns 20,177 shares of the credit services provider’s stock worth $7,131,000 after purchasing an additional 8,400 shares during the period. Neuburgh Advisers LLC grew its stake in shares of Credit Acceptance by 328.6% during the 2nd quarter. Neuburgh Advisers LLC now owns 960 shares of the credit services provider’s stock worth $339,000 after purchasing an additional 736 shares during the period. Schwab Charles Investment Management Inc. grew its stake in shares of Credit Acceptance by 4.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 86,218 shares of the credit services provider’s stock worth $30,470,000 after purchasing an additional 3,356 shares during the period. Alps Advisors Inc. grew its stake in shares of Credit Acceptance by 22.2% during the 2nd quarter. Alps Advisors Inc. now owns 1,754 shares of the credit services provider’s stock worth $567,000 after purchasing an additional 319 shares during the period. Finally, Eqis Capital Management Inc. acquired a new stake in shares of Credit Acceptance during the 2nd quarter worth approximately $1,528,000. 67.59% of the stock is currently owned by institutional investors and hedge funds.

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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