US Bancorp DE lifted its holdings in Credit Acceptance Co. (NASDAQ:CACC) by 24.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 128 shares of the credit services provider’s stock after buying an additional 25 shares during the period. US Bancorp DE’s holdings in Credit Acceptance were worth $58,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of CACC. Envestnet Asset Management Inc. boosted its position in shares of Credit Acceptance by 6.2% in the first quarter. Envestnet Asset Management Inc. now owns 6,031 shares of the credit services provider’s stock worth $2,173,000 after buying an additional 353 shares during the period. Allred Capital Management LLC purchased a new stake in shares of Credit Acceptance during the first quarter worth $51,000. The PNC Financial Services Group Inc. raised its holdings in shares of Credit Acceptance by 8.0% during the first quarter. The PNC Financial Services Group Inc. now owns 2,725 shares of the credit services provider’s stock worth $982,000 after acquiring an additional 201 shares in the last quarter. Swiss National Bank raised its holdings in shares of Credit Acceptance by 0.9% during the first quarter. Swiss National Bank now owns 22,177 shares of the credit services provider’s stock worth $7,989,000 after acquiring an additional 200 shares in the last quarter. Finally, Alberta Investment Management Corp purchased a new stake in shares of Credit Acceptance during the first quarter worth $8,970,000. 71.13% of the stock is owned by institutional investors and hedge funds.
In related news, insider Arthur L. Smith sold 1,000 shares of Credit Acceptance stock in a transaction dated Thursday, June 24th. The stock was sold at an average price of $450.00, for a total transaction of $450,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Prescott General Partners Llc sold 32,301 shares of Credit Acceptance stock in a transaction dated Wednesday, September 8th. The stock was sold at an average price of $650.46, for a total value of $21,010,508.46. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 142,151 shares of company stock worth $74,775,926. Corporate insiders own 4.50% of the company’s stock.
NASDAQ CACC opened at $598.83 on Tuesday. Credit Acceptance Co. has a fifty-two week low of $266.74 and a fifty-two week high of $671.12. The stock’s 50-day moving average is $553.49 and its two-hundred day moving average is $458.56. The company has a debt-to-equity ratio of 2.00, a current ratio of 34.07 and a quick ratio of 34.07. The firm has a market cap of $9.38 billion, a P/E ratio of 11.52 and a beta of 1.26.
Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Wednesday, July 28th. The credit services provider reported $17.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $10.36 by $6.82. Credit Acceptance had a return on equity of 32.07% and a net margin of 50.04%. The company had revenue of $471.70 million for the quarter, compared to analyst estimates of $456.57 million. On average, equities analysts expect that Credit Acceptance Co. will post 49.7 EPS for the current year.
Credit Acceptance Profile
Credit Acceptance Corp. engages in the provision of dealer financing programs that enables automobile dealers to sell vehicles to consumers, regardless of its credit history. Its financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers.
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