London Co. of Virginia decreased its position in Credit Acceptance Corporation (NASDAQ:CACC – Free Report) by 20.9% during the 4th quarter, Holdings Channel reports. The firm owned 79,337 shares of the credit services provider’s stock after selling 20,976 shares during the period. London Co. of Virginia’s holdings in Credit Acceptance were worth $35,186,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State of Wyoming purchased a new stake in Credit Acceptance in the fourth quarter worth $27,000. Kestra Advisory Services LLC purchased a new stake in Credit Acceptance in the fourth quarter worth $27,000. Allworth Financial LP lifted its stake in Credit Acceptance by 141.9% in the third quarter. Allworth Financial LP now owns 104 shares of the credit services provider’s stock worth $49,000 after acquiring an additional 61 shares during the period. Vestcor Inc purchased a new stake in Credit Acceptance in the third quarter worth $50,000. Finally, Covestor Ltd lifted its stake in Credit Acceptance by 775.0% in the fourth quarter. Covestor Ltd now owns 175 shares of the credit services provider’s stock worth $78,000 after acquiring an additional 155 shares during the period. Hedge funds and other institutional investors own 81.71% of the company’s stock.
Insider Buying and Selling at Credit Acceptance
In other Credit Acceptance news, insider Wendy A. Rummler sold 4,062 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $525.67, for a total transaction of $2,135,271.54. Following the completion of the transaction, the insider owned 19,547 shares of the company’s stock, valued at approximately $10,275,271.49. This trade represents a 17.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jay D. Martin sold 3,000 shares of the firm’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $525.63, for a total value of $1,576,890.00. Following the transaction, the chief financial officer directly owned 25,963 shares of the company’s stock, valued at $13,646,931.69. This represents a 10.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 26,527 shares of company stock valued at $14,203,265. Company insiders own 6.10% of the company’s stock.
Credit Acceptance Stock Performance
Credit Acceptance (NASDAQ:CACC – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The credit services provider reported $10.71 EPS for the quarter, missing the consensus estimate of $10.73 by ($0.02). The firm had revenue of $406.00 million for the quarter, compared to analysts’ expectations of $580.77 million. Credit Acceptance had a net margin of 19.49% and a return on equity of 29.95%. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted $9.35 EPS. On average, equities analysts forecast that Credit Acceptance Corporation will post 47.5 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of brokerages recently commented on CACC. Weiss Ratings raised Credit Acceptance from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 8th. Zacks Research lowered Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Stephens raised their price target on Credit Acceptance from $450.00 to $540.00 and gave the stock an “equal weight” rating in a research note on Friday, April 17th. Finally, TD Cowen raised their price target on Credit Acceptance from $450.00 to $500.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $520.00.
Check Out Our Latest Report on Credit Acceptance
Credit Acceptance 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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