Credit Acceptance Corporation $CACC Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lowered its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 11.6% during the fourth quarter, Holdings Channel reports. The firm owned 395,474 shares of the credit services provider’s stock after selling 52,082 shares during the period. Vanguard Group Inc.’s holdings in Credit Acceptance were worth $175,377,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CACC. Royal Bank of Canada raised its holdings 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 purchasing an additional 460 shares in the last quarter. AQR Capital Management LLC raised its holdings in Credit Acceptance by 230.6% during the first quarter. AQR Capital Management LLC now owns 7,885 shares of the credit services provider’s stock worth $3,961,000 after purchasing an additional 5,500 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Credit Acceptance by 3.9% during 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 worth $12,334,000 after purchasing an additional 900 shares in the last quarter. Creative Planning raised its holdings in Credit Acceptance by 35.6% during the second quarter. Creative Planning now owns 529 shares of the credit services provider’s stock worth $269,000 after purchasing an additional 139 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Credit Acceptance by 4.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,077 shares of the credit services provider’s stock valued at $2,586,000 after acquiring an additional 232 shares during the period. Institutional investors and hedge funds own 81.71% of the company’s stock.

Credit Acceptance Stock Performance

Shares of Credit Acceptance stock opened at $533.15 on Monday. The firm’s fifty day simple moving average is $478.16 and its 200-day simple moving average is $469.49. The stock has a market capitalization of $5.58 billion, a price-to-earnings ratio of 13.25 and a beta of 1.36. Credit Acceptance Corporation has a 12 month low of $401.90 and a 12 month high of $565.14. The company has a debt-to-equity ratio of 4.09, a current ratio of 13.62 and a quick ratio of 13.62.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $580.77 million. Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.35 earnings per share. As a group, equities analysts forecast that Credit Acceptance Corporation will post 47.5 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Weiss Ratings raised shares of Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday. Stephens lifted their target price on shares of Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a report on Friday, April 17th. TD Cowen lifted their target price on shares of Credit Acceptance from $450.00 to $500.00 and gave the company a “hold” rating in a report on Wednesday. Finally, Zacks Research raised shares of Credit Acceptance from a “hold” rating to a “strong-buy” rating in a 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $520.00.

Insider Buying and Selling

In other Credit Acceptance news, COO Jonathan Lum sold 3,000 shares of the business’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $535.00, for a total value of $1,605,000.00. Following the transaction, the chief operating officer directly owned 31,609 shares of the company’s stock, valued at approximately $16,910,815. The trade was a 8.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Wendy A. Rummler sold 4,062 shares of the business’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $525.67, for a total transaction of $2,135,271.54. Following the completion of the transaction, the insider directly owned 19,547 shares in the company, valued at $10,275,271.49. This represents a 17.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 26,527 shares of company stock worth $14,203,265 in the last ninety days. Insiders own 6.10% 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.