Erin Kerber Sells 8,656 Shares of Credit Acceptance (NASDAQ:CACC) Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Erin Kerber sold 8,656 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $600.94, for a total transaction of $5,201,736.64. Following the completion of the transaction, the insider owned 25,711 shares of the company’s stock, valued at approximately $15,450,768.34. This trade represents a 25.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Price Performance

Shares of Credit Acceptance stock traded up $5.92 on Friday, hitting $629.62. The company’s stock had a trading volume of 204,962 shares, compared to its average volume of 192,517. The company has a market capitalization of $6.59 billion, a price-to-earnings ratio of 15.65 and a beta of 1.38. Credit Acceptance Corporation has a 1 year low of $401.90 and a 1 year high of $638.55. 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 firm has a fifty day moving average price of $545.89 and a 200-day moving average price of $494.88.

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). Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The business had revenue of $406.00 million during the quarter, compared to analyst estimates of $580.77 million. During the same period in the previous year, the business posted $9.35 earnings per share. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Credit Acceptance Corporation will post 47.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Credit Acceptance

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CACC. State of Wyoming acquired a new stake in shares of Credit Acceptance in the 4th quarter worth $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Credit Acceptance in the fourth quarter valued at about $27,000. Parallel Advisors LLC grew its holdings in shares of Credit Acceptance by 590.0% in the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock valued at $29,000 after purchasing an additional 59 shares during the period. Altshuler Shaham Ltd increased its position in Credit Acceptance by 37.3% during the first quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock worth $30,000 after purchasing an additional 19 shares during the last quarter. Finally, Rockefeller Capital Management L.P. increased its position in Credit Acceptance by 53.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock worth $31,000 after purchasing an additional 24 shares during the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CACC shares. Stephens lifted their price target on Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a research note on Friday, April 17th. TD Cowen lifted their target price on shares of Credit Acceptance from $450.00 to $500.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Weiss Ratings raised shares of Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Finally, Zacks Research cut shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target 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.