Clark Capital Management Group Inc. decreased its position in Credit Acceptance Corp. (NASDAQ:CACC) by 14.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,713 shares of the credit services provider’s stock after selling 604 shares during the period. Clark Capital Management Group Inc.’s holdings in Credit Acceptance were worth $1,201,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Rational Advisors LLC purchased a new position in Credit Acceptance in the third quarter valued at approximately $1,180,000. Janus Henderson Group PLC purchased a new position in Credit Acceptance in the third quarter valued at approximately $2,072,000. State of Alaska Department of Revenue purchased a new position in Credit Acceptance in the fourth quarter valued at approximately $323,000. Schroder Investment Management Group lifted its stake in Credit Acceptance by 5,483.8% in the fourth quarter. Schroder Investment Management Group now owns 206,600 shares of the credit services provider’s stock valued at $66,831,000 after purchasing an additional 202,900 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its stake in Credit Acceptance by 7.7% in the third quarter. Schwab Charles Investment Management Inc. now owns 72,472 shares of the credit services provider’s stock valued at $20,305,000 after purchasing an additional 5,187 shares during the last quarter. Institutional investors and hedge funds own 70.38% of the company’s stock.
Shares of Credit Acceptance Corp. (CACC) opened at $336.74 on Friday. The stock has a market capitalization of $6,409.78, a price-to-earnings ratio of 16.21, a price-to-earnings-growth ratio of 0.70 and a beta of 0.61. Credit Acceptance Corp. has a 12-month low of $182.50 and a 12-month high of $377.82. The company has a current ratio of 24.00, a quick ratio of 24.00 and a debt-to-equity ratio of 1.99.
Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Tuesday, January 30th. The credit services provider reported $5.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.53 by ($0.37). The company had revenue of $287.30 million for the quarter, compared to analysts’ expectations of $287.37 million. Credit Acceptance had a return on equity of 30.18% and a net margin of 42.36%. The company’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.79 EPS. sell-side analysts forecast that Credit Acceptance Corp. will post 26.21 EPS for the current year.
In related news, CFO Kenneth Booth sold 2,000 shares of the stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $334.50, for a total value of $669,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Douglas W. Busk sold 1,000 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $319.86, for a total value of $319,860.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,925 shares of company stock worth $38,890,579. Company insiders own 5.80% of the company’s stock.
Several research firms recently commented on CACC. BidaskClub upgraded Credit Acceptance from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 13th. Zacks Investment Research upgraded Credit Acceptance from a “hold” rating to a “strong-buy” rating and set a $390.00 price objective on the stock in a research note on Friday, January 12th. Oppenheimer upped their price objective on Credit Acceptance from $355.00 to $387.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. Credit Suisse Group reiterated a “sell” rating and issued a $270.00 price objective on shares of Credit Acceptance in a research note on Monday, January 8th. Finally, Stephens set a $257.00 price objective on Credit Acceptance and gave the company a “sell” rating in a research note on Wednesday, January 3rd. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $283.22.
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Credit Acceptance 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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