D.A. Davidson & CO. decreased its position in Credit Acceptance Corporation (NASDAQ:CACC) by 19.6% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 859 shares of the credit services provider’s stock after selling 210 shares during the period. D.A. Davidson & CO.’s holdings in Credit Acceptance Corporation were worth $220,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Abrams Bison Investments LLC lifted its stake in Credit Acceptance Corporation by 1.9% in the 1st quarter. Abrams Bison Investments LLC now owns 1,159,399 shares of the credit services provider’s stock valued at $231,196,000 after acquiring an additional 21,399 shares in the last quarter. Vanguard Group Inc. lifted its stake in Credit Acceptance Corporation by 26.9% in the 1st quarter. Vanguard Group Inc. now owns 931,364 shares of the credit services provider’s stock valued at $185,723,000 after acquiring an additional 197,463 shares in the last quarter. BlackRock Inc. lifted its stake in Credit Acceptance Corporation by 11.4% in the 2nd quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock valued at $114,720,000 after acquiring an additional 45,768 shares in the last quarter. Beck Mack & Oliver LLC lifted its stake in Credit Acceptance Corporation by 0.7% in the 2nd quarter. Beck Mack & Oliver LLC now owns 363,977 shares of the credit services provider’s stock valued at $93,593,000 after acquiring an additional 2,682 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Credit Acceptance Corporation by 3.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 175,836 shares of the credit services provider’s stock valued at $35,064,000 after acquiring an additional 6,055 shares in the last quarter. Hedge funds and other institutional investors own 72.71% of the company’s stock.

In related news, insider Douglas W. Busk sold 2,500 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $267.72, for a total transaction of $669,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jill Foss Watson sold 35,348 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $275.69, for a total value of $9,745,090.12. The disclosure for this sale can be found here. Insiders sold 152,858 shares of company stock worth $41,562,168 in the last 90 days. Corporate insiders own 5.80% of the company’s stock.

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Credit Acceptance Corporation (NASDAQ CACC) opened at 285.55 on Friday. The firm’s 50 day moving average price is $270.14 and its 200 day moving average price is $238.63. Credit Acceptance Corporation has a 52-week low of $160.63 and a 52-week high of $286.77. The firm has a market cap of $5.56 billion, a price-to-earnings ratio of 15.61 and a beta of 0.55.

Credit Acceptance Corporation (NASDAQ:CACC) last posted its earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.89 by $0.33. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. The company had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. During the same quarter last year, the company earned $4.38 earnings per share. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. Equities research analysts anticipate that Credit Acceptance Corporation will post $19.90 EPS for the current fiscal year.

Several equities research analysts have commented on CACC shares. BidaskClub cut Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 6th. Zacks Investment Research upgraded Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a research note on Thursday, August 3rd. Credit Suisse Group AG restated an “underperform” rating and issued a $200.00 target price (up previously from $190.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, August 1st. Jefferies Group LLC restated a “hold” rating and issued a $215.00 target price on shares of Credit Acceptance Corporation in a research note on Friday, July 14th. Finally, Raymond James Financial, Inc. upgraded Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research note on Tuesday, August 1st. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $222.38.

About Credit Acceptance Corporation

Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.

Institutional Ownership by Quarter for Credit Acceptance Corporation (NASDAQ:CACC)

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