Ascent Group LLC Increases Stake in Credit Acceptance Co. (NASDAQ:CACC)

Ascent Group LLC boosted its stake in Credit Acceptance Co. (NASDAQ:CACC) by 12.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,602 shares of the credit services provider’s stock after purchasing an additional 611 shares during the quarter. Ascent Group LLC’s holdings in Credit Acceptance were worth $2,883,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of CACC. Allianz Asset Management GmbH acquired a new stake in shares of Credit Acceptance during the 4th quarter worth $2,845,000. Winmill & CO. Inc. raised its holdings in shares of Credit Acceptance by 4.3% in the 4th quarter. Winmill & CO. Inc. now owns 26,537 shares of the credit services provider’s stock worth $14,137,000 after purchasing an additional 1,087 shares during the period. Crow s Nest Holdings LP lifted its stake in shares of Credit Acceptance by 39.4% in the 4th quarter. Crow s Nest Holdings LP now owns 92,000 shares of the credit services provider’s stock valued at $49,011,000 after purchasing an additional 26,000 shares in the last quarter. Goodnow Investment Group LLC grew its holdings in shares of Credit Acceptance by 17.0% during the 4th quarter. Goodnow Investment Group LLC now owns 77,941 shares of the credit services provider’s stock worth $41,522,000 after purchasing an additional 11,310 shares during the period. Finally, Lodestone Wealth Management LLC increased its position in Credit Acceptance by 26.1% during the 1st quarter. Lodestone Wealth Management LLC now owns 1,497 shares of the credit services provider’s stock worth $826,000 after purchasing an additional 310 shares in the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Credit Acceptance Stock Performance

Credit Acceptance stock opened at $447.69 on Friday. The firm has a market capitalization of $5.42 billion, a PE ratio of 22.97 and a beta of 1.42. Credit Acceptance Co. has a one year low of $379.77 and a one year high of $616.66. The stock’s 50 day moving average price is $473.99 and its 200 day moving average price is $505.17. The company has a debt-to-equity ratio of 3.77, a quick ratio of 19.15 and a current ratio of 19.15.

Credit Acceptance (NASDAQ:CACC) last posted its earnings results on Wednesday, July 31st. The credit services provider reported $10.29 EPS for the quarter, topping analysts’ consensus estimates of $7.20 by $3.09. The business had revenue of $538.20 million for the quarter, compared to analysts’ expectations of $525.03 million. Credit Acceptance had a net margin of 9.01% and a return on equity of 30.77%. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the previous year, the company posted $10.69 earnings per share. As a group, sell-side analysts expect that Credit Acceptance Co. will post 38.87 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Insider Buying and Selling at Credit Acceptance

In other news, insider Thomas W. Smith sold 1,200 shares of Credit Acceptance stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $451.01, for a total transaction of $541,212.00. Following the sale, the insider now directly owns 74,450 shares of the company’s stock, valued at $33,577,694.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.30% of the stock is currently owned by corporate insiders.

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.