Principal Financial Group Inc. Has $255,000 Stock Position in Credit Acceptance Co. (NASDAQ:CACC)

Principal Financial Group Inc. cut its holdings in shares of Credit Acceptance Co. (NASDAQ:CACC) by 5.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 575 shares of the credit services provider’s stock after selling 36 shares during the period. Principal Financial Group Inc.’s holdings in Credit Acceptance were worth $255,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. nVerses Capital LLC purchased a new stake in shares of Credit Acceptance in the second quarter worth approximately $51,000. Headlands Technologies LLC lifted its stake in Credit Acceptance by 24,850.0% during the 2nd quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider’s stock valued at $257,000 after acquiring an additional 497 shares in the last quarter. Creative Planning purchased a new position in Credit Acceptance during the 2nd quarter worth $282,000. Caxton Associates LP bought a new position in shares of Credit Acceptance during the first quarter valued at about $338,000. Finally, UMB Bank n.a. boosted its holdings in Credit Acceptance by 4.6% during the second quarter. UMB Bank n.a. now owns 654 shares of the credit services provider’s stock worth $337,000 after purchasing an additional 29 shares during the last quarter. Institutional investors own 81.71% of the company’s stock.

Insider Activity at Credit Acceptance

In other news, insider Thomas W. Smith sold 1,200 shares of the company’s stock in a transaction on Monday, September 9th. The shares were 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. This represents a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.30% of the stock is owned by corporate insiders.

Credit Acceptance Stock Up 2.5 %

CACC stock opened at $485.11 on Tuesday. The company has a market capitalization of $5.88 billion, a price-to-earnings ratio of 32.58 and a beta of 1.42. The company has a debt-to-equity ratio of 3.79, a quick ratio of 23.63 and a current ratio of 23.63. The stock has a fifty day moving average of $451.68 and a 200-day moving average of $480.73. Credit Acceptance Co. has a fifty-two week low of $409.22 and a fifty-two week high of $616.66.

Credit Acceptance (NASDAQ:CACC) last released its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.88 by $0.91. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The company had revenue of $550.30 million for the quarter, compared to analyst estimates of $548.13 million. During the same period in the previous year, the company posted $10.70 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. As a group, equities research analysts predict that Credit Acceptance Co. will post 37.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CACC shares. TD Cowen dropped their target price on shares of Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a research report on Friday, November 1st. Stephens began coverage on Credit Acceptance in a research note on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 target price on the stock. Finally, StockNews.com upgraded shares of Credit Acceptance from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th.

About Credit Acceptance

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.