Credit Acceptance (NASDAQ:CACC) Given New $420.00 Price Target at TD Cowen

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

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

Credit Acceptance Price Performance

CACC stock traded up $5.12 on Thursday, hitting $506.28. 50,001 shares of the company’s stock traded hands, compared to its average volume of 63,271. 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 cap of $6.13 billion, a price-to-earnings ratio of 25.98 and a beta of 1.44. Credit Acceptance has a 1-year low of $379.77 and a 1-year high of $616.66. The stock has a fifty day moving average of $542.73 and a 200-day moving average of $510.16.

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

Insider Activity at Credit Acceptance

In other news, insider Douglas W. Busk sold 2,500 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $572.58, for a total transaction of $1,431,450.00. Following the transaction, the insider now owns 3,112 shares of the company’s stock, valued at approximately $1,781,868.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Whittier Trust Co. bought a new stake in shares of Credit Acceptance in the fourth quarter valued at approximately $74,000. National Bank of Canada FI grew its position in Credit Acceptance by 242.3% during the fourth quarter. National Bank of Canada FI now owns 243 shares of the credit services provider’s stock worth $131,000 after buying an additional 172 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in Credit Acceptance by 15.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 338 shares of the credit services provider’s stock valued at $180,000 after acquiring an additional 46 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in shares of Credit Acceptance during the 4th quarter worth approximately $210,000. Finally, Beacon Pointe Advisors LLC bought a new stake in shares of Credit Acceptance during the fourth quarter valued at approximately $211,000. 81.71% of the stock is currently owned by institutional investors and hedge funds.

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.