Credit Acceptance Corporation (CACC) Shares Sold by Ingalls & Snyder LLC

Ingalls & Snyder LLC trimmed its holdings in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 2.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,605 shares of the credit services provider’s stock after selling 2,467 shares during the quarter. Credit Acceptance Corporation accounts for about 1.3% of Ingalls & Snyder LLC’s holdings, making the stock its 15th largest position. Ingalls & Snyder LLC owned about 0.46% of Credit Acceptance Corporation worth $24,824,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CACC. Russell Investments Group Ltd. increased its position in shares of Credit Acceptance Corporation by 46.1% during the first quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock valued at $146,000 after acquiring an additional 231 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Credit Acceptance Corporation by 9.1% during the first quarter. Wells Fargo & Company MN now owns 3,516 shares of the credit services provider’s stock valued at $701,000 after acquiring an additional 293 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Credit Acceptance Corporation by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 43,644 shares of the credit services provider’s stock valued at $8,703,000 after acquiring an additional 807 shares during the last quarter. Karp Capital Management Corp purchased a new stake in shares of Credit Acceptance Corporation during the first quarter valued at approximately $244,000. Finally, Ameriprise Financial Inc. increased its position in shares of Credit Acceptance Corporation by 27.4% during the first quarter. Ameriprise Financial Inc. now owns 3,394 shares of the credit services provider’s stock valued at $676,000 after acquiring an additional 730 shares during the last quarter. 72.71% of the stock is owned by institutional investors.

A number of analysts recently commented on CACC shares. Zacks Investment Research downgraded Credit Acceptance Corporation from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Jefferies Group LLC reaffirmed a “hold” rating and set a $260.00 price target (up from $240.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, October 10th. Raymond James Financial, Inc. raised Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. BMO Capital Markets reaffirmed a “hold” rating and set a $238.00 price target on shares of Credit Acceptance Corporation in a research report on Friday, October 6th. Finally, BidaskClub downgraded Credit Acceptance Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $224.88.

Shares of Credit Acceptance Corporation (NASDAQ CACC) traded up 0.51% during trading on Friday, reaching $284.00. The company’s stock had a trading volume of 170,470 shares. The firm’s 50-day moving average price is $275.18 and its 200-day moving average price is $245.64. Credit Acceptance Corporation has a one year low of $160.63 and a one year high of $288.23. The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of 15.52 and a beta of 0.55.

Credit Acceptance Corporation (NASDAQ:CACC) last announced its earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.33. The business had revenue of $253.20 million during 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%. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the business earned $4.38 EPS. On average, equities analysts anticipate that Credit Acceptance Corporation will post $19.90 earnings per share for the current year.

In other Credit Acceptance Corporation news, major shareholder Jill Foss Watson sold 35,751 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $270.82, for a total transaction of $9,682,085.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas W. Busk sold 2,500 shares of the business’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total transaction of $669,300.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 152,858 shares of company stock valued at $41,562,168. Company insiders own 5.80% of the company’s stock.

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Credit Acceptance Corporation 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.

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

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