Credit Acceptance (NASDAQ:CACC) Insider Erin Kerber Sells 2,937 Shares of Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Erin Kerber sold 2,937 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $627.19, for a total value of $1,842,057.03. Following the sale, the insider owned 25,711 shares of the company’s stock, valued at approximately $16,125,682.09. This represents a 10.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Stock Up 0.9%

NASDAQ CACC traded up $5.92 on Friday, reaching $629.62. The stock had a trading volume of 204,962 shares, compared to its average volume of 192,517. The business has a 50 day moving average price of $545.89 and a 200 day moving average price of $494.88. The company has a current ratio of 13.62, a quick ratio of 13.62 and a debt-to-equity ratio of 4.09. Credit Acceptance Corporation has a 1 year low of $401.90 and a 1 year high of $638.55. The company has a market capitalization of $6.59 billion, a price-to-earnings ratio of 15.65 and a beta of 1.38.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Tuesday, May 5th. The credit services provider reported $10.71 earnings per share for the quarter, missing analysts’ consensus estimates of $10.73 by ($0.02). The firm had revenue of $406.00 million for the quarter, compared to analysts’ expectations of $580.77 million. Credit Acceptance had a return on equity of 29.95% and a net margin of 19.49%.The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period last year, the business earned $9.35 earnings per share. On average, analysts forecast that Credit Acceptance Corporation will post 47.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CACC. Zacks Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. TD Cowen upped their price target on shares of Credit Acceptance from $450.00 to $500.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Stephens raised their price target on Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a research report on Friday, April 17th. Finally, Weiss Ratings upgraded Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 8th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $520.00.

Hedge Funds Weigh In On Credit Acceptance

Several large investors have recently bought and sold shares of CACC. M&T Bank Corp bought a new position in shares of Credit Acceptance during the 4th quarter worth about $208,294,000. Boston Partners acquired a new position in Credit Acceptance in the 3rd quarter valued at approximately $206,327,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in shares of Credit Acceptance by 764.8% in 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 acquiring an additional 180,304 shares during the period. Smith Thomas W acquired a new stake in shares of Credit Acceptance during the 4th quarter worth approximately $42,083,000. Finally, Renaissance Technologies LLC increased its position in shares of Credit Acceptance by 1,078.0% during the first quarter. Renaissance Technologies LLC now owns 63,468 shares of the credit services provider’s stock valued at $26,876,000 after purchasing an additional 58,080 shares during the period. 81.71% of the stock is currently owned by institutional investors and hedge funds.

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.