Credit Acceptance (NASDAQ:CACC) CFO Sells $1,803,120.00 in Stock

Credit Acceptance Corporation (NASDAQ:CACC) CFO Jay Martin sold 3,000 shares of the business’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $601.04, for a total value of $1,803,120.00. Following the sale, the chief financial officer directly owned 25,963 shares of the company’s stock, valued at $15,604,801.52. This represents a 10.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Trading Up 0.9%

Shares of NASDAQ CACC traded up $5.92 during mid-day trading 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. Credit Acceptance Corporation has a one year low of $401.90 and a one year high of $638.55. The company’s fifty day simple moving average is $545.89 and its 200-day simple moving average is $494.88. The company has a debt-to-equity ratio of 4.09, a current ratio of 13.62 and a quick ratio of 13.62. The stock has a market cap of $6.59 billion, a price-to-earnings ratio of 15.65 and a beta of 1.38.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings data on Tuesday, May 5th. The credit services provider reported $10.71 earnings per share 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 quarter in the prior year, the company earned $9.35 earnings per share. The company’s quarterly revenue was up 1.6% on a year-over-year basis. On average, sell-side analysts anticipate that Credit Acceptance Corporation will post 47.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Stephens boosted their target price on Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a research report on Friday, April 17th. TD Cowen upped 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. Zacks Research cut shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 8th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $520.00.

Hedge Funds Weigh In On Credit Acceptance

A number of institutional investors have recently bought and sold shares of CACC. M&T Bank Corp acquired a new stake in Credit Acceptance during the 4th quarter valued at $208,294,000. Boston Partners acquired a new stake in shares of Credit Acceptance during the 3rd quarter worth about $206,327,000. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of 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 buying an additional 180,304 shares during the period. Smith Thomas W acquired a new position in shares of Credit Acceptance in the fourth quarter valued at approximately $42,083,000. Finally, Renaissance Technologies LLC lifted its holdings in Credit Acceptance by 1,078.0% during the 1st quarter. Renaissance Technologies LLC now owns 63,468 shares of the credit services provider’s stock worth $26,876,000 after purchasing an additional 58,080 shares during the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

About Credit Acceptance

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.