Credit Acceptance Corporation (NASDAQ:CACC) Shares Sold by Seven Bridges Advisors LLC

Seven Bridges Advisors LLC lowered its position in Credit Acceptance Corporation (NASDAQ:CACC) by 56.3% during the second quarter, Holdings Channel reports. The firm owned 5,484 shares of the credit services provider’s stock after selling 7,062 shares during the period. Credit Acceptance Corporation accounts for approximately 1.3% of Seven Bridges Advisors LLC’s investment portfolio, making the stock its 21st largest position. Seven Bridges Advisors LLC’s holdings in Credit Acceptance Corporation were worth $1,410,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Janney Montgomery Scott LLC increased its position in Credit Acceptance Corporation by 37.4% in the second quarter. Janney Montgomery Scott LLC now owns 2,143 shares of the credit services provider’s stock worth $551,000 after buying an additional 583 shares during the period. Public Employees Retirement Association of Colorado increased its position in Credit Acceptance Corporation by 4.8% in the second quarter. Public Employees Retirement Association of Colorado now owns 1,954 shares of the credit services provider’s stock worth $502,000 after buying an additional 90 shares during the period. Beck Mack & Oliver LLC increased its position in Credit Acceptance Corporation by 0.7% in the second quarter. Beck Mack & Oliver LLC now owns 363,977 shares of the credit services provider’s stock worth $93,593,000 after buying an additional 2,682 shares during the period. Russell Investments Group Ltd. increased its position in Credit Acceptance Corporation by 99.2% in the second quarter. Russell Investments Group Ltd. now owns 1,458 shares of the credit services provider’s stock worth $375,000 after buying an additional 726 shares during the period. Finally, Aperio Group LLC increased its position in Credit Acceptance Corporation by 1.4% in the second quarter. Aperio Group LLC now owns 1,243 shares of the credit services provider’s stock worth $320,000 after buying an additional 17 shares during the period. Hedge funds and other institutional investors own 72.50% of the company’s stock.

Shares of Credit Acceptance Corporation (NASDAQ CACC) opened at 275.90 on Tuesday. The company has a market capitalization of $5.37 billion, a PE ratio of 15.08 and a beta of 0.51. Credit Acceptance Corporation has a 12 month low of $160.63 and a 12 month high of $279.00. The stock has a 50 day moving average price of $248.00 and a 200-day moving average price of $216.06.

Credit Acceptance Corporation (NASDAQ:CACC) last issued its quarterly earnings data on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.89 by $0.33. The company had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. Credit Acceptance Corporation’s revenue was up 14.5% compared to the same quarter last year. During the same period last year, the company posted $4.38 earnings per share. Analysts forecast that Credit Acceptance Corporation will post $19.90 EPS for the current year.

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A number of research analysts have weighed in on the company. Zacks Investment Research upgraded Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a report on Thursday, August 3rd. Jefferies Group LLC reiterated a “hold” rating and set a $240.00 target price (up previously from $215.00) on shares of Credit Acceptance Corporation in a report on Tuesday, August 1st. JMP Securities reiterated an “underperform” rating and set a $195.00 target price (up previously from $180.00) on shares of Credit Acceptance Corporation in a report on Tuesday, August 1st. BMO Capital Markets upped their target price on Credit Acceptance Corporation from $226.00 to $238.00 and gave the stock a “market perform” rating in a report on Tuesday, August 1st. Finally, Raymond James Financial, Inc. upgraded Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a report on Tuesday, August 1st. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. Credit Acceptance Corporation currently has an average rating of “Hold” and a consensus price target of $216.56.

In related news, CFO Kenneth Booth sold 2,000 shares of Credit Acceptance Corporation stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $273.01, for a total transaction of $546,020.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Jill Foss Watson sold 41,729 shares of Credit Acceptance Corporation stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $216.42, for a total transaction of $9,030,990.18. The disclosure for this sale can be found here. Over the last three months, insiders have sold 453,286 shares of company stock worth $106,340,178. 5.80% of the stock is currently owned by corporate insiders.

About Credit Acceptance Corporation

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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Institutional Ownership by Quarter for Credit Acceptance Corporation (NASDAQ:CACC)

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