Schwab Charles Investment Management Inc. increased its position in shares of Credit Acceptance Corp. (NASDAQ:CACC) by 8.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,372 shares of the credit services provider’s stock after purchasing an additional 5,900 shares during the period. Schwab Charles Investment Management Inc. owned 0.41% of Credit Acceptance worth $25,352,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in CACC. Koch Industries Inc. bought a new stake in Credit Acceptance during the second quarter worth approximately $240,000. First Trust Advisors LP raised its holdings in Credit Acceptance by 5,945.1% during the third quarter. First Trust Advisors LP now owns 53,378 shares of the credit services provider’s stock worth $14,955,000 after purchasing an additional 52,495 shares in the last quarter. BlackRock Inc. raised its holdings in Credit Acceptance by 11.4% during the second quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock worth $114,720,000 after purchasing an additional 45,768 shares in the last quarter. Shell Asset Management Co. bought a new stake in Credit Acceptance during the third quarter worth approximately $3,456,000. Finally, Victory Capital Management Inc. raised its holdings in Credit Acceptance by 91.3% during the third quarter. Victory Capital Management Inc. now owns 49,333 shares of the credit services provider’s stock worth $13,822,000 after purchasing an additional 23,539 shares in the last quarter. 70.68% of the stock is currently owned by hedge funds and other institutional investors.
Credit Acceptance Corp. (NASDAQ:CACC) opened at $322.17 on Friday. The company has a debt-to-equity ratio of 1.99, a current ratio of 24.00 and a quick ratio of 17.63. The stock has a market cap of $6,220.00, a P/E ratio of 11.06, a price-to-earnings-growth ratio of 0.67 and a beta of 0.57. Credit Acceptance Corp. has a 12-month low of $182.50 and a 12-month high of $377.82.
Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Tuesday, January 30th. The credit services provider reported $5.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $5.53 by ($0.37). The business had revenue of $287.30 million during the quarter, compared to analyst estimates of $287.37 million. Credit Acceptance had a return on equity of 30.18% and a net margin of 42.36%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm posted $4.79 EPS. equities analysts forecast that Credit Acceptance Corp. will post 26.03 EPS for the current year.
Several equities research analysts recently commented on the company. BidaskClub raised Credit Acceptance from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 13th. Zacks Investment Research raised Credit Acceptance from a “hold” rating to a “strong-buy” rating and set a $390.00 target price on the stock in a report on Friday, January 12th. Oppenheimer boosted their target price on Credit Acceptance from $355.00 to $387.00 and gave the stock an “outperform” rating in a report on Wednesday, January 31st. Credit Suisse Group reissued a “sell” rating and set a $270.00 target price on shares of Credit Acceptance in a report on Monday, January 8th. Finally, Stephens set a $257.00 target price on Credit Acceptance and gave the stock a “sell” rating in a report on Wednesday, January 3rd. Four analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $283.22.
In other Credit Acceptance news, major shareholder Jill Foss Watson sold 31,463 shares of Credit Acceptance stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $335.06, for a total value of $10,541,992.78. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Douglas W. Busk sold 1,000 shares of Credit Acceptance stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $319.86, for a total transaction of $319,860.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,925 shares of company stock worth $38,221,579. 5.80% of the stock is currently owned by company insiders.
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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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