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

Credit Acceptance (NASDAQ:CACC) posted its earnings results on Wednesday. The credit services provider reported $8.79 EPS for the quarter, topping analysts’ consensus estimates of $7.88 by $0.91, Briefing.com reports. Credit Acceptance had a net margin of 9.08% and a return on equity of 29.15%. The business had revenue of $550.30 million for the quarter, compared to analysts’ expectations of $548.13 million. During the same period in the previous year, the company posted $10.70 earnings per share. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year.

Credit Acceptance Stock Performance

Shares of Credit Acceptance stock traded up $13.01 during midday trading on Friday, hitting $438.01. The company had a trading volume of 11,364 shares, compared to its average volume of 56,879. The stock has a market cap of $5.30 billion, a PE ratio of 28.54 and a beta of 1.42. The business’s 50 day simple moving average is $455.23 and its two-hundred day simple moving average is $490.32. Credit Acceptance has a 1-year low of $406.53 and a 1-year high of $616.66. The company has a debt-to-equity ratio of 3.77, a current ratio of 19.15 and a quick ratio of 19.15.

Analyst Ratings Changes

Separately, TD Cowen dropped their price target 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.

Insiders Place Their Bets

In related news, insider Thomas W. Smith sold 1,200 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $451.01, for a total value of $541,212.00. Following the completion of the transaction, the insider now directly owns 74,450 shares in the company, valued at approximately $33,577,694.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.30% of the company’s stock.

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.