Credit Acceptance Co. (NASDAQ:CACC) Shares Sold by Arizona State Retirement System

Arizona State Retirement System lowered its position in Credit Acceptance Co. (NASDAQ:CACCGet Rating) by 6.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,162 shares of the credit services provider’s stock after selling 158 shares during the period. Arizona State Retirement System’s holdings in Credit Acceptance were worth $1,190,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CACC. Hanseatic Management Services Inc. acquired a new stake in Credit Acceptance in the fourth quarter valued at about $27,000. Steward Partners Investment Advisory LLC increased its holdings in Credit Acceptance by 920.0% in the first quarter. Steward Partners Investment Advisory LLC now owns 51 shares of the credit services provider’s stock valued at $28,000 after buying an additional 46 shares in the last quarter. Harbor Investment Advisory LLC increased its holdings in Credit Acceptance by 195.0% in the first quarter. Harbor Investment Advisory LLC now owns 59 shares of the credit services provider’s stock valued at $32,000 after buying an additional 39 shares in the last quarter. Elmwood Wealth Management Inc. purchased a new position in Credit Acceptance in the fourth quarter valued at about $53,000. Finally, Cullen Frost Bankers Inc. purchased a new position in Credit Acceptance in the fourth quarter valued at about $69,000. Institutional investors and hedge funds own 65.05% of the company’s stock.

Credit Acceptance Stock Performance

NASDAQ:CACC opened at $581.70 on Tuesday. The company has a current ratio of 21.07, a quick ratio of 21.07 and a debt-to-equity ratio of 2.85. The firm has a market capitalization of $7.64 billion, a price-to-earnings ratio of 9.31 and a beta of 1.34. The firm’s fifty day simple moving average is $528.44 and its 200 day simple moving average is $540.11. Credit Acceptance Co. has a twelve month low of $452.48 and a twelve month high of $703.27.

Credit Acceptance (NASDAQ:CACCGet Rating) last posted its earnings results on Monday, May 2nd. The credit services provider reported $13.76 earnings per share for the quarter, beating the consensus estimate of $13.30 by $0.46. The business had revenue of $455.70 million for the quarter, compared to analyst estimates of $443.64 million. Credit Acceptance had a net margin of 52.16% and a return on equity of 44.07%. During the same quarter in the previous year, the business posted $9.64 EPS. As a group, equities research analysts expect that Credit Acceptance Co. will post 49.51 earnings per share for the current fiscal year.

Insider Activity at Credit Acceptance

In other Credit Acceptance news, insider Prescott General Partners Llc sold 28,897 shares of the business’s stock in a transaction on Thursday, May 5th. The shares were sold at an average price of $608.37, for a total value of $17,580,067.89. Following the transaction, the insider now owns 1,090,732 shares in the company, valued at approximately $663,568,626.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CACC. Credit Suisse Group increased their target price on shares of Credit Acceptance from $440.00 to $460.00 in a report on Tuesday, May 3rd. StockNews.com cut shares of Credit Acceptance from a “buy” rating to a “hold” rating in a research note on Thursday, May 12th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $440.50.

About Credit Acceptance

(Get Rating)

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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Institutional Ownership by Quarter for Credit Acceptance (NASDAQ:CACC)

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