Credit Acceptance Corporation (CACC) Position Reduced by Vanguard Group Inc.
Vanguard Group Inc. lessened its stake in Credit Acceptance Corporation (NASDAQ:CACC) by 0.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 930,198 shares of the credit services provider’s stock after selling 1,166 shares during the quarter. Vanguard Group Inc. owned about 4.78% of Credit Acceptance Corporation worth $239,192,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CACC. American Century Companies Inc. bought a new stake in Credit Acceptance Corporation in the second quarter valued at about $28,338,000. BlackRock Inc. increased its holdings in Credit Acceptance Corporation by 11.4% in the second quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock valued at $114,720,000 after purchasing an additional 45,768 shares during the last quarter. Neuberger Berman Group LLC bought a new stake in Credit Acceptance Corporation in the first quarter valued at about $5,814,000. Howard Hughes Medical Institute increased its holdings in Credit Acceptance Corporation by 55.2% in the second quarter. Howard Hughes Medical Institute now owns 78,918 shares of the credit services provider’s stock valued at $20,293,000 after purchasing an additional 28,082 shares during the last quarter. Finally, Quantitative Investment Management LLC bought a new stake in Credit Acceptance Corporation in the second quarter valued at about $7,148,000. Institutional investors and hedge funds own 72.71% of the company’s stock.
In related news, major shareholder Jill Foss Watson sold 35,751 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was 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 Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kenneth Booth sold 2,000 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $273.01, for a total value of $546,020.00. The disclosure for this sale can be found here. Insiders sold a total of 152,858 shares of company stock valued at $41,562,168 over the last ninety days. 5.80% of the stock is currently owned by corporate insiders.
Credit Acceptance Corporation (NASDAQ CACC) opened at 282.95 on Friday. The company has a market capitalization of $5.51 billion, a P/E ratio of 15.47 and a beta of 0.55. Credit Acceptance Corporation has a 12-month low of $160.63 and a 12-month high of $288.23. The company’s 50 day moving average price is $273.26 and its 200-day moving average price is $242.56.
Credit Acceptance Corporation (NASDAQ:CACC) last issued its earnings results on Monday, July 31st. The credit services provider reported $5.22 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.33. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. The business had revenue of $253.20 million during the quarter, compared to analyst estimates of $268.18 million. During the same period in the previous year, the company posted $4.38 EPS. The firm’s revenue was up 14.5% compared to the same quarter last year. Equities analysts forecast that Credit Acceptance Corporation will post $19.90 earnings per share for the current fiscal year.
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A number of equities research analysts recently commented on CACC shares. Zacks Investment Research downgraded Credit Acceptance Corporation from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 3rd. BidaskClub upgraded Credit Acceptance Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Raymond James Financial, Inc. upgraded Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a report on Tuesday, August 1st. Jefferies Group LLC reiterated a “hold” rating and issued a $260.00 price objective (up previously from $240.00) on shares of Credit Acceptance Corporation in a report on Tuesday. Finally, Credit Suisse Group reiterated an “underperform” rating and issued a $200.00 price objective (up previously from $190.00) on shares of Credit Acceptance Corporation in a report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $224.88.
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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