Credit Acceptance Corp. (CACC) was Reiterated by Compass Point to “Neutral” according to the research note released today. The brokerage firm has raised the Price Target to $ 170 from a previous price target of $160 . Compass Point advised their investors in a research report released on Aug 1, 2016.
Many Wall Street Analysts have commented on Credit Acceptance Corp.. Credit Acceptance Corp. was Downgraded by Credit Suisse to ” Underperform” on Jul 27, 2016. Credit Acceptance Corp. was Downgraded by Macquarie to ” Underperform” on May 11, 2016.
On the company’s financial health, Credit Acceptance Corp. reported $4.38 EPS for the quarter, beating the analyst consensus estimate by $ 0.58 according to the earnings call on Jul 29, 2016. Analyst had a consensus of $3.80. The company had revenue of $238.50 million for the quarter, compared to analysts expectations of $232.37 million. The company’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.60 EPS.
Credit Acceptance Corp. closed down -4.25 points or -2.30% at $180.67 with 4,68,805 shares getting traded on Friday. Post opening the session at $184.88, the shares hit an intraday low of $176.015 and an intraday high of $187.4933 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
In a different news, on Mar 11, 2016, Donald A Foss (Chairman) sold 400 shares at $220.10 per share price. According to the SEC, on Nov 20, 2015, Kenneth Booth (CFO) purchased 5,000 shares at $164.52 per share price. On Sep 15, 2015, Brett A Roberts (Chief Executive Officer) sold 346 shares at $233.50 per share price, according to the Form-4 filing with the securities and exchange commission.
Credit Acceptance Corporation (Credit Acceptance) is a provider of financing programs to automobile dealers that enable them to sell vehicles to consumers. The Company’s financing programs are offered through a nationwide network of automobile dealers; from repeat and referral sales generated by customers and from sales to customers responding to advertisements for it products. The Company has two programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program it advances money to dealer (Dealer Loan) in exchange for the right to service the underlying consumer loans. Under the Purchase Program the Company buys the consumer loans from the dealer (Purchased Loan) and keeps all amounts collected from the consumer. Its target market is independent and franchised automobile dealers in the United States. It provides dealers the ability to offer vehicle service contracts to consumers through its relationships with third-party providers (TPPs).