Credit Acceptance (NASDAQ:CACC) Insider Nicholas Elliott Sells 3,487 Shares

Credit Acceptance Corporation (NASDAQ:CACC) insider Nicholas Elliott sold 3,487 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $601.01, for a total transaction of $2,095,721.87. Following the transaction, the insider directly owned 20,897 shares in the company, valued at $12,559,305.97. This trade represents a 14.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Price Performance

NASDAQ:CACC opened at $629.62 on Friday. The stock has a market cap of $6.59 billion, a P/E ratio of 15.65 and a beta of 1.38. Credit Acceptance Corporation has a one year low of $401.90 and a one year high of $638.55. The company has a fifty day moving average price of $548.53 and a 200 day moving average price of $495.82. The company has a debt-to-equity ratio of 4.09, a current ratio of 13.62 and a quick ratio of 13.62.

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 analysts’ consensus estimates of $10.73 by ($0.02). The company had revenue of $406.00 million during the quarter, compared to the consensus estimate of $580.77 million. Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. Credit Acceptance’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period last year, the company earned $9.35 earnings per share. Analysts anticipate that Credit Acceptance Corporation will post 47.5 earnings per share for the current year.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Credit Acceptance

Several institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC acquired a new position in Credit Acceptance in the first quarter valued at about $278,000. Parallel Advisors LLC increased its holdings in shares of Credit Acceptance by 590.0% during the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock worth $29,000 after buying an additional 59 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Credit Acceptance by 47.9% in the first quarter. Bank of America Corp DE now owns 44,586 shares of the credit services provider’s stock valued at $18,880,000 after acquiring an additional 14,439 shares during the last quarter. Altshuler Shaham Ltd raised its stake in shares of Credit Acceptance by 37.3% in the first quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock valued at $30,000 after acquiring an additional 19 shares during the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of Credit Acceptance by 19.9% in the first quarter. California State Teachers Retirement System now owns 6,308 shares of the credit services provider’s stock valued at $2,671,000 after acquiring an additional 1,046 shares during the last quarter. 81.71% of the stock is owned by 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.