Credit Acceptance (NASDAQ:CACC) Director Kenneth Booth Sells 4,000 Shares

Credit Acceptance Corporation (NASDAQ:CACC) Director Kenneth Booth sold 4,000 shares of the business’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $534.00, for a total transaction of $2,136,000.00. Following the sale, the director directly owned 22,832 shares in the company, valued at approximately $12,192,288. This represents a 14.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Kenneth Booth also recently made the following trade(s):

• On Monday, February 9th, Kenneth Booth sold 2,000 shares of Credit Acceptance stock. The stock was sold at an average price of $508.00, for a total transaction of $1,016,000.00.

Credit Acceptance Price Performance

CACC stock traded up $5.53 during trading on Wednesday, reaching $526.76. 102,990 shares of the company were exchanged, compared to its average volume of 203,771. The company has a market cap of $5.66 billion, a P/E ratio of 14.43 and a beta of 1.32. Credit Acceptance Corporation has a 52-week low of $401.90 and a 52-week high of $549.75. The stock’s 50 day moving average price is $473.01 and its 200 day moving average price is $467.64. The company has a debt-to-equity ratio of 4.10, a quick ratio of 16.91 and a current ratio of 16.91.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings data on Thursday, January 29th. The credit services provider reported $11.35 EPS for the quarter, topping analysts’ consensus estimates of $10.30 by $1.05. The firm had revenue of $408.20 million for the quarter, compared to the consensus estimate of $582.63 million. Credit Acceptance had a net margin of 18.29% and a return on equity of 28.86%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $10.17 earnings per share. As a group, analysts predict that Credit Acceptance Corporation will post 47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CACC has been the subject of a number of research reports. Stephens lifted their target price 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. TD Cowen lifted their target price on shares of Credit Acceptance from $460.00 to $470.00 and gave the stock a “hold” rating in a research report on Friday, January 30th. Weiss Ratings restated a “hold (c)” rating on shares of Credit Acceptance in a research report on Monday. Finally, Zacks Research upgraded shares of Credit Acceptance from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $505.00.

Hedge Funds Weigh In On Credit Acceptance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CACC. Royal Bank of Canada raised its position in Credit Acceptance by 31.6% during the first quarter. Royal Bank of Canada now owns 1,916 shares of the credit services provider’s stock worth $989,000 after acquiring an additional 460 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Credit Acceptance by 230.6% in the first quarter. AQR Capital Management LLC now owns 7,885 shares of the credit services provider’s stock valued at $3,961,000 after buying an additional 5,500 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Credit Acceptance by 3.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 23,886 shares of the credit services provider’s stock valued at $12,334,000 after buying an additional 900 shares during the last quarter. Creative Planning raised its position in shares of Credit Acceptance by 35.6% in the second quarter. Creative Planning now owns 529 shares of the credit services provider’s stock valued at $269,000 after buying an additional 139 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Credit Acceptance by 4.8% in the second quarter. JPMorgan Chase & Co. now owns 5,077 shares of the credit services provider’s stock valued at $2,586,000 after buying an additional 232 shares during 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.