Credit Acceptance Corporation $CACC Shares Sold by Smead Capital Management Inc.

Smead Capital Management Inc. trimmed its position in Credit Acceptance Corporation (NASDAQ:CACC) by 7.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 201,402 shares of the credit services provider’s stock after selling 15,409 shares during the quarter. Credit Acceptance accounts for approximately 1.8% of Smead Capital Management Inc.’s portfolio, making the stock its 24th largest holding. Smead Capital Management Inc. owned about 1.83% of Credit Acceptance worth $94,040,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC raised its holdings in Credit Acceptance by 20,200.0% in the third quarter. Farther Finance Advisors LLC now owns 203 shares of the credit services provider’s stock valued at $95,000 after buying an additional 202 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Credit Acceptance in the second quarter worth $150,000. CFC Planning Co LLC purchased a new position in shares of Credit Acceptance in the 3rd quarter valued at $209,000. Prudential Financial Inc. purchased a new position in shares of Credit Acceptance in the 2nd quarter valued at $215,000. Finally, SG Americas Securities LLC lifted its holdings in shares of Credit Acceptance by 64.0% during the 2nd quarter. SG Americas Securities LLC now owns 456 shares of the credit services provider’s stock valued at $232,000 after acquiring an additional 178 shares in the last quarter. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Credit Acceptance Stock Up 2.0%

Shares of NASDAQ CACC opened at $495.34 on Friday. The company has a debt-to-equity ratio of 4.10, a quick ratio of 15.81 and a current ratio of 16.91. Credit Acceptance Corporation has a 1 year low of $401.90 and a 1 year high of $549.75. The stock’s 50-day simple moving average is $470.13 and its 200-day simple moving average is $474.50. The firm has a market cap of $5.32 billion, a price-to-earnings ratio of 13.57 and a beta of 1.27.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data 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. Credit Acceptance had a return on equity of 28.86% and a net margin of 18.29%.The firm had revenue of $408.20 million during the quarter, compared to analyst estimates of $582.63 million. During the same quarter last year, the firm earned $10.17 EPS. Credit Acceptance’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, equities analysts anticipate that Credit Acceptance Corporation will post 53.24 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Kenneth Booth sold 2,000 shares of the company’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $508.00, for a total value of $1,016,000.00. Following the sale, the director directly owned 22,832 shares of the company’s stock, valued at $11,598,656. This represents a 8.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jay D. Martin sold 4,340 shares of the stock in a transaction on Monday, February 9th. The shares were sold at an average price of $512.55, for a total transaction of $2,224,467.00. Following the transaction, the chief financial officer owned 25,963 shares in the company, valued at $13,307,335.65. This trade represents a 14.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 11,576 shares of company stock worth $5,824,119. 6.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

Credit Acceptance Company Profile

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.