Credit Acceptance (NASDAQ:CACC) Downgraded to Hold Rating by StockNews.com

StockNews.com lowered shares of Credit Acceptance (NASDAQ:CACC) from a buy rating to a hold rating in a report published on Thursday.

Other equities research analysts also recently issued reports about the stock. Stephens initiated coverage on shares of Credit Acceptance in a research note on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 price objective for the company. TD Cowen decreased their price target on shares of Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a research report on Friday, November 1st.

Credit Acceptance Trading Up 3.7 %

CACC stock opened at $524.14 on Thursday. Credit Acceptance has a 52 week low of $409.22 and a 52 week high of $616.66. The company has a market cap of $6.35 billion, a price-to-earnings ratio of 35.20 and a beta of 1.46. The company has a quick ratio of 23.63, a current ratio of 23.63 and a debt-to-equity ratio of 3.79. The business has a fifty day simple moving average of $473.29 and a 200-day simple moving average of $475.55.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 EPS for the quarter, topping analysts’ consensus estimates of $7.88 by $0.91. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The company had revenue of $550.30 million for the quarter, compared to the consensus estimate of $548.13 million. During the same period last year, the business posted $10.70 EPS. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts expect that Credit Acceptance will post 36.53 EPS for the current year.

Insiders Place Their Bets

In other Credit Acceptance news, COO Jonathan Lum sold 552 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $489.90, for a total value of $270,424.80. Following the transaction, the chief operating officer now owns 31,493 shares in the company, valued at $15,428,420.70. The trade was a 1.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.30% of the stock is owned by company insiders.

Institutional Trading of Credit Acceptance

Hedge funds and other institutional investors have recently modified their holdings of the business. KBC Group NV grew its stake in Credit Acceptance by 3,197.5% during the 4th quarter. KBC Group NV now owns 6,661 shares of the credit services provider’s stock valued at $3,127,000 after purchasing an additional 6,459 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Credit Acceptance during the fourth quarter worth approximately $142,000. UMB Bank n.a. grew its position in shares of Credit Acceptance by 10.7% during the fourth quarter. UMB Bank n.a. now owns 743 shares of the credit services provider’s stock worth $349,000 after buying an additional 72 shares in the last quarter. Wedge Capital Management L L P NC increased its stake in shares of Credit Acceptance by 2.7% in the fourth quarter. Wedge Capital Management L L P NC now owns 2,687 shares of the credit services provider’s stock worth $1,261,000 after buying an additional 70 shares during the last quarter. Finally, Park Avenue Securities LLC acquired a new stake in Credit Acceptance in the fourth quarter valued at $680,000. 81.71% of the stock is owned by hedge funds and other 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.