Erin Kerber Sells 8,656 Shares of Credit Acceptance (NASDAQ:CACC) Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Erin Kerber sold 8,656 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $600.94, for a total value of $5,201,736.64. Following the transaction, the insider directly owned 25,711 shares in the company, valued at approximately $15,450,768.34. This represents a 25.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Stock Up 0.9%

Shares of NASDAQ:CACC opened at $629.62 on Friday. The stock’s 50-day moving average price is $548.53 and its two-hundred day moving average price is $495.82. The company has a current ratio of 13.62, a quick ratio of 13.62 and a debt-to-equity ratio of 4.09. Credit Acceptance Corporation has a 12-month low of $401.90 and a 12-month high of $638.55. The firm has a market cap of $6.59 billion, a price-to-earnings ratio of 15.65 and a beta of 1.38.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings data on Tuesday, May 5th. The credit services provider reported $10.71 EPS for the quarter, missing analysts’ consensus estimates of $10.73 by ($0.02). The company had revenue of $406.00 million for the quarter, compared to analyst estimates of $580.77 million. Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The company’s revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the company earned $9.35 EPS. On average, research analysts forecast that Credit Acceptance Corporation will post 47.5 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on CACC shares. TD Cowen increased their price target on shares of Credit Acceptance from $450.00 to $500.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Weiss Ratings upgraded Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Zacks Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Finally, Stephens lifted their target price on Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a report on Friday, April 17th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $520.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CACC. State of Wyoming purchased a new position in shares of Credit Acceptance during the 4th quarter valued at approximately $27,000. Kestra Advisory Services LLC acquired a new stake in Credit Acceptance in the fourth quarter valued at $27,000. Parallel Advisors LLC boosted its stake in Credit Acceptance by 590.0% during the 1st quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock valued at $29,000 after acquiring an additional 59 shares during the last quarter. Altshuler Shaham Ltd boosted its stake in Credit Acceptance by 37.3% during the 1st quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock valued at $30,000 after acquiring an additional 19 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in Credit Acceptance by 53.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock worth $31,000 after acquiring an additional 24 shares in the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Credit Acceptance Company Profile

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.