Credit Acceptance (NASDAQ:CACC) Price Target Raised to $500.00

Credit Acceptance (NASDAQ:CACC) had its price objective lifted by Stephens from $452.00 to $500.00 in a report published on Friday,Benzinga reports. Stephens currently has an equal weight rating on the credit services provider’s stock.

A number of other brokerages also recently weighed in on CACC. StockNews.com downgraded shares of Credit Acceptance from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. TD Cowen cut their target price 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 Stock Down 1.2 %

Credit Acceptance stock opened at $507.77 on Friday. The company has a debt-to-equity ratio of 3.79, a quick ratio of 23.63 and a current ratio of 23.63. The stock has a market cap of $6.15 billion, a PE ratio of 34.10 and a beta of 1.46. Credit Acceptance has a fifty-two week low of $409.22 and a fifty-two week high of $616.66. The firm’s 50-day simple moving average is $483.00 and its 200 day simple moving average is $472.73.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Thursday, January 30th. The credit services provider reported $10.17 earnings per share for the quarter, beating the consensus estimate of $7.70 by $2.47. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.18%. Research analysts predict that Credit Acceptance will post 36.53 EPS for the current fiscal year.

Insider Buying and Selling at Credit Acceptance

In other Credit Acceptance news, COO Jonathan Lum sold 552 shares of Credit Acceptance 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 completion of the transaction, the chief operating officer now directly owns 31,493 shares of the company’s stock, valued at $15,428,420.70. This trade represents a 1.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 5.30% of the company’s stock.

Institutional Trading of Credit Acceptance

A number of hedge funds have recently added to or reduced their stakes in the business. HighTower Advisors LLC lifted its position in Credit Acceptance by 5.7% during the third quarter. HighTower Advisors LLC now owns 595 shares of the credit services provider’s stock valued at $263,000 after purchasing an additional 32 shares during the period. Eagle Bay Advisors LLC acquired a new position in shares of Credit Acceptance in the 4th quarter valued at about $28,000. Wedge Capital Management L L P NC grew its holdings in Credit Acceptance by 2.7% during 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 acquiring an additional 70 shares during the period. UMB Bank n.a. raised its position in Credit Acceptance by 10.7% during the fourth quarter. UMB Bank n.a. now owns 743 shares of the credit services provider’s stock valued at $349,000 after acquiring an additional 72 shares in the last quarter. Finally, PDT Partners LLC lifted its holdings in Credit Acceptance by 1.9% in the third quarter. PDT Partners LLC now owns 5,458 shares of the credit services provider’s stock valued at $2,420,000 after acquiring an additional 100 shares during the period. 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.