Credit Acceptance (NASDAQ:CACC) CFO Sells $1,803,120.00 in Stock

Credit Acceptance Corporation (NASDAQ:CACC) CFO Jay Martin sold 3,000 shares of Credit Acceptance stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $601.04, for a total value of $1,803,120.00. Following the completion of the transaction, the chief financial officer directly owned 25,963 shares in the company, valued at $15,604,801.52. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Stock Up 0.1%

Shares of NASDAQ:CACC opened at $629.62 on Monday. Credit Acceptance Corporation has a 1 year low of $401.90 and a 1 year high of $638.55. The stock has a 50-day simple moving average of $548.53 and a 200-day simple moving average of $496.07. The company has a debt-to-equity ratio of 4.09, a quick ratio of 13.62 and a current ratio of 13.62. The stock has a market capitalization of $6.59 billion, a P/E ratio of 15.65 and a beta of 1.38.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Tuesday, May 5th. The credit services provider reported $10.71 earnings per share for the quarter, missing analysts’ consensus estimates of $10.73 by ($0.02). Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The business had revenue of $406.00 million for the quarter, compared to analyst estimates of $580.77 million. During the same period last year, the firm earned $9.35 earnings per share. The company’s quarterly revenue was up 1.6% on a year-over-year basis. Equities analysts forecast that Credit Acceptance Corporation will post 47.5 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. State of Wyoming acquired a new stake in Credit Acceptance during the 4th quarter valued at $27,000. Kestra Advisory Services LLC acquired a new position in Credit Acceptance in the 4th quarter worth $27,000. Parallel Advisors LLC boosted its position in Credit Acceptance by 590.0% in the 1st quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock valued at $29,000 after buying an additional 59 shares during the last quarter. Altshuler Shaham Ltd boosted its position in Credit Acceptance by 37.3% in the 1st quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock valued at $30,000 after buying an additional 19 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its stake 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 valued at $31,000 after acquiring an additional 24 shares in the last quarter. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CACC. Stephens increased their price target on 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 boosted their price objective 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 downgraded Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings upgraded Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 8th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently 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.