Credit Acceptance (NASDAQ:CACC) Shares Down 4%

Credit Acceptance Co. (NASDAQ:CACC) dropped 4% during mid-day trading on Thursday . The company traded as low as $494.94 and last traded at $498.96. Approximately 44,509 shares traded hands during trading, a decline of 31% from the average daily volume of 64,574 shares. The stock had previously closed at $519.88.

Analysts Set New Price Targets

CACC has been the subject of a number of research analyst reports. TD Cowen dropped their price objective on shares of Credit Acceptance from $465.00 to $420.00 and set a “sell” rating for the company in a report on Thursday, May 2nd. StockNews.com upgraded shares of Credit Acceptance from a “hold” rating to a “buy” rating in a research report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Credit Acceptance presently has an average rating of “Hold” and a consensus target price of $402.33.

Credit Acceptance Trading Down 0.3 %

The firm’s 50-day simple moving average is $535.72 and its 200-day simple moving average is $517.23. The company has a quick ratio of 13.79, a current ratio of 13.79 and a debt-to-equity ratio of 3.29. The firm has a market capitalization of $6.02 billion, a PE ratio of 25.50 and a beta of 1.44.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Tuesday, April 30th. The credit services provider reported $9.28 earnings per share for the quarter, topping analysts’ consensus estimates of $6.81 by $2.47. The company had revenue of $508.00 million during the quarter, compared to analyst estimates of $497.71 million. Credit Acceptance had a net margin of 12.83% and a return on equity of 30.70%. Credit Acceptance’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the prior year, the business posted $9.71 earnings per share. Equities analysts expect that Credit Acceptance Co. will post 40.28 earnings per share for the current year.

Insider Transactions 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 shares were sold at an average price of $572.58, for a total transaction of $1,431,450.00. Following the completion of the sale, the insider now directly owns 3,112 shares in the company, valued at $1,781,868.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.20% of the stock is currently owned by company insiders.

Institutional Trading of Credit Acceptance

Institutional investors have recently modified their holdings of the company. Whittier Trust Co. purchased a new stake in shares of Credit Acceptance during the fourth quarter worth about $74,000. National Bank of Canada FI raised its stake in Credit Acceptance by 242.3% in 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. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Credit Acceptance in the first quarter worth about $156,000. Harbor Capital Advisors Inc. grew its holdings in shares of Credit Acceptance by 15.8% during the 4th quarter. Harbor Capital Advisors Inc. now owns 338 shares of the credit services provider’s stock worth $180,000 after acquiring an additional 46 shares during the period. Finally, Panagora Asset Management Inc. bought a new position in shares of Credit Acceptance in the 4th quarter worth approximately $210,000. 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.