Vanguard Group Inc. Sells 13,419 Shares of Credit Acceptance Corporation $CACC

Vanguard Group Inc. trimmed its position in Credit Acceptance Corporation (NASDAQ:CACC) by 2.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 447,556 shares of the credit services provider’s stock after selling 13,419 shares during the period. Vanguard Group Inc.’s holdings in Credit Acceptance were worth $208,977,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Global Retirement Partners LLC grew its stake in Credit Acceptance by 2.7% in the third quarter. Global Retirement Partners LLC now owns 882 shares of the credit services provider’s stock valued at $412,000 after acquiring an additional 23 shares during the period. Ameriprise Financial Inc. increased its stake in Credit Acceptance by 2.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,929 shares of the credit services provider’s stock valued at $983,000 after purchasing an additional 38 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Credit Acceptance by 6.5% during the second quarter. Russell Investments Group Ltd. now owns 685 shares of the credit services provider’s stock worth $349,000 after buying an additional 42 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in Credit Acceptance by 0.6% during the third quarter. Sequoia Financial Advisors LLC now owns 8,442 shares of the credit services provider’s stock worth $3,942,000 after buying an additional 49 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its stake in shares of Credit Acceptance by 1.8% in the second quarter. Quantinno Capital Management LP now owns 3,071 shares of the credit services provider’s stock valued at $1,564,000 after buying an additional 53 shares in the last quarter. Institutional investors own 81.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CACC. Weiss Ratings reissued a “hold (c)” rating on shares of Credit Acceptance in a research report on Wednesday, January 21st. Zacks Research raised Credit Acceptance from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. Finally, TD Cowen raised their target price on Credit Acceptance from $460.00 to $470.00 and gave the company a “hold” rating in a report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $470.00.

Insider Buying and Selling at Credit Acceptance

In other news, insider Wendy A. Rummler sold 5,236 shares of the company’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $493.44, for a total transaction of $2,583,651.84. Following the transaction, the insider owned 20,772 shares of the company’s stock, valued at $10,249,735.68. This represents a 20.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kenneth Booth sold 2,000 shares of Credit Acceptance stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $508.00, for a total value of $1,016,000.00. Following the completion of the sale, the director directly owned 22,832 shares of the company’s stock, valued at approximately $11,598,656. This trade represents a 8.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,576 shares of company stock worth $5,824,119 over the last ninety days. 6.60% of the stock is currently owned by company insiders.

Credit Acceptance Stock Performance

NASDAQ CACC opened at $473.18 on Monday. The company has a market capitalization of $5.09 billion, a PE ratio of 12.96 and a beta of 1.29. The company has a debt-to-equity ratio of 4.10, a quick ratio of 16.91 and a current ratio of 16.91. Credit Acceptance Corporation has a 52-week low of $401.90 and a 52-week high of $549.75. The company has a 50-day simple moving average of $473.03 and a 200 day simple moving average of $475.32.

Credit Acceptance (NASDAQ:CACC) last released its earnings results on Thursday, January 29th. The credit services provider reported $11.35 earnings per share for the quarter, beating analysts’ consensus estimates of $10.30 by $1.05. The firm had revenue of $408.20 million during the quarter, compared to the consensus estimate of $582.63 million. Credit Acceptance had a net margin of 18.29% and a return on equity of 28.86%. The company’s revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.17 EPS. On average, research analysts predict that Credit Acceptance Corporation will post 53.24 EPS for the current year.

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.