Credit Acceptance Corporation $CACC Shares Sold by London Co. of Virginia

London Co. of Virginia cut its stake in Credit Acceptance Corporation (NASDAQ:CACC) by 2.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 100,313 shares of the credit services provider’s stock after selling 2,510 shares during the period. London Co. of Virginia owned about 0.91% of Credit Acceptance worth $46,843,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vestcor Inc purchased a new position in shares of Credit Acceptance in the 3rd quarter valued at about $50,000. Farther Finance Advisors LLC increased its stake in shares of Credit Acceptance by 20,200.0% during the third quarter. Farther Finance Advisors LLC now owns 203 shares of the credit services provider’s stock worth $95,000 after buying an additional 202 shares during the period. Raymond James Financial Inc. acquired a new stake in Credit Acceptance in the second quarter valued at approximately $150,000. CFC Planning Co LLC acquired a new stake in Credit Acceptance in the third quarter valued at approximately $209,000. Finally, Prudential Financial Inc. purchased a new position in Credit Acceptance in the second quarter worth approximately $215,000. 81.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Transactions at Credit Acceptance

In related news, CFO Jay D. Martin sold 4,340 shares of Credit Acceptance 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 sale, the chief financial officer directly owned 25,963 shares in the company, valued at $13,307,335.65. This trade represents a 14.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kenneth Booth sold 2,000 shares of the business’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $508.00, for a total transaction 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 11,576 shares of company stock worth $5,824,119. 6.60% of the stock is currently owned by insiders.

Credit Acceptance Price Performance

Shares of NASDAQ CACC opened at $444.55 on Tuesday. The stock’s 50-day simple moving average is $479.93 and its 200-day simple moving average is $474.77. The firm has a market capitalization of $4.78 billion, a PE ratio of 12.18 and a beta of 1.29. Credit Acceptance Corporation has a fifty-two week low of $401.90 and a fifty-two week high of $549.75. 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 (NASDAQ:CACC) last announced its quarterly earnings results on Thursday, January 29th. The credit services provider reported $11.35 earnings per share (EPS) 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 return on equity of 28.86% and a net margin of 18.29%.The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company posted $10.17 earnings per share. As a group, equities research analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current fiscal year.

Credit Acceptance 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.