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.
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.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Credit Acceptance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Credit Acceptance and related companies with MarketBeat.com's FREE daily email newsletter.