Credit Acceptance (NASDAQ:CACC) Major Shareholder Jill Foss Watson Sells 11,000 Shares of Stock

Credit Acceptance Corporation (NASDAQ:CACC) major shareholder Jill Foss Watson sold 11,000 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $653.24, for a total value of $7,185,640.00. Following the transaction, the insider directly owned 49,346 shares of the company’s stock, valued at $32,234,781.04. The trade was a 18.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Jill Foss Watson also recently made the following trade(s):

• On Tuesday, April 21st, Jill Foss Watson sold 9,450 shares of Credit Acceptance stock. The stock was sold at an average price of $538.52, for a total transaction of $5,089,014.00.

Credit Acceptance Price Performance

CACC traded down $10.62 on Tuesday, reaching $646.58. The company had a trading volume of 145,093 shares, compared to its average volume of 190,460. Credit Acceptance Corporation has a 52-week low of $401.90 and a 52-week high of $668.86. The company has a market cap of $6.76 billion, a price-to-earnings ratio of 16.07 and a beta of 1.36. 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 business has a 50 day simple moving average of $563.96 and a 200 day simple moving average of $503.80.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings results on Tuesday, May 5th. The credit services provider reported $10.71 EPS 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%.Credit Acceptance’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the firm earned $9.35 EPS. As a group, sell-side analysts anticipate that Credit Acceptance Corporation will post 47.5 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CACC shares. Zacks Research cut Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Stephens upped their price objective on Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a report on Friday, April 17th. TD Cowen increased their price objective on Credit Acceptance from $500.00 to $575.00 and gave the company a “hold” rating in a research report on Tuesday. Finally, Weiss Ratings raised Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $557.50.

Hedge Funds Weigh In On Credit Acceptance

Several institutional investors and hedge funds have recently made changes to their positions in the business. M&T Bank Corp purchased a new position in Credit Acceptance in the 4th quarter worth $208,294,000. Boston Partners boosted its position in Credit Acceptance by 3.4% during the fourth quarter. Boston Partners now owns 456,253 shares of the credit services provider’s stock valued at $202,373,000 after buying an additional 14,877 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Credit Acceptance by 3.1% during the first quarter. Dimensional Fund Advisors LP now owns 230,715 shares of the credit services provider’s stock valued at $97,701,000 after buying an additional 6,843 shares during the last quarter. Smead Capital Management Inc. grew its stake in shares of Credit Acceptance by 17.0% during the second quarter. Smead Capital Management Inc. now owns 216,811 shares of the credit services provider’s stock valued at $110,450,000 after buying an additional 31,438 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Credit Acceptance by 764.8% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 203,879 shares of the credit services provider’s stock worth $91,652,000 after buying an additional 180,304 shares during the period. Institutional investors own 81.71% of the company’s stock.

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.