Wendy Rummler Sells 4,062 Shares of Credit Acceptance (NASDAQ:CACC) Stock

Credit Acceptance Corporation (NASDAQ:CACC) insider Wendy Rummler sold 4,062 shares of the firm’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $525.67, for a total transaction of $2,135,271.54. Following the completion of the transaction, the insider directly owned 19,547 shares of the company’s stock, valued at $10,275,271.49. This represents a 17.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credit Acceptance Stock Performance

CACC stock traded down $21.48 during midday trading on Tuesday, reaching $521.23. 141,254 shares of the company were exchanged, compared to its average volume of 205,115. The company has a debt-to-equity ratio of 4.10, a current ratio of 16.91 and a quick ratio of 16.91. The business has a 50-day moving average price of $472.73 and a two-hundred day moving average price of $467.39. Credit Acceptance Corporation has a one year low of $401.90 and a one year high of $549.75. The firm has a market capitalization of $5.60 billion, a price-to-earnings ratio of 14.28 and a beta of 1.32.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings data on Thursday, January 29th. The credit services provider reported $11.35 EPS for the quarter, topping analysts’ consensus estimates of $10.30 by $1.05. Credit Acceptance had a net margin of 18.29% and a return on equity of 28.86%. The firm had revenue of $408.20 million during the quarter, compared to analysts’ expectations of $582.63 million. During the same period in the previous year, the business posted $10.17 earnings per share. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. Equities research analysts forecast that Credit Acceptance Corporation will post 47 EPS for the current year.

Institutional Investors Weigh In On Credit Acceptance

A number of hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC lifted its holdings in shares of Credit Acceptance by 429.9% during the first quarter. SG Americas Securities LLC now owns 12,835 shares of the credit services provider’s stock worth $5,435,000 after buying an additional 10,413 shares in the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Credit Acceptance by 53.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 69 shares of the credit services provider’s stock worth $31,000 after buying an additional 24 shares in the last quarter. Corient Private Wealth LLC lifted its holdings in shares of Credit Acceptance by 33.6% during the fourth quarter. Corient Private Wealth LLC now owns 1,132 shares of the credit services provider’s stock worth $502,000 after buying an additional 285 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Credit Acceptance by 32.6% during the fourth quarter. Invesco Ltd. now owns 19,304 shares of the credit services provider’s stock worth $8,561,000 after buying an additional 4,747 shares in the last quarter. Finally, XTX Topco Ltd lifted its holdings in shares of Credit Acceptance by 149.1% during the fourth quarter. XTX Topco Ltd now owns 1,704 shares of the credit services provider’s stock worth $756,000 after buying an additional 1,020 shares in the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CACC shares. Zacks Research raised shares of Credit Acceptance from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. Stephens lifted their price objective on shares of Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a research report on Friday. TD Cowen lifted their price objective on shares of Credit Acceptance from $460.00 to $470.00 and gave the stock a “hold” rating in a research report on Friday, January 30th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credit Acceptance in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $505.00.

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.