Credit Acceptance Corporation $CACC Shares Sold by Cerity Partners LLC

Cerity Partners LLC lowered its holdings in Credit Acceptance Corporation (NASDAQ:CACC) by 1.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 786,833 shares of the credit services provider’s stock after selling 9,730 shares during the period. Cerity Partners LLC owned approximately 0.07% of Credit Acceptance worth $348,929,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Illinois Municipal Retirement Fund acquired a new position in shares of Credit Acceptance in the third quarter valued at approximately $697,000. State of Alaska Department of Revenue acquired a new position in Credit Acceptance during the 4th quarter worth approximately $462,000. M&T Bank Corp acquired a new position in Credit Acceptance during the 4th quarter worth approximately $208,294,000. Envestnet Asset Management Inc. grew its holdings in Credit Acceptance by 8.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 34,990 shares of the credit services provider’s stock worth $16,338,000 after acquiring an additional 2,583 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in Credit Acceptance by 764.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 203,879 shares of the credit services provider’s stock worth $91,652,000 after acquiring an additional 180,304 shares in the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Jill Foss Watson sold 9,450 shares of the company’s stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $538.52, for a total value of $5,089,014.00. Following the completion of the transaction, the insider owned 92,107 shares in the company, valued at approximately $49,601,461.64. This represents a 9.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kenneth Booth sold 4,000 shares of the company’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $534.00, for a total transaction of $2,136,000.00. Following the completion of the transaction, the director owned 22,832 shares of the company’s stock, valued at approximately $12,192,288. The trade was a 14.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 26,527 shares of company stock worth $14,203,265. 6.10% of the stock is currently owned by company insiders.

Credit Acceptance Trading Up 3.3%

Shares of Credit Acceptance stock opened at $562.66 on Tuesday. The company has a fifty day simple moving average of $511.54 and a 200-day simple moving average of $483.29. Credit Acceptance Corporation has a 12-month low of $401.90 and a 12-month high of $579.79. The company has a current ratio of 13.62, a quick ratio of 13.62 and a debt-to-equity ratio of 4.09. The stock has a market cap of $5.89 billion, a price-to-earnings ratio of 13.98 and a beta of 1.38.

Credit Acceptance (NASDAQ:CACC) last issued 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 net margin of 19.49% and a return on equity of 29.95%. The company had revenue of $406.00 million during the quarter, compared to analyst estimates of $580.77 million. During the same quarter in the previous year, the company posted $9.35 EPS. The company’s quarterly revenue was up 1.6% on a year-over-year basis. On average, equities analysts forecast that Credit Acceptance Corporation will post 47.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.