Credit Acceptance (NASDAQ:CACC) Insider Nicholas Elliott Sells 1,183 Shares

Credit Acceptance Corporation (NASDAQ:CACC) insider Nicholas Elliott sold 1,183 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $627.01, for a total value of $741,752.83. Following the sale, the insider directly owned 20,897 shares in the company, valued at approximately $13,102,627.97. This represents a 5.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Price Performance

Shares of CACC opened at $629.62 on Friday. The stock’s fifty day moving average is $548.53 and its 200-day moving average is $495.82. 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 firm has a market capitalization of $6.59 billion, a price-to-earnings ratio of 15.65 and a beta of 1.38. Credit Acceptance Corporation has a one year low of $401.90 and a one year high of $638.55.

Credit Acceptance (NASDAQ:CACC) last issued 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). The company had revenue of $406.00 million during the quarter, compared to analysts’ expectations of $580.77 million. Credit Acceptance had a return on equity of 29.95% and a net margin of 19.49%.The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted $9.35 EPS. Equities analysts anticipate that Credit Acceptance Corporation will post 47.5 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings raised Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Zacks Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Stephens increased their price objective 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. Finally, TD Cowen lifted their target price on shares of Credit Acceptance from $450.00 to $500.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $520.00.

Hedge Funds Weigh In On Credit Acceptance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CACC. Empowered Funds LLC bought a new position in Credit Acceptance during the first quarter worth about $278,000. Parallel Advisors LLC grew its position in Credit Acceptance by 590.0% during the 1st quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock worth $29,000 after acquiring an additional 59 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Credit Acceptance by 47.9% in the first quarter. Bank of America Corp DE now owns 44,586 shares of the credit services provider’s stock valued at $18,880,000 after buying an additional 14,439 shares during the period. Altshuler Shaham Ltd increased its holdings in Credit Acceptance by 37.3% in the first quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock valued at $30,000 after purchasing an additional 19 shares during the period. Finally, California State Teachers Retirement System raised its holdings in Credit Acceptance by 19.9% during the 1st quarter. California State Teachers Retirement System now owns 6,308 shares of the credit services provider’s stock worth $2,671,000 after purchasing an additional 1,046 shares during the last quarter. 81.71% of the stock is owned by 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.