Nicholas Elliott Sells 2,306 Shares of Credit Acceptance (NASDAQ:CACC) Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Nicholas Elliott sold 2,306 shares of the company’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $629.99, for a total transaction of $1,452,756.94. Following the sale, the insider directly owned 20,897 shares of the company’s stock, valued at approximately $13,164,901.03. This trade represents a 9.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Stock Up 3.0%

Shares of NASDAQ CACC opened at $655.72 on Thursday. The stock has a fifty day moving average price of $555.85 and a 200 day moving average price of $499.71. 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 $663.43. The company has a market cap of $6.86 billion, a P/E ratio of 16.30 and a beta of 1.36.

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 analysts’ consensus estimates of $10.73 by ($0.02). Credit Acceptance had a return on equity of 29.95% and a net margin of 19.49%.The company had revenue of $406.00 million for the quarter, compared to analyst estimates of $580.77 million. During the same quarter in the prior year, the firm earned $9.35 EPS. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. Research analysts anticipate that Credit Acceptance Corporation will post 47.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Credit Acceptance

A number of institutional investors have recently modified their holdings of CACC. M&T Bank Corp bought a new position in Credit Acceptance in the fourth quarter worth about $208,294,000. Boston Partners raised its position in shares of Credit Acceptance by 3.4% during the 4th quarter. Boston Partners now owns 456,253 shares of the credit services provider’s stock worth $202,373,000 after purchasing an additional 14,877 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Credit Acceptance by 3.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 230,715 shares of the credit services provider’s stock worth $97,701,000 after purchasing an additional 6,843 shares during the period. Smead Capital Management Inc. lifted its holdings in shares of Credit Acceptance by 17.0% in the 2nd quarter. Smead Capital Management Inc. now owns 216,811 shares of the credit services provider’s stock worth $110,450,000 after purchasing an additional 31,438 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Credit Acceptance by 764.8% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 203,879 shares of the credit services provider’s stock worth $91,652,000 after purchasing an additional 180,304 shares during the last quarter. Institutional investors own 81.71% of the company’s stock.

Analyst Ratings Changes

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