Zacks Investment Research cut shares of Credit Acceptance Corporation (NASDAQ:CACC) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday.

According to Zacks, “Credit Acceptance Corporation is a specialized financial services company which provides funding, receivables management, collection, sales training and related services to automobile dealers. “

Other analysts have also recently issued reports about the company. BidaskClub raised Credit Acceptance Corporation from a buy rating to a strong-buy rating in a report on Friday, June 23rd. Raymond James Financial, Inc. raised Credit Acceptance Corporation from an underperform rating to a market perform rating in a report on Tuesday, August 1st. Jefferies Group LLC reissued a hold rating and set a $215.00 price objective on shares of Credit Acceptance Corporation in a report on Friday, July 14th. Credit Suisse Group reissued an underperform rating and set a $200.00 price objective (up from $190.00) on shares of Credit Acceptance Corporation in a report on Tuesday, August 1st. Finally, JMP Securities reissued an underperform rating and set a $195.00 price objective (up from $180.00) on shares of Credit Acceptance Corporation in a report on Tuesday, August 1st. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $222.38.

Credit Acceptance Corporation (CACC) traded up 0.49% during trading on Tuesday, reaching $286.96. 212,470 shares of the company’s stock traded hands. The firm’s 50 day moving average is $270.85 and its 200-day moving average is $239.23. Credit Acceptance Corporation has a 12 month low of $160.63 and a 12 month high of $288.23. The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of 15.68 and a beta of 0.55.

Credit Acceptance Corporation (NASDAQ:CACC) last issued its quarterly earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.89 by $0.33. The business had revenue of $253.20 million for the quarter, compared to the consensus estimate of $268.18 million. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.38 EPS. Analysts expect that Credit Acceptance Corporation will post $19.90 EPS for the current fiscal year.

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In other news, major shareholder Jill Foss Watson sold 29,956 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $270.81, for a total value of $8,112,384.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas W. Busk sold 2,500 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total value of $669,300.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,858 shares of company stock valued at $41,562,168. 5.80% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC increased its stake in shares of Credit Acceptance Corporation by 102.8% in the 2nd quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after acquiring an additional 22,463 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Credit Acceptance Corporation by 6.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock valued at $159,000 after acquiring an additional 40 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Credit Acceptance Corporation by 46.1% in the 1st quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock valued at $146,000 after acquiring an additional 231 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of Credit Acceptance Corporation in the 1st quarter valued at about $177,000. Finally, Trust Co. of Toledo NA OH bought a new stake in shares of Credit Acceptance Corporation in the 2nd quarter valued at about $279,000. 72.71% of the stock is owned by institutional investors.

Credit Acceptance Corporation 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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Analyst Recommendations for Credit Acceptance Corporation (NASDAQ:CACC)

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