Credit Acceptance (NASDAQ:CACC) Given New $400.00 Price Target at TD Cowen

Credit Acceptance (NASDAQ:CACC) had its price target cut by TD Cowen from $440.00 to $400.00 in a report issued on Thursday, Benzinga reports. They currently have a sell rating on the credit services provider’s stock.

Credit Acceptance Price Performance

Shares of Credit Acceptance stock traded down $3.79 on Thursday, reaching $476.23. The company’s stock had a trading volume of 8,685 shares, compared to its average volume of 60,293. The company has a market capitalization of $5.77 billion, a P/E ratio of 24.63 and a beta of 1.44. Credit Acceptance has a 52-week low of $379.77 and a 52-week high of $616.66. The stock has a 50-day moving average price of $518.92 and a 200-day moving average price of $532.49. The company has a quick ratio of 13.79, a current ratio of 19.15 and a debt-to-equity ratio of 3.77.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings data on Wednesday, July 31st. The credit services provider reported $10.29 EPS for the quarter, beating analysts’ consensus estimates of $7.20 by $3.09. The business had revenue of $538.20 million during the quarter, compared to analysts’ expectations of $525.03 million. Credit Acceptance had a return on equity of 30.77% and a net margin of 9.01%. The business’s revenue was up 12.6% compared to the same quarter last year. During the same period in the previous year, the business earned $10.69 earnings per share. Analysts expect that Credit Acceptance will post 38.21 EPS for the current year.

Institutional Trading of Credit Acceptance

Several large investors have recently made changes to their positions in the company. UMB Bank n.a. increased its position in shares of Credit Acceptance by 4.6% during the second quarter. UMB Bank n.a. now owns 654 shares of the credit services provider’s stock worth $337,000 after purchasing an additional 29 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in Credit Acceptance by 3.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 2,161 shares of the credit services provider’s stock valued at $1,191,000 after buying an additional 72 shares in the last quarter. Lodestone Wealth Management LLC grew its holdings in Credit Acceptance by 8.3% in the 4th quarter. Lodestone Wealth Management LLC now owns 1,187 shares of the credit services provider’s stock valued at $632,000 after buying an additional 91 shares in the last quarter. nVerses Capital LLC purchased a new stake in Credit Acceptance in the 2nd quarter valued at $51,000. Finally, BNP Paribas Financial Markets grew its holdings in Credit Acceptance by 2.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,618 shares of the credit services provider’s stock valued at $2,547,000 after buying an additional 111 shares in the last quarter. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

Credit Acceptance Company Profile

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.