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

Credit Acceptance (NASDAQ:CACC) had its price objective reduced by TD Cowen from $465.00 to $420.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a sell rating on the credit services provider’s stock.

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

Credit Acceptance Price Performance

Shares of NASDAQ:CACC traded up $5.12 during trading on Thursday, reaching $506.28. The company had a trading volume of 50,001 shares, compared to its average volume of 63,271. Credit Acceptance has a 12 month low of $379.77 and a 12 month high of $616.66. The company has a current ratio of 13.79, a quick ratio of 15.71 and a debt-to-equity ratio of 3.29. The stock has a market capitalization of $6.13 billion, a P/E ratio of 25.98 and a beta of 1.44. The company has a fifty day moving average of $542.73 and a two-hundred day moving average of $510.65.

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

Insider Activity

In related news, insider Douglas W. Busk sold 2,500 shares of Credit Acceptance stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $572.58, for a total value 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.20% of the company’s stock.

Institutional Trading of Credit Acceptance

Several large investors have recently modified their holdings of CACC. GSA Capital Partners LLP purchased a new stake in Credit Acceptance in the 1st quarter worth approximately $2,080,000. FORA Capital LLC bought a new position in shares of Credit Acceptance during the first quarter valued at approximately $269,000. Janney Montgomery Scott LLC lifted its stake in Credit Acceptance by 27.9% in the first quarter. Janney Montgomery Scott LLC now owns 573 shares of the credit services provider’s stock worth $316,000 after acquiring an additional 125 shares during the period. BNP Paribas Financial Markets boosted its holdings in Credit Acceptance by 2.5% in the first quarter. BNP Paribas Financial Markets now owns 4,618 shares of the credit services provider’s stock valued at $2,547,000 after acquiring an additional 111 shares in the last quarter. Finally, Lodestone Wealth Management LLC increased its position in Credit Acceptance by 26.1% during the 1st quarter. Lodestone Wealth Management LLC now owns 1,497 shares of the credit services provider’s stock valued at $826,000 after purchasing an additional 310 shares during the period. 81.71% of the stock is owned by institutional investors.

About Credit Acceptance

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.