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

Credit Acceptance (NASDAQ:CACC - Free Report) had its price objective hoisted by Stephens from $452.00 to $500.00 in a report released on Friday,Benzinga reports. The firm currently has an equal weight rating on the credit services provider's stock.

Several other equities analysts have also issued reports on CACC. StockNews.com lowered Credit Acceptance from a "buy" rating to a "hold" rating in a research note on Thursday, January 23rd. TD Cowen dropped their target price on shares of Credit Acceptance from $400.00 to $380.00 and set a "sell" rating on the stock in a research report on Friday, November 1st.

Credit Acceptance Trading Up 1.6 %

Shares of NASDAQ CACC traded up $8.12 during trading on Friday, reaching $518.72. The company had a trading volume of 91,228 shares, compared to its average volume of 64,374. The stock has a market cap of $6.28 billion, a P/E ratio of 26.12 and a beta of 1.47. The company's fifty day moving average price is $483.51 and its 200-day moving average price is $472.18. The company has a quick ratio of 23.63, a current ratio of 23.63 and a debt-to-equity ratio of 3.79. Credit Acceptance has a 12 month low of $409.22 and a 12 month high of $614.96.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last released its earnings results on Thursday, January 30th. The credit services provider reported $10.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.70 by $2.47. Credit Acceptance had a net margin of 11.46% and a return on equity of 29.60%. As a group, research analysts expect that Credit Acceptance will post 55.38 earnings per share for the current year.

Insider Activity at Credit Acceptance

In related news, COO Jonathan Lum sold 552 shares of the company's stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $489.90, for a total transaction of $270,424.80. Following the completion of the sale, the chief operating officer now owns 31,493 shares in the company, valued at approximately $15,428,420.70. This represents a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 5.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Credit Acceptance

A number of hedge funds have recently bought and sold shares of CACC. AQR Capital Management LLC lifted its position in shares of Credit Acceptance by 19.6% during the second quarter. AQR Capital Management LLC now owns 6,705 shares of the credit services provider's stock valued at $3,339,000 after purchasing an additional 1,101 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Credit Acceptance by 16.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,064 shares of the credit services provider's stock worth $1,062,000 after buying an additional 292 shares in the last quarter. Mackenzie Financial Corp purchased a new position in shares of Credit Acceptance in the 2nd quarter worth approximately $386,000. Algert Global LLC bought a new position in shares of Credit Acceptance in the second quarter valued at approximately $351,000. Finally, Creative Planning purchased a new stake in shares of Credit Acceptance during the second quarter valued at approximately $282,000. 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.