Nicholas Elliott Sells 3,487 Shares of Credit Acceptance (NASDAQ:CACC) Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Nicholas Elliott sold 3,487 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $601.01, for a total transaction of $2,095,721.87. Following the completion of the transaction, the insider directly owned 20,897 shares in the company, valued at approximately $12,559,305.97. This represents a 14.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Price Performance

Shares of NASDAQ:CACC opened at $629.62 on Friday. The firm has a 50 day moving average of $548.53 and a 200-day moving average of $495.82. Credit Acceptance Corporation has a 12 month low of $401.90 and a 12 month high of $638.55. The company has a current ratio of 13.62, a quick ratio of 13.62 and a debt-to-equity ratio of 4.09. The stock has a market capitalization of $6.59 billion, a PE ratio of 15.65 and a beta of 1.38.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Tuesday, May 5th. The credit services provider reported $10.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $10.73 by ($0.02). The firm had revenue of $406.00 million for the quarter, compared to analyst estimates 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 was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $9.35 EPS. On average, equities research analysts predict that Credit Acceptance Corporation will post 47.5 EPS for the current fiscal year.

Institutional Trading of Credit Acceptance

A number of hedge funds and other institutional investors have recently modified their holdings of CACC. Empowered Funds LLC acquired a new position in shares of Credit Acceptance during the first quarter worth $278,000. Parallel Advisors LLC boosted its holdings in shares of 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 in the last quarter. Bank of America Corp DE grew its position in Credit Acceptance by 47.9% during the 1st quarter. Bank of America Corp DE now owns 44,586 shares of the credit services provider’s stock worth $18,880,000 after acquiring an additional 14,439 shares during the last quarter. Altshuler Shaham Ltd grew its position in Credit Acceptance by 37.3% during the 1st quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock worth $30,000 after acquiring an additional 19 shares during the last quarter. Finally, California State Teachers Retirement System increased its holdings in Credit Acceptance by 19.9% in the 1st quarter. California State Teachers Retirement System now owns 6,308 shares of the credit services provider’s stock worth $2,671,000 after purchasing an additional 1,046 shares in the last quarter. Institutional investors own 81.71% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.