Credit Acceptance Co. (NASDAQ:CACC – Get Rating) – Investment analysts at Zacks Research raised their Q2 2023 earnings per share estimates for shares of Credit Acceptance in a research note issued on Thursday, June 22nd. Zacks Research analyst S. Shah now anticipates that the credit services provider will post earnings of $12.20 per share for the quarter, up from their prior estimate of $12.15. The consensus estimate for Credit Acceptance’s current full-year earnings is $45.22 per share. Zacks Research also issued estimates for Credit Acceptance’s Q3 2023 earnings at $10.06 EPS, Q4 2023 earnings at $11.67 EPS, FY2023 earnings at $43.64 EPS, Q2 2024 earnings at $12.23 EPS, Q3 2024 earnings at $12.44 EPS, Q4 2024 earnings at $13.12 EPS and FY2025 earnings at $65.31 EPS.
A number of other analysts have also recently issued reports on CACC. StockNews.com assumed coverage on Credit Acceptance in a report on Thursday, May 18th. They set a “hold” rating for the company. Stephens reduced their price target on Credit Acceptance from $442.00 to $440.00 in a research report on Tuesday, May 2nd. Finally, Credit Suisse Group reduced their price target on Credit Acceptance from $400.00 to $380.00 in a research report on Tuesday, May 2nd.
Credit Acceptance Stock Up 1.5 %
Credit Acceptance (NASDAQ:CACC – Get Rating) last issued its earnings results on Monday, May 1st. The credit services provider reported $9.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $12.27 by ($2.56). Credit Acceptance had a return on equity of 40.26% and a net margin of 23.00%. The firm had revenue of $453.80 million for the quarter, compared to analysts’ expectations of $458.12 million. During the same quarter in the previous year, the firm posted $13.76 EPS. The firm’s revenue for the quarter was down .4% compared to the same quarter last year.
Insider Buying and Selling
In other Credit Acceptance news, insider Andrew K. Rostami sold 461 shares of the company’s stock in a transaction that occurred on Thursday, April 20th. The stock was sold at an average price of $500.00, for a total value of $230,500.00. Following the transaction, the insider now directly owns 7,115 shares of the company’s stock, valued at approximately $3,557,500. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 4.20% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Credit Acceptance
Institutional investors have recently made changes to their positions in the business. LRT Capital Management LLC raised its position in shares of Credit Acceptance by 18.4% in the 3rd quarter. LRT Capital Management LLC now owns 5,401 shares of the credit services provider’s stock valued at $2,366,000 after purchasing an additional 839 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Credit Acceptance in the 4th quarter valued at approximately $52,000. Smead Capital Management Inc. raised its position in shares of Credit Acceptance by 9.4% during the 4th quarter. Smead Capital Management Inc. now owns 184,744 shares of the credit services provider’s stock valued at $87,643,000 after acquiring an additional 15,926 shares in the last quarter. Jarislowsky Fraser Ltd raised its position in shares of Credit Acceptance by 13.6% during the 4th quarter. Jarislowsky Fraser Ltd now owns 39,009 shares of the credit services provider’s stock valued at $18,505,000 after acquiring an additional 4,662 shares in the last quarter. Finally, Quantum Capital Management LLC NJ raised its position in shares of Credit Acceptance by 13.8% during the 3rd quarter. Quantum Capital Management LLC NJ now owns 12,364 shares of the credit services provider’s stock valued at $5,415,000 after acquiring an additional 1,504 shares in the last quarter. 68.65% of the stock is owned by institutional investors and hedge funds.
Credit Acceptance Company Profile
Credit Acceptance Corporation engages in the provision of financing programs, and related products and services to independent and franchised automobile dealers 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.
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