Wedge Capital Management L L P NC Increases Stake in Credit Acceptance Co. (NASDAQ:CACC)

Wedge Capital Management L L P NC grew its stake in Credit Acceptance Co. (NASDAQ:CACC) by 4.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,617 shares of the credit services provider’s stock after buying an additional 105 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Credit Acceptance were worth $1,160,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in CACC. Diversified Trust Co lifted its stake in Credit Acceptance by 20.3% during the third quarter. Diversified Trust Co now owns 1,443 shares of the credit services provider’s stock worth $640,000 after purchasing an additional 243 shares during the last quarter. Creative Planning purchased a new stake in Credit Acceptance during the second quarter worth approximately $282,000. Algert Global LLC purchased a new stake in Credit Acceptance during the second quarter worth approximately $351,000. Ascent Group LLC lifted its stake in Credit Acceptance by 12.2% during the second quarter. Ascent Group LLC now owns 5,602 shares of the credit services provider’s stock worth $2,883,000 after purchasing an additional 611 shares during the last quarter. Finally, Mackenzie Financial Corp purchased a new stake in Credit Acceptance during the second quarter worth approximately $386,000. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, TD Cowen decreased their target price on Credit Acceptance from $440.00 to $400.00 and set a “sell” rating for the company in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $395.67.

Credit Acceptance Price Performance

Shares of NASDAQ CACC opened at $480.90 on Thursday. The company has a current ratio of 19.15, a quick ratio of 19.15 and a debt-to-equity ratio of 3.77. Credit Acceptance Co. has a twelve month low of $379.77 and a twelve month high of $616.66. The stock has a 50 day moving average of $452.07 and a two-hundred day moving average of $495.84. The stock has a market cap of $5.82 billion, a P/E ratio of 24.67 and a beta of 1.42.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Wednesday, July 31st. The credit services provider reported $10.29 earnings per share for the quarter, beating analysts’ consensus estimates of $7.20 by $3.09. Credit Acceptance had a return on equity of 30.77% and a net margin of 9.01%. The company had revenue of $538.20 million during the quarter, compared to analysts’ expectations of $525.03 million. During the same quarter in the previous year, the business earned $10.69 earnings per share. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. On average, research analysts forecast that Credit Acceptance Co. will post 38.87 earnings per share for the current year.

Insider Activity

In other news, insider Thomas W. Smith sold 1,200 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $451.01, for a total value of $541,212.00. Following the transaction, the insider now owns 74,450 shares of the company’s stock, valued at approximately $33,577,694.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.30% of the company’s stock.

Credit Acceptance Company Profile

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services in the United States. The company advances money to automobile dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps the amount collected from the consumers.