Nicholas Elliott Sells 1,183 Shares of Credit Acceptance (NASDAQ:CACC) Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Nicholas Elliott sold 1,183 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $627.01, for a total value of $741,752.83. Following the completion of the transaction, the insider owned 20,897 shares in the company, valued at approximately $13,102,627.97. This trade represents a 5.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Stock Up 0.9%

NASDAQ CACC traded up $5.92 on Friday, hitting $629.62. 204,962 shares of the stock traded hands, compared to its average volume of 192,517. 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 50-day moving average of $545.89 and a 200 day moving average of $494.88. Credit Acceptance Corporation has a twelve month low of $401.90 and a twelve month high of $638.55. The company has a market capitalization of $6.59 billion, a P/E ratio of 15.65 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 EPS 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 analyst estimates 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 was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $9.35 earnings per share. As a group, analysts expect that Credit Acceptance Corporation will post 47.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CACC shares. Weiss Ratings raised 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 report on Wednesday, May 13th. 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 research report on Friday, April 17th. Finally, TD Cowen raised their price objective on shares of Credit Acceptance from $450.00 to $500.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $520.00.

Institutional Investors Weigh In On Credit Acceptance

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

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.