B. Riley Financial Inc. lowered its position in Credit Acceptance Corporation (NASDAQ:CACC) by 60.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,070 shares of the credit services provider’s stock after selling 3,130 shares during the quarter. B. Riley Financial Inc.’s holdings in Credit Acceptance were worth $580,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. SG Americas Securities LLC raised its stake in shares of Credit Acceptance by 102.8% during the second quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock worth $159,000 after purchasing an additional 22,463 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Credit Acceptance by 6.9% during the second quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock worth $159,000 after purchasing an additional 40 shares during the last quarter. Rathbone Brothers plc purchased a new stake in shares of Credit Acceptance during the third quarter worth approximately $210,000. First Capital Advisors Group LLC. purchased a new stake in shares of Credit Acceptance during the third quarter worth approximately $233,000. Finally, M&T Bank Corp purchased a new stake in shares of Credit Acceptance during the second quarter worth approximately $300,000. Institutional investors own 70.72% of the company’s stock.
Several research firms have recently commented on CACC. BMO Capital Markets restated a “market perform” rating and set a $252.00 price target (up previously from $238.00) on shares of Credit Acceptance in a research note on Tuesday, October 31st. Jefferies Group restated a “hold” rating and set a $260.00 price target (up previously from $240.00) on shares of Credit Acceptance in a research note on Tuesday, October 10th. Zacks Investment Research cut Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Credit Suisse Group upped their price target on Credit Acceptance from $200.00 to $225.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 31st. Finally, Bank of America upped their price target on Credit Acceptance from $195.00 to $230.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 31st. Four analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $229.78.
Credit Acceptance Corporation (NASDAQ CACC) opened at $309.07 on Wednesday. Credit Acceptance Corporation has a twelve month low of $182.50 and a twelve month high of $309.67. The firm has a market capitalization of $5,906.61, a price-to-earnings ratio of 15.21, a P/E/G ratio of 1.25 and a beta of 0.53. The company has a current ratio of 17.63, a quick ratio of 17.63 and a debt-to-equity ratio of 2.12.
Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Monday, October 30th. The credit services provider reported $5.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $5.15 by $0.28. Credit Acceptance had a return on equity of 32.08% and a net margin of 35.29%. The firm had revenue of $283.90 million for the quarter, compared to analyst estimates of $281.03 million. During the same quarter in the prior year, the company posted $4.53 earnings per share. Credit Acceptance’s quarterly revenue was up 15.1% on a year-over-year basis. analysts expect that Credit Acceptance Corporation will post 20.84 EPS for the current fiscal year.
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Credit Acceptance Company Profile
Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.
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