Wedge Capital Management L L P NC Boosts Holdings in Credit Acceptance Co. (NASDAQ:CACC)

Wedge Capital Management L L P NC boosted its position in Credit Acceptance Co. (NASDAQ:CACC) by 11.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,962 shares of the credit services provider’s stock after buying an additional 207 shares during the period. Wedge Capital Management L L P NC’s holdings in Credit Acceptance were worth $1,045,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. acquired a new stake in Credit Acceptance in the fourth quarter valued at $74,000. Harbor Capital Advisors Inc. lifted its holdings in Credit Acceptance by 15.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 338 shares of the credit services provider’s stock valued at $180,000 after acquiring an additional 46 shares during the period. Handelsinvest Investeringsforvaltning acquired a new position in shares of Credit Acceptance during the 4th quarter worth $261,000. PFG Investments LLC acquired a new position in shares of Credit Acceptance during the 3rd quarter worth $276,000. Finally, Versor Investments LP acquired a new position in shares of Credit Acceptance during the 3rd quarter worth $280,000. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Credit Acceptance from a “hold” rating to a “buy” rating in a research note on Wednesday, February 28th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Credit Acceptance presently has a consensus rating of “Hold” and a consensus price target of $381.75.

Credit Acceptance Stock Down 1.3 %

Shares of NASDAQ:CACC opened at $515.52 on Friday. The company has a debt-to-equity ratio of 2.84, a quick ratio of 15.71 and a current ratio of 15.71. Credit Acceptance Co. has a 1 year low of $379.77 and a 1 year high of $616.66. The stock has a market capitalization of $6.34 billion, a P/E ratio of 23.41 and a beta of 1.45. The stock has a 50-day simple moving average of $548.79 and a 200-day simple moving average of $506.78.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Wednesday, January 31st. The credit services provider reported $10.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.17 by $0.89. Credit Acceptance had a return on equity of 30.94% and a net margin of 15.04%. The business had revenue of $491.60 million during the quarter, compared to analysts’ expectations of $478.80 million. Equities analysts forecast that Credit Acceptance Co. will post 40.95 earnings per share for the current year.

Insider Transactions at Credit Acceptance

In related news, insider Douglas W. Busk sold 500 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $579.98, for a total transaction of $289,990.00. Following the sale, the insider now directly owns 3,112 shares of the company’s stock, valued at approximately $1,804,897.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Douglas W. Busk sold 500 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $579.98, for a total transaction of $289,990.00. Following the sale, the insider now directly owns 3,112 shares of the company’s stock, valued at approximately $1,804,897.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Douglas W. Busk sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $572.58, for a total value of $1,431,450.00. Following the sale, the insider now directly owns 3,112 shares in the company, valued at $1,781,868.96. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.

About Credit Acceptance

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.