TD Cowen Cuts Credit Acceptance (NASDAQ:CACC) Price Target to $590.00

Credit Acceptance (NASDAQ:CACC) had its price target lowered by TD Cowen from $600.00 to $590.00 in a research note released on Tuesday,Benzinga reports. TD Cowen currently has a hold rating on the credit services provider’s stock.

Separately, Weiss Ratings raised shares of Credit Acceptance from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $565.00.

Credit Acceptance Price Performance

Shares of CACC stock opened at $542.82 on Tuesday. Credit Acceptance has a fifty-two week low of $401.90 and a fifty-two week high of $668.86. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of 11.94 and a beta of 1.40. The company has a debt-to-equity ratio of 3.84, a quick ratio of 14.89 and a current ratio of 14.89. The stock’s 50-day simple moving average is $577.49 and its 200-day simple moving average is $557.27.

Credit Acceptance (NASDAQ:CACC) last released its earnings results on Tuesday, August 4th. The credit services provider reported $12.12 EPS for the quarter, missing analysts’ consensus estimates of $12.20 by ($0.08). Credit Acceptance had a return on equity of 31.67% and a net margin of 21.54%.The company had revenue of $415.00 million during the quarter, compared to analyst estimates of $588.07 million. During the same quarter last year, the business earned $10.05 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. As a group, equities analysts forecast that Credit Acceptance will post 47.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CACC. Parallel Advisors LLC boosted its stake in shares of Credit Acceptance by 590.0% during the 1st quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock worth $29,000 after acquiring an additional 59 shares in the last quarter. Altshuler Shaham Ltd grew its position in shares of Credit Acceptance by 37.3% during the 1st quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock valued at $30,000 after acquiring an additional 19 shares during the period. Rockefeller Capital Management L.P. increased its stake in shares of Credit Acceptance by 53.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after purchasing an additional 24 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Credit Acceptance by 587.5% in the 2nd quarter. Versant Capital Management Inc now owns 55 shares of the credit services provider’s stock valued at $35,000 after purchasing an additional 47 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in Credit Acceptance in the 2nd quarter worth about $38,000. Hedge funds and other institutional investors own 81.71% of the company’s stock.

About Credit Acceptance

Credit Acceptance Corporation (NASDAQ:CACC) is a specialty finance company that provides automobile financing to consumers, including borrowers who may have limited or impaired credit histories. The company primarily operates through an indirect lending model, partnering with automobile dealers who offer financing to their customers at the point of sale.

Credit Acceptance purchases or services retail installment contracts originated by participating dealers and provides dealers with financing programs, underwriting support, loan servicing, and related tools.