Insider Selling: Credit Acceptance (NASDAQ:CACC) Insider Sells $3,602,456.00 in Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Erin Kerber sold 5,720 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $629.80, for a total value of $3,602,456.00. Following the completion of the sale, the insider directly owned 25,711 shares of the company’s stock, valued at $16,192,787.80. The trade was a 18.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Trading Up 0.2%

CACC stock opened at $657.12 on Friday. Credit Acceptance Corporation has a twelve month low of $401.90 and a twelve month high of $666.24. The stock has a market capitalization of $6.87 billion, a price-to-earnings ratio of 16.33 and a beta of 1.36. The company has a quick ratio of 13.62, a current ratio of 13.62 and a debt-to-equity ratio of 4.09. The firm’s fifty day simple moving average is $558.57 and its two-hundred day simple moving average is $501.01.

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 the consensus estimate of $10.73 by ($0.02). Credit Acceptance had a return on equity of 29.95% and a net margin of 19.49%.The business had revenue of $406.00 million during the quarter, compared to analysts’ expectations of $580.77 million. During the same quarter in the previous year, the company posted $9.35 earnings per share. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, analysts anticipate that Credit Acceptance Corporation will post 47.5 earnings per share for the current year.

Analysts Set New Price Targets

CACC has been the subject of several recent research reports. TD Cowen boosted their price target on Credit Acceptance from $450.00 to $500.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Weiss Ratings raised Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a research 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. Finally, Stephens boosted their target price on shares of Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a report on Friday, April 17th. Four analysts have rated the stock with a Hold rating, According to MarketBeat.com, Credit Acceptance currently has an average rating of “Hold” and an average price target of $520.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Altshuler Shaham Ltd lifted its stake in Credit Acceptance by 37.3% during the first quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock worth $30,000 after purchasing an additional 19 shares during the last quarter. Pictet Asset Management Holding SA increased its stake in Credit Acceptance by 2.1% in the first quarter. Pictet Asset Management Holding SA now owns 990 shares of the credit services provider’s stock valued at $419,000 after purchasing an additional 20 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in Credit Acceptance by 53.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after purchasing an additional 24 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in Credit Acceptance by 4.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 571 shares of the credit services provider’s stock worth $253,000 after purchasing an additional 25 shares in the last quarter. Finally, Cetera Investment Advisers raised its holdings in Credit Acceptance by 6.3% during the fourth quarter. Cetera Investment Advisers now owns 508 shares of the credit services provider’s stock worth $225,000 after purchasing an additional 30 shares in the last quarter. 81.71% of the stock is currently owned by hedge funds and other 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.