Franklin Resources Inc. Has $4.27 Million Position in Credit Acceptance Corporation (CACC)
Franklin Resources Inc. reduced its holdings in Credit Acceptance Corporation (NASDAQ:CACC) by 36.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,596 shares of the credit services provider’s stock after selling 9,351 shares during the quarter. Franklin Resources Inc. owned approximately 0.09% of Credit Acceptance Corporation worth $4,267,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its stake in Credit Acceptance Corporation by 46.1% in the first quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock valued at $146,000 after purchasing an additional 231 shares during the last quarter. SG Americas Securities LLC increased its stake in Credit Acceptance Corporation by 102.8% in the second quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after purchasing an additional 22,463 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Credit Acceptance Corporation in the first quarter valued at $177,000. Karp Capital Management Corp acquired a new position in Credit Acceptance Corporation in the first quarter valued at $244,000. Finally, Gotham Asset Management LLC acquired a new position in Credit Acceptance Corporation in the first quarter valued at $270,000. Hedge funds and other institutional investors own 72.71% of the company’s stock.
Several equities analysts recently commented on CACC shares. BidaskClub upgraded Credit Acceptance Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 23rd. Zacks Investment Research lowered Credit Acceptance Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Jefferies Group LLC reiterated a “hold” rating and issued a $215.00 target price on shares of Credit Acceptance Corporation in a research note on Friday, July 14th. Credit Suisse Group reiterated an “underperform” rating and issued a $200.00 target price (up from $190.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, August 1st. Finally, Raymond James Financial, Inc. upgraded Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research note on Tuesday, August 1st. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $222.38.
In other Credit Acceptance Corporation news, major shareholder Jill Foss Watson sold 35,751 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $270.82, for a total value of $9,682,085.82. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Douglas W. Busk sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total transaction of $669,300.00. The disclosure for this sale can be found here. Insiders sold 152,858 shares of company stock worth $41,562,168 in the last 90 days. Company insiders own 5.80% of the company’s stock.
Shares of Credit Acceptance Corporation (NASDAQ CACC) opened at 277.10 on Thursday. The firm’s 50-day moving average price is $268.84 and its 200 day moving average price is $232.41. Credit Acceptance Corporation has a 52 week low of $160.63 and a 52 week high of $281.67. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of 15.15 and a beta of 0.50.
Credit Acceptance Corporation (NASDAQ:CACC) last issued its earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.33. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The firm had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. During the same quarter last year, the business posted $4.38 earnings per share. The company’s quarterly revenue was up 14.5% on a year-over-year basis. On average, analysts anticipate that Credit Acceptance Corporation will post $19.90 EPS for the current year.
Credit Acceptance Corporation Company Profile
Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.
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