Credit Acceptance (NASDAQ:CACC) Insider Erin Kerber Sells 8,656 Shares of Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Erin Kerber sold 8,656 shares of Credit Acceptance stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $600.94, for a total transaction of $5,201,736.64. Following the sale, the insider directly owned 25,711 shares in the company, valued at approximately $15,450,768.34. The trade was a 25.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Trading Up 0.9%

CACC stock traded up $5.92 during midday trading on Friday, hitting $629.62. 204,962 shares of the company’s stock were exchanged, compared to its average volume of 192,517. Credit Acceptance Corporation has a 1-year low of $401.90 and a 1-year high of $638.55. The company has a current ratio of 13.62, a quick ratio of 13.62 and a debt-to-equity ratio of 4.09. The stock has a market capitalization of $6.59 billion, a PE ratio of 15.65 and a beta of 1.38. The business has a 50-day simple moving average of $545.89 and a two-hundred day simple moving average of $494.88.

Credit Acceptance (NASDAQ:CACC) last released 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 business 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 business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.35 earnings per share. On average, sell-side analysts predict that Credit Acceptance Corporation will post 47.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State of Wyoming acquired a new stake in Credit Acceptance in the 4th quarter valued at about $27,000. Kestra Advisory Services LLC purchased a new stake in shares of Credit Acceptance during the fourth quarter worth approximately $27,000. Parallel Advisors LLC raised its holdings in Credit Acceptance by 590.0% in the first quarter. Parallel Advisors LLC now owns 69 shares of the credit services provider’s stock valued at $29,000 after acquiring an additional 59 shares in the last quarter. Altshuler Shaham Ltd lifted its stake in Credit Acceptance by 37.3% in the first quarter. Altshuler Shaham Ltd now owns 70 shares of the credit services provider’s stock worth $30,000 after acquiring an additional 19 shares during the last quarter. Finally, Rockefeller Capital Management L.P. increased its position in shares of Credit Acceptance by 53.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock valued at $31,000 after purchasing an additional 24 shares during the last quarter. 81.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Credit Acceptance Company Profile

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.