Key Points
- CFO Jay Martin sold 3,000 shares of Credit Acceptance stock on June 24 at an average price of $601.04, totaling about $1.8 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Martin still held 25,963 shares worth roughly $15.6 million, representing a 10.36% decrease in his position.
- Credit Acceptance’s stock was up 0.9% and traded near its 52-week high, while analysts currently rate the stock Hold with a consensus price target of $520.00.
Credit Acceptance Corporation (NASDAQ:CACC - Get Free Report) insider Nicholas Elliott sold 1,183 shares of Credit Acceptance stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $627.01, for a total value of $741,752.83. Following the sale, the insider owned 20,897 shares in the company, valued at $13,102,627.97. This trade represents a 5.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Credit Acceptance Stock Up 0.9%
Credit Acceptance stock opened at $629.62 on Friday. The firm has a 50 day simple moving average of $548.53 and a 200 day simple moving average of $495.82. The firm has a market capitalization of $6.59 billion, a price-to-earnings ratio of 15.65 and a beta of 1.38. The company has a current ratio of 13.62, a quick ratio of 13.62 and a debt-to-equity ratio of 4.09. Credit Acceptance Corporation has a 1-year low of $401.90 and a 1-year high of $638.55.
Credit Acceptance (NASDAQ:CACC - Get Free Report) last released its quarterly 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). Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The firm had revenue of $406.00 million for the quarter, compared to analysts' expectations of $580.77 million. During the same quarter last year, the firm earned $9.35 earnings per share. The firm's revenue for the quarter was up 1.6% on a year-over-year basis. On average, analysts predict that Credit Acceptance Corporation will post 47.5 earnings per share for the current year.
Institutional Trading of Credit Acceptance
A number of hedge funds have recently bought and sold shares of CACC. M&T Bank Corp purchased a new position in Credit Acceptance during the 4th quarter worth $208,294,000. Boston Partners acquired a new stake in Credit Acceptance during the 3rd quarter worth about $206,327,000. Universal Beteiligungs und Servicegesellschaft mbH grew its stake 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 valued at $91,652,000 after purchasing an additional 180,304 shares during the last quarter. Smith Thomas W acquired a new position in shares of Credit Acceptance in the fourth quarter valued at about $42,083,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Credit Acceptance by 1,078.0% in the first quarter. Renaissance Technologies LLC now owns 63,468 shares of the credit services provider's stock valued at $26,876,000 after purchasing an additional 58,080 shares during the period. Hedge funds and other institutional investors own 81.71% of the company's stock.
Analyst Upgrades and Downgrades
CACC has been the topic of a number of recent analyst reports. TD Cowen raised their price target on shares of Credit Acceptance from $450.00 to $500.00 and gave the company a "hold" rating in a report on Wednesday, May 6th. Zacks Research cut shares of Credit Acceptance from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 13th. Weiss Ratings upgraded shares of Credit Acceptance from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 8th. Finally, Stephens upped their price objective 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. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $520.00.
Read Our Latest Report on CACC
About Credit Acceptance
(
Get Free Report)
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.
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