$285.02 Million in Sales Expected for Credit Acceptance Corp. (CACC) This Quarter

Wall Street brokerages expect that Credit Acceptance Corp. (NASDAQ:CACC) will announce sales of $285.02 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Credit Acceptance’s earnings, with estimates ranging from $263.00 million to $296.05 million. Credit Acceptance reported sales of $262.80 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 8.5%. The business is expected to announce its next earnings results on Monday, May 7th.

On average, analysts expect that Credit Acceptance will report full-year sales of $285.02 million for the current financial year, with estimates ranging from $1.10 billion to $1.22 billion. For the next financial year, analysts forecast that the company will report sales of $1.29 billion per share, with estimates ranging from $1.25 billion to $1.31 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Credit Acceptance.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Tuesday, January 30th. The credit services provider reported $5.16 earnings per share for the quarter, missing analysts’ consensus estimates of $5.53 by ($0.37). The firm had revenue of $287.30 million for the quarter, compared to the consensus estimate of $287.37 million. Credit Acceptance had a return on equity of 76.92% and a net margin of 96.38%. The company’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.79 EPS.

A number of equities research analysts recently weighed in on CACC shares. BMO Capital Markets restated a “market perform” rating and set a $252.00 price objective (up previously from $238.00) on shares of Credit Acceptance in a research report on Tuesday, October 31st. Credit Suisse Group boosted their price objective on Credit Acceptance from $200.00 to $225.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 31st. Bank of America boosted their price objective on Credit Acceptance from $195.00 to $230.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 31st. BidaskClub upgraded Credit Acceptance from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 12th. Finally, Stephens set a $257.00 price objective on Credit Acceptance and gave the stock a “sell” rating in a research report on Wednesday, January 3rd. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $283.22.

In other Credit Acceptance news, major shareholder Jill Foss Watson sold 30,038 shares of the company’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $330.83, for a total value of $9,937,471.54. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Douglas W. Busk sold 1,000 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $319.86, for a total value of $319,860.00. The disclosure for this sale can be found here. Insiders sold a total of 115,925 shares of company stock worth $38,221,579 in the last quarter. Corporate insiders own 5.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in CACC. Wells Fargo & Company MN boosted its position in shares of Credit Acceptance by 4.5% during the 2nd quarter. Wells Fargo & Company MN now owns 3,674 shares of the credit services provider’s stock valued at $945,000 after purchasing an additional 158 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Credit Acceptance by 23.7% during the 2nd quarter. Alliancebernstein L.P. now owns 6,519 shares of the credit services provider’s stock valued at $1,676,000 after purchasing an additional 1,250 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Credit Acceptance by 22.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,143 shares of the credit services provider’s stock valued at $1,071,000 after purchasing an additional 749 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of Credit Acceptance by 97.8% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 5,092 shares of the credit services provider’s stock valued at $1,309,000 after purchasing an additional 2,518 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Credit Acceptance by 9.0% during the 2nd quarter. Northern Trust Corp now owns 61,678 shares of the credit services provider’s stock valued at $15,859,000 after purchasing an additional 5,087 shares in the last quarter. Institutional investors own 72.46% of the company’s stock.

Shares of Credit Acceptance (NASDAQ:CACC) traded down $1.20 during mid-day trading on Friday, reaching $320.71. The company had a trading volume of 116,900 shares, compared to its average volume of 197,441. The company has a market cap of $6,216.10, a price-to-earnings ratio of 13.31, a P/E/G ratio of 0.69 and a beta of 0.57. Credit Acceptance has a twelve month low of $182.50 and a twelve month high of $377.82. The company has a debt-to-equity ratio of 1.99, a current ratio of 24.00 and a quick ratio of 24.00.

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About Credit Acceptance

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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Earnings History and Estimates for Credit Acceptance (NASDAQ:CACC)

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