Credit Acceptance Co. (NASDAQ:CACC) Shares Sold by Raymond James & Associates

Raymond James & Associates trimmed its holdings in Credit Acceptance Co. (NASDAQ:CACC) by 18.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,441 shares of the credit services provider’s stock after selling 781 shares during the quarter. Raymond James & Associates’ holdings in Credit Acceptance were worth $2,014,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Harvest Fund Management Co. Ltd boosted its holdings in Credit Acceptance by 345.5% in the second quarter. Harvest Fund Management Co. Ltd now owns 98 shares of the credit services provider’s stock valued at $44,000 after purchasing an additional 76 shares in the last quarter. US Bancorp DE boosted its holdings in Credit Acceptance by 24.3% in the second quarter. US Bancorp DE now owns 128 shares of the credit services provider’s stock valued at $58,000 after purchasing an additional 25 shares in the last quarter. Metropolitan Life Insurance Co NY acquired a new position in Credit Acceptance in the second quarter valued at approximately $103,000. MBM Wealth Consultants LLC boosted its holdings in Credit Acceptance by 17.7% in the second quarter. MBM Wealth Consultants LLC now owns 392 shares of the credit services provider’s stock valued at $178,000 after purchasing an additional 59 shares in the last quarter. Finally, Chatham Capital Group Inc. acquired a new position in Credit Acceptance in the third quarter valued at approximately $210,000. 92.50% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:CACC opened at $577.00 on Friday. The company has a debt-to-equity ratio of 2.32, a quick ratio of 21.99 and a current ratio of 21.99. The stock has a market capitalization of $8.39 billion, a price-to-earnings ratio of 10.64 and a beta of 1.17. Credit Acceptance Co. has a 1 year low of $320.19 and a 1 year high of $703.27. The stock has a fifty day moving average price of $650.63 and a two-hundred day moving average price of $594.54.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Monday, November 1st. The credit services provider reported $15.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $13.45 by $2.34. The company had revenue of $470.10 million for the quarter, compared to analyst estimates of $461.37 million. Credit Acceptance had a return on equity of 35.64% and a net margin of 49.29%. Credit Acceptance’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $9.36 earnings per share. On average, analysts predict that Credit Acceptance Co. will post 51.94 EPS for the current year.

A number of brokerages recently issued reports on CACC. JMP Securities upped their price target on Credit Acceptance from $295.00 to $355.00 and gave the company a “market underperform” rating in a report on Tuesday, November 2nd. Stephens boosted their price objective on Credit Acceptance from $470.00 to $519.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 2nd. Credit Suisse Group boosted their price objective on Credit Acceptance from $380.00 to $420.00 and gave the company an “underperform” rating in a research note on Tuesday, November 2nd. Finally, Zacks Investment Research cut Credit Acceptance from a “buy” rating to a “hold” rating and set a $682.00 price objective for the company. in a research note on Monday, December 13th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $475.00.

In related news, Director Thomas N. Tryforos sold 2,354 shares of the stock in a transaction on Thursday, December 9th. The stock was sold at an average price of $660.32, for a total transaction of $1,554,393.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kenneth Booth sold 3,500 shares of the stock in a transaction on Wednesday, November 3rd. The shares were sold at an average price of $668.00, for a total value of $2,338,000.00. The disclosure for this sale can be found here. Insiders sold 58,529 shares of company stock worth $39,557,332 in the last three months. 4.50% of the stock is owned by corporate 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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