Wasatch Advisors Inc. raised its stake in Credit Acceptance Corp. (NASDAQ:CACC) by 4.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 238,183 shares of the credit services provider’s stock after buying an additional 9,330 shares during the period. Wasatch Advisors Inc. owned about 1.23% of Credit Acceptance worth $77,047,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Credit Acceptance by 437.0% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 537 shares of the credit services provider’s stock worth $150,000 after buying an additional 437 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Credit Acceptance by 102.8% during the 2nd quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after purchasing an additional 22,463 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Credit Acceptance by 6.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 619 shares of the credit services provider’s stock valued at $159,000 after purchasing an additional 40 shares during the last quarter. Rathbone Brothers plc bought a new position in shares of Credit Acceptance during the 3rd quarter valued at $210,000. Finally, First Capital Advisors Group LLC. bought a new position in shares of Credit Acceptance during the 3rd quarter valued at $233,000. 70.70% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently commented on CACC. Credit Suisse Group increased their target price on shares of Credit Acceptance from $200.00 to $225.00 and gave the company an “underperform” rating in a report on Tuesday, October 31st. Bank of America increased their target price on shares of Credit Acceptance from $195.00 to $230.00 and gave the company an “underperform” rating in a report on Tuesday, October 31st. BMO Capital Markets reaffirmed a “hold” rating and set a $238.00 target price on shares of Credit Acceptance in a report on Friday, October 6th. BidaskClub raised shares of Credit Acceptance from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, Stephens set a $257.00 target price on shares of Credit Acceptance and gave the company a “sell” rating in a report on Wednesday, January 3rd. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $263.50.
In other Credit Acceptance news, major shareholder Jill Foss Watson sold 30,038 shares of the firm’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $330.83, for a total value of $9,937,471.54. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders sold 114,925 shares of company stock worth $37,901,719. Insiders own 5.80% of the company’s stock.
Shares of Credit Acceptance Corp. (NASDAQ:CACC) traded down $4.27 during trading on Tuesday, reaching $336.72. 150,539 shares of the company’s stock were exchanged, compared to its average volume of 147,100. The company has a market cap of $6,584.59, a price-to-earnings ratio of 17.42, a PEG ratio of 1.04 and a beta of 0.54. Credit Acceptance Corp. has a 1-year low of $182.50 and a 1-year high of $344.21. The company has a debt-to-equity ratio of 2.12, a quick ratio of 17.63 and a current ratio of 17.63.
Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Monday, October 30th. The credit services provider reported $5.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.15 by $0.28. The business had revenue of $283.90 million for the quarter, compared to analyst estimates of $281.03 million. Credit Acceptance had a net margin of 35.29% and a return on equity of 32.08%. The company’s revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the firm earned $4.53 EPS. sell-side analysts expect that Credit Acceptance Corp. will post 20.74 earnings per share for the current year.
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About Credit Acceptance
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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