Ingalls & Snyder LLC lowered its stake in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 0.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 91,703 shares of the credit services provider’s stock after selling 160 shares during the period. Credit Acceptance Corp. comprises 1.0% of Ingalls & Snyder LLC’s holdings, making the stock its 24th largest position. Ingalls & Snyder LLC’s holdings in Credit Acceptance Corp. were worth $18,286,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. LMR Partners LLP increased its position in shares of Credit Acceptance Corp. by 18.5% in the third quarter. LMR Partners LLP now owns 75,000 shares of the credit services provider’s stock valued at $15,080,000 after buying an additional 11,707 shares during the period. Norges Bank purchased a new position in shares of Credit Acceptance Corp. during the fourth quarter valued at about $27,279,000. Global Endowment Management LP increased its position in shares of Credit Acceptance Corp. by 72.6% in the third quarter. Global Endowment Management LP now owns 86,280 shares of the credit services provider’s stock valued at $17,349,000 after buying an additional 36,280 shares during the period. California State Teachers Retirement System increased its position in shares of Credit Acceptance Corp. by 1.1% in the third quarter. California State Teachers Retirement System now owns 17,632 shares of the credit services provider’s stock valued at $3,545,000 after buying an additional 200 shares during the period. Finally, Franklin Resources Inc. purchased a new position in shares of Credit Acceptance Corp. during the fourth quarter valued at about $4,649,000. 52.09% of the stock is owned by institutional investors.
Shares of Credit Acceptance Corp. (NASDAQ:CACC) traded up 2.44% during trading on Friday, hitting $221.13. 283,204 shares of the stock traded hands. The company has a market cap of $4.36 billion, a price-to-earnings ratio of 12.72 and a beta of 0.76. Credit Acceptance Corp. has a 52 week low of $160.63 and a 52 week high of $225.47. The firm’s 50-day moving average price is $205.37 and its 200-day moving average price is $201.06.
Credit Acceptance Corp. (NASDAQ:CACC) last released its quarterly earnings data on Monday, May 1st. The credit services provider reported $4.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.29. Credit Acceptance Corp. had a return on equity of 33.44% and a net margin of 34.34%. The firm had revenue of $262.80 million during the quarter, compared to analyst estimates of $259.24 million. On average, equities research analysts anticipate that Credit Acceptance Corp. will post $18.74 earnings per share for the current year.
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CACC has been the subject of several analyst reports. Susquehanna Bancshares Inc initiated coverage on shares of Credit Acceptance Corp. in a report on Monday, January 23rd. They set a “neutral” rating and a $226.00 price target for the company. Stephens set a $170.00 price target on shares of Credit Acceptance Corp. and gave the company a “sell” rating in a report on Wednesday, February 8th. Jefferies Group LLC reissued a “hold” rating and set a $215.00 price target on shares of Credit Acceptance Corp. in a report on Friday, April 7th. Zacks Investment Research raised shares of Credit Acceptance Corp. from a “hold” rating to a “strong-buy” rating and set a $248.00 price target for the company in a report on Thursday, May 4th. Finally, Janney Montgomery Scott downgraded shares of Credit Acceptance Corp. from a “neutral” rating to a “sell” rating in a report on Friday, February 17th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $205.63.
In other news, major shareholder Jill Foss Watson sold 16,543 shares of the stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $198.44, for a total transaction of $3,282,792.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Steven M. Jones sold 65,000 shares of the stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $214.15, for a total value of $13,919,750.00. The disclosure for this sale can be found here. Insiders have sold 696,424 shares of company stock valued at $141,747,755 over the last quarter. Corporate insiders own 25.20% of the company’s stock.
Credit Acceptance Corp. Company Profile
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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