Credit Acceptance (NASDAQ:CACC) Major Shareholder Sells $7,185,640.00 in Stock

Credit Acceptance Corporation (NASDAQ:CACC) major shareholder Jill Foss Watson sold 11,000 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $653.24, for a total value of $7,185,640.00. Following the sale, the insider owned 49,346 shares of the company’s stock, valued at approximately $32,234,781.04. This represents a 18.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Jill Foss Watson also recently made the following trade(s):

• On Tuesday, April 21st, Jill Foss Watson sold 9,450 shares of Credit Acceptance stock. The shares were sold at an average price of $538.52, for a total value of $5,089,014.00.

Credit Acceptance Stock Down 0.3%

NASDAQ:CACC opened at $627.11 on Friday. The stock has a market capitalization of $6.56 billion, a P/E ratio of 15.58 and a beta of 1.36. Credit Acceptance Corporation has a fifty-two week low of $401.90 and a fifty-two week high of $668.86. The company has a debt-to-equity ratio of 4.09, a quick ratio of 13.62 and a current ratio of 13.62. The company’s 50-day simple moving average is $571.09 and its 200-day simple moving average is $507.50.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Tuesday, May 5th. The credit services provider reported $10.71 EPS for the quarter, missing the consensus estimate of $10.73 by ($0.02). The business had revenue of $406.00 million for the quarter, compared to analysts’ expectations of $580.77 million. Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $9.35 EPS. On average, equities analysts anticipate that Credit Acceptance Corporation will post 47.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CACC has been the subject of several recent analyst reports. TD Cowen raised their price target on Credit Acceptance from $500.00 to $575.00 and gave the stock a “hold” rating in a report on Tuesday. Stephens upped their price objective on shares of Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a report on Friday, April 17th. Zacks Research lowered shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 8th. Four analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $557.50.

Institutional Investors Weigh In On Credit Acceptance

A number of institutional investors and hedge funds have recently modified their holdings of the company. State of Wyoming acquired a new position in Credit Acceptance in the 4th quarter worth approximately $27,000. Kestra Advisory Services LLC purchased a new position in Credit Acceptance during the 4th quarter worth approximately $27,000. Parallel Advisors LLC lifted its stake in Credit Acceptance by 590.0% during the 1st quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock valued at $29,000 after acquiring an additional 59 shares during the period. Altshuler Shaham Ltd lifted its stake in Credit Acceptance by 37.3% during the 1st 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 period. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of Credit Acceptance by 53.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after acquiring an additional 24 shares during the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

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.