Credit Acceptance (NASDAQ:CACC) Issues Quarterly Earnings Results, Beats Estimates By $0.91 EPS

Credit Acceptance (NASDAQ:CACC) released its earnings results on Wednesday. The credit services provider reported $8.79 earnings per share for the quarter, topping the consensus estimate of $7.88 by $0.91, Briefing.com reports. The firm had revenue of $550.30 million for the quarter, compared to the consensus estimate of $548.13 million. Credit Acceptance had a return on equity of 30.77% and a net margin of 9.01%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business posted $10.70 earnings per share.

Credit Acceptance Trading Down 7.6 %

Shares of CACC traded down $35.11 during trading hours on Thursday, hitting $426.82. The stock had a trading volume of 34,184 shares, compared to its average volume of 56,491. Credit Acceptance has a 12-month low of $379.77 and a 12-month high of $616.66. The firm has a market cap of $5.17 billion, a P/E ratio of 23.70 and a beta of 1.42. The company has a debt-to-equity ratio of 3.77, a quick ratio of 19.15 and a current ratio of 19.15. The company’s fifty day simple moving average is $455.38 and its 200 day simple moving average is $490.52.

Analyst Ratings Changes

Separately, TD Cowen dropped their price objective on shares of Credit Acceptance from $440.00 to $400.00 and set a “sell” rating for the company in a research note on Thursday, August 1st. 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, the company currently has a consensus rating of “Hold” and a consensus price target of $395.67.

Insider Buying and Selling at Credit Acceptance

In other news, insider Thomas W. Smith sold 1,200 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $451.01, for a total value of $541,212.00. Following the transaction, the insider now directly owns 74,450 shares in the company, valued at $33,577,694.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.30% of the stock is owned by company insiders.

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.