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

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 stock was sold at an average price of $601.01, for a total transaction of $2,095,721.87. Following 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 SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Stock Performance

Shares of NASDAQ:CACC traded up $5.92 on Friday, reaching $629.62. 204,962 shares of the company’s stock were exchanged, compared to its average volume of 192,517. Credit Acceptance Corporation has a twelve month low of $401.90 and a twelve month high of $638.55. The company has a fifty day moving average of $545.89 and a 200-day moving average of $494.88. The company has a market capitalization of $6.59 billion, a price-to-earnings ratio of 15.65 and a beta of 1.38. 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 (NASDAQ:CACC) last issued 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). Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The company had revenue of $406.00 million during the quarter, compared to the consensus estimate of $580.77 million. During the same quarter last year, the firm posted $9.35 earnings per share. The company’s quarterly revenue was up 1.6% on a year-over-year basis. On average, research analysts predict that Credit Acceptance Corporation will post 47.5 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on CACC shares. Weiss Ratings upgraded Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 8th. Zacks Research downgraded shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. TD Cowen boosted their target price on shares of Credit Acceptance from $450.00 to $500.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. Finally, 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. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $520.00.

Institutional Trading of Credit Acceptance

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. M&T Bank Corp bought a new position in Credit Acceptance during the fourth quarter worth $208,294,000. Boston Partners boosted its position in Credit Acceptance by 3.4% during the fourth quarter. Boston Partners now owns 456,253 shares of the credit services provider’s stock valued at $202,373,000 after acquiring an additional 14,877 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in 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 acquiring an additional 6,843 shares during the period. Smead Capital Management Inc. raised its position 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 acquiring an additional 31,438 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its stake 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 valued at $91,652,000 after purchasing an additional 180,304 shares during the period. Institutional investors and hedge funds own 81.71% of the company’s stock.

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.