Credit Acceptance (NASDAQ:CACC) Insider Wendy Rummler Sells 4,062 Shares

Credit Acceptance Corporation (NASDAQ:CACC) insider Wendy Rummler sold 4,062 shares of the firm’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $525.67, for a total value of $2,135,271.54. Following the transaction, the insider directly owned 19,547 shares in the company, valued at $10,275,271.49. This trade represents a 17.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Stock Down 4.0%

Shares of NASDAQ:CACC opened at $521.23 on Wednesday. The stock’s 50-day moving average price is $473.01 and its 200-day moving average price is $467.64. Credit Acceptance Corporation has a 12-month low of $401.90 and a 12-month high of $549.75. The stock has a market capitalization of $5.60 billion, a P/E ratio of 14.28 and a beta of 1.32. The company has a current ratio of 16.91, a quick ratio of 16.91 and a debt-to-equity ratio of 4.10.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Thursday, January 29th. The credit services provider reported $11.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.30 by $1.05. Credit Acceptance had a return on equity of 28.86% and a net margin of 18.29%.The firm had revenue of $408.20 million for the quarter, compared to analysts’ expectations of $582.63 million. During the same period last year, the firm earned $10.17 earnings per share. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, equities analysts anticipate that Credit Acceptance Corporation will post 47 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CACC has been the topic of a number of recent research reports. TD Cowen raised their price objective on Credit Acceptance from $460.00 to $470.00 and gave the company a “hold” rating in a research note on Friday, January 30th. Stephens increased their target price on shares of Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a report on Friday, April 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Credit Acceptance in a report on Wednesday, January 21st. Finally, Zacks Research upgraded shares of Credit Acceptance from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Credit Acceptance currently has an average rating of “Moderate Buy” and an average target price of $505.00.

Institutional Trading of Credit Acceptance

Institutional investors have recently modified their holdings of the company. State of Wyoming purchased a new stake in shares of Credit Acceptance during the fourth quarter worth about $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Credit Acceptance during the fourth quarter worth about $27,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Credit Acceptance by 53.3% during the fourth 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. Allworth Financial LP boosted its holdings in shares of Credit Acceptance by 141.9% during the third quarter. Allworth Financial LP now owns 104 shares of the credit services provider’s stock worth $49,000 after purchasing an additional 61 shares during the period. Finally, Vestcor Inc purchased a new stake in shares of Credit Acceptance during the third quarter worth about $50,000. 81.71% of the stock is currently 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.