Hyperion Capital Advisors LP trimmed its holdings in shares of Credit Acceptance Corporation (NASDAQ:CACC – Free Report) by 12.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,214 shares of the credit services provider’s stock after selling 2,266 shares during the quarter. Credit Acceptance comprises about 3.5% of Hyperion Capital Advisors LP’s investment portfolio, making the stock its 12th largest holding. Hyperion Capital Advisors LP’s holdings in Credit Acceptance were worth $7,190,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Illinois Municipal Retirement Fund bought a new stake in Credit Acceptance during the third quarter worth about $697,000. State of Alaska Department of Revenue bought a new stake in Credit Acceptance during the fourth quarter worth about $462,000. M&T Bank Corp bought a new stake in Credit Acceptance during the fourth quarter worth about $208,294,000. Envestnet Asset Management Inc. lifted its position in Credit Acceptance by 8.0% during the third quarter. Envestnet Asset Management Inc. now owns 34,990 shares of the credit services provider’s stock worth $16,338,000 after purchasing an additional 2,583 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Credit Acceptance by 764.8% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 203,879 shares of the credit services provider’s stock worth $91,652,000 after purchasing an additional 180,304 shares during the period. 81.71% of the stock is owned by institutional investors.
Insiders Place Their Bets
In related news, major shareholder Jill Foss Watson sold 9,450 shares of the business’s stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $538.52, for a total transaction of $5,089,014.00. Following the transaction, the insider directly owned 92,107 shares in the company, valued at approximately $49,601,461.64. The trade was a 9.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jay D. Martin sold 3,000 shares of Credit Acceptance stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $525.63, for a total transaction of $1,576,890.00. Following the transaction, the chief financial officer directly owned 25,963 shares in the company, valued at approximately $13,646,931.69. This represents a 10.36% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 26,527 shares of company stock worth $14,203,265 in the last 90 days. Company insiders own 6.10% of the company’s stock.
Credit Acceptance Stock Performance
Credit Acceptance (NASDAQ:CACC – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The credit services provider reported $10.71 earnings per share for the quarter, missing the consensus estimate of $10.73 by ($0.02). The business had revenue of $406.00 million during the quarter, compared to the consensus estimate of $580.77 million. Credit Acceptance had a return on equity of 29.95% and a net margin of 19.49%.The business’s revenue was up 1.6% on a year-over-year basis. During the same period last year, the business posted $9.35 earnings per share. As a group, equities research analysts expect that Credit Acceptance Corporation will post 47.5 earnings per share for the current year.
Analysts Set New Price Targets
Several research firms recently weighed in on CACC. Zacks Research cut shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. TD Cowen lifted their target price on Credit Acceptance from $450.00 to $500.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. Weiss Ratings upgraded Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 8th. Finally, Stephens lifted their target price on Credit Acceptance from $450.00 to $540.00 and gave the company an “equal weight” rating in a research report on Friday, April 17th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Credit Acceptance currently has a consensus rating of “Hold” and an average target price of $520.00.
Get Our Latest Stock Analysis on CACC
Credit Acceptance Company Profile
Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.
Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.
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