Jill Foss Watson Sells 11,000 Shares of Credit Acceptance (NASDAQ:CACC) Stock

Credit Acceptance Corporation (NASDAQ:CACC) major shareholder Jill Foss Watson sold 11,000 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $653.24, for a total transaction of $7,185,640.00. Following the sale, the insider directly owned 49,346 shares of the company’s stock, valued at approximately $32,234,781.04. The trade was a 18.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Jill Foss Watson also recently made the following trade(s):

• On Tuesday, April 21st, Jill Foss Watson sold 9,450 shares of Credit Acceptance stock. The shares were sold at an average price of $538.52, for a total transaction of $5,089,014.00.

Credit Acceptance Price Performance

CACC stock opened at $628.96 on Thursday. The company has a debt-to-equity ratio of 4.09, a quick ratio of 13.62 and a current ratio of 13.62. The business has a 50-day simple moving average of $568.89 and a two-hundred day simple moving average of $506.34. The company has a market capitalization of $6.58 billion, a P/E ratio of 15.63 and a beta of 1.36. Credit Acceptance Corporation has a 52-week low of $401.90 and a 52-week high of $668.86.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Tuesday, May 5th. The credit services provider reported $10.71 EPS for the quarter, missing the consensus estimate of $10.73 by ($0.02). The company had revenue of $406.00 million during the quarter, compared to analysts’ expectations of $580.77 million. Credit Acceptance had a return on equity of 29.95% and a net margin of 19.49%.The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the company earned $9.35 earnings per share. Research analysts expect that Credit Acceptance Corporation will post 47.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CACC shares. TD Cowen raised their price objective on Credit Acceptance from $500.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday. Weiss Ratings upgraded shares of Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Stephens raised their price target on shares of Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a research report on Friday, April 17th. Finally, Zacks Research lowered shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $557.50.

Institutional Trading of Credit Acceptance

Institutional investors and hedge funds have recently modified their holdings of the business. Versant Capital Management Inc boosted its position in Credit Acceptance by 587.5% in the second quarter. Versant Capital Management Inc now owns 55 shares of the credit services provider’s stock worth $35,000 after purchasing an additional 47 shares during the last quarter. State of Wyoming purchased a new stake in shares of Credit Acceptance during the 4th quarter valued at $27,000. Kestra Advisory Services LLC bought a new stake in shares of Credit Acceptance during the 4th quarter worth $27,000. Rockefeller Capital Management L.P. raised its stake in shares of 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 purchasing an additional 24 shares during the period. Finally, Parallel Advisors LLC grew its position in Credit Acceptance by 590.0% during the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock valued at $29,000 after buying an additional 59 shares during the period. 81.71% of the stock is owned by hedge funds and other institutional investors.

About Credit Acceptance

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.