Credit Acceptance (NASDAQ:CACC) Insider Nicholas Elliott Sells 2,306 Shares of Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Nicholas Elliott sold 2,306 shares of the company’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $629.99, for a total value of $1,452,756.94. Following the completion of the sale, the insider owned 20,897 shares of the company’s stock, valued at approximately $13,164,901.03. The trade was a 9.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Stock Performance

Shares of CACC stock traded down $1.49 during trading hours on Tuesday, reaching $636.74. 110,294 shares of the company traded hands, compared to its average volume of 191,478. The firm has a 50-day moving average price of $551.40 and a 200 day moving average price of $497.32. The company has a market cap of $6.66 billion, a P/E ratio of 15.82 and a beta of 1.38. 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 Corporation has a 12-month low of $401.90 and a 12-month high of $645.00.

Credit Acceptance (NASDAQ:CACC) last released its earnings results on Tuesday, May 5th. The credit services provider reported $10.71 earnings per share (EPS) 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 firm had revenue of $406.00 million during the quarter, compared to analysts’ expectations of $580.77 million. During the same period in the prior year, the company posted $9.35 earnings per share. The company’s revenue was up 1.6% compared to the same quarter last year. As a group, sell-side analysts predict that Credit Acceptance Corporation will post 47.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CACC has been the subject of a number of analyst reports. Zacks Research cut shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Weiss Ratings upgraded Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 8th. Stephens raised their price target on Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a report on Friday, April 17th. Finally, TD Cowen boosted their price objective on Credit Acceptance from $450.00 to $500.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $520.00.

Institutional Investors Weigh In On Credit Acceptance

A number of institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue purchased a new position in Credit Acceptance during the fourth quarter valued at $462,000. M&T Bank Corp purchased a new stake in Credit Acceptance in the 4th quarter worth $208,294,000. SG Americas Securities LLC boosted its holdings in shares of Credit Acceptance by 429.9% during the 1st quarter. SG Americas Securities LLC now owns 12,835 shares of the credit services provider’s stock valued at $5,435,000 after purchasing an additional 10,413 shares during the last quarter. Geo Capital Gestora de Recursos Ltd bought a new position in shares of Credit Acceptance during the 4th quarter valued at about $1,842,000. Finally, BNP Paribas Financial Markets grew its position in shares of Credit Acceptance by 13.5% during the fourth quarter. BNP Paribas Financial Markets now owns 31,764 shares of the credit services provider’s stock valued at $14,086,000 after purchasing an additional 3,767 shares in the last quarter. 81.71% of the stock is 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.