Clark Capital Management Group Inc. lowered 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 & Exchange Commission. The institutional investor owned 3,713 shares of the credit services provider’s stock after selling 604 shares during the quarter. Clark Capital Management Group Inc.’s holdings in Credit Acceptance were worth $1,201,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in CACC. The Manufacturers Life Insurance Company boosted its position in 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 acquiring an additional 40 shares in the last quarter. Pacer Advisors Inc. boosted its position in Credit Acceptance by 11.6% during the 3rd quarter. Pacer Advisors Inc. now owns 2,413 shares of the credit services provider’s stock valued at $676,000 after acquiring an additional 250 shares in the last quarter. M&T Bank Corp boosted its position in Credit Acceptance by 19.6% during the 4th quarter. M&T Bank Corp now owns 1,853 shares of the credit services provider’s stock valued at $600,000 after acquiring an additional 304 shares in the last quarter. Advisory Services Network LLC boosted its position in Credit Acceptance by 87.9% during the 4th quarter. Advisory Services Network LLC now owns 932 shares of the credit services provider’s stock valued at $301,000 after acquiring an additional 436 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. boosted its position in Credit Acceptance by 437.0% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 537 shares of the credit services provider’s stock valued at $150,000 after acquiring an additional 437 shares in the last quarter. 70.34% of the stock is currently owned by institutional investors.
Several brokerages have issued reports on CACC. JMP Securities increased their target price on Credit Acceptance from $195.00 to $260.00 and gave the company an “underperform” rating in a research report on Wednesday, January 31st. BidaskClub lowered Credit Acceptance from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 6th. Credit Suisse Group reiterated a “sell” rating and set a $270.00 price objective on shares of Credit Acceptance in a report on Monday, January 8th. Zacks Investment Research lowered Credit Acceptance from a “hold” rating to a “sell” rating in a report on Tuesday, March 27th. Finally, Oppenheimer started coverage on Credit Acceptance in a report on Monday, January 8th. They set a “buy” rating and a $355.00 price objective for the company. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and two have given a strong buy rating to the company. Credit Acceptance presently has a consensus rating of “Hold” and an average target price of $283.22.
In related news, insider Douglas W. Busk sold 1,000 shares of the firm’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John S. Soave sold 2,500 shares of the firm’s stock in a transaction on Friday, March 16th. The stock was sold at an average price of $337.01, for a total value of $842,525.00. The disclosure for this sale can be found here. Insiders sold a total of 5,500 shares of company stock valued at $1,831,385 in the last 90 days. 5.80% of the stock is currently owned by company insiders.
CACC stock traded down $10.56 during midday trading on Friday, reaching $316.26. The stock had a trading volume of 93,917 shares, compared to its average volume of 89,097. The firm has a market capitalization of $6,106.98, a price-to-earnings ratio of 15.47, a price-to-earnings-growth ratio of 0.68 and a beta of 0.53. The company has a debt-to-equity ratio of 1.99, a current ratio of 24.00 and a quick ratio of 24.00. Credit Acceptance Corp. has a 52-week low of $185.52 and a 52-week high of $377.82.
Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Tuesday, January 30th. The credit services provider reported $5.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $5.53 by ($0.37). The firm had revenue of $287.30 million during 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 business’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the business earned $4.79 EPS. equities research analysts expect that Credit Acceptance Corp. will post 26.15 earnings per share for the current year.
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Credit Acceptance Company Profile
Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.
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