Principal Financial Group Inc. Sells 52,021 Shares of Credit Acceptance Co. (NASDAQ:CACC)

Principal Financial Group Inc. trimmed its holdings in shares of Credit Acceptance Co. (NASDAQ:CACC) by 5.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 963,568 shares of the credit services provider’s stock after selling 52,021 shares during the quarter. Principal Financial Group Inc. owned 0.06% of Credit Acceptance worth $437,566,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Portland Global Advisors LLC boosted its stake in shares of Credit Acceptance by 51.0% in the 2nd quarter. Portland Global Advisors LLC now owns 844 shares of the credit services provider’s stock valued at $383,000 after purchasing an additional 285 shares during the last quarter. Citigroup Inc. boosted its stake in shares of Credit Acceptance by 369.3% in the 2nd quarter. Citigroup Inc. now owns 17,306 shares of the credit services provider’s stock valued at $7,859,000 after purchasing an additional 23,732 shares during the last quarter. Rafferty Asset Management LLC boosted its stake in shares of Credit Acceptance by 11.6% in the 2nd quarter. Rafferty Asset Management LLC now owns 5,266 shares of the credit services provider’s stock valued at $2,391,000 after purchasing an additional 549 shares during the last quarter. WINTON GROUP Ltd boosted its stake in shares of Credit Acceptance by 9.6% in the 2nd quarter. WINTON GROUP Ltd now owns 6,332 shares of the credit services provider’s stock valued at $2,875,000 after purchasing an additional 555 shares during the last quarter. Finally, Alaska Permanent Fund Corp bought a new stake in shares of Credit Acceptance in the 2nd quarter valued at $2,952,000. 71.13% of the stock is currently owned by hedge funds and other institutional investors.

CACC stock opened at $606.91 on Wednesday. The business’s 50-day moving average price is $541.10 and its 200-day moving average price is $452.33. The stock has a market cap of $9.51 billion, a P/E ratio of 11.67 and a beta of 1.26. The company has a quick ratio of 34.07, a current ratio of 34.07 and a debt-to-equity ratio of 2.00. Credit Acceptance Co. has a twelve month low of $266.74 and a twelve month high of $671.12.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Wednesday, July 28th. The credit services provider reported $17.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $10.36 by $6.82. The business had revenue of $471.70 million during the quarter, compared to analyst estimates of $456.57 million. Credit Acceptance had a net margin of 50.04% and a return on equity of 32.07%. On average, equities research analysts expect that Credit Acceptance Co. will post 49.7 earnings per share for the current fiscal year.

Several research firms have weighed in on CACC. BMO Capital Markets reaffirmed a “hold” rating and issued a $399.00 price target on shares of Credit Acceptance in a research note on Wednesday, July 7th. Credit Suisse Group lifted their price target on Credit Acceptance from $330.00 to $360.00 and gave the stock an “underperform” rating in a research note on Friday, July 30th.

In other Credit Acceptance news, insider Arthur L. Smith sold 1,000 shares of Credit Acceptance stock in a transaction on Tuesday, July 20th. The shares were sold at an average price of $475.00, for a total value of $475,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jill Foss Watson sold 18,000 shares of the business’s stock in a transaction that occurred on Friday, July 9th. The shares were sold at an average price of $445.68, for a total value of $8,022,240.00. The disclosure for this sale can be found here. Insiders sold a total of 142,151 shares of company stock valued at $74,775,926 in the last ninety days. 4.50% of the stock is currently owned by insiders.

Credit Acceptance Profile

Credit Acceptance Corp. engages in the provision of dealer financing programs that enables automobile dealers to sell vehicles to consumers, regardless of its credit history. Its financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers.

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Institutional Ownership by Quarter for Credit Acceptance (NASDAQ:CACC)

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