Credit Acceptance Co. (NASDAQ:CACC) Holdings Decreased by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC lessened its stake in Credit Acceptance Co. (NASDAQ:CACCFree Report) by 39.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 550 shares of the credit services provider’s stock after selling 361 shares during the period. Commonwealth Equity Services LLC’s holdings in Credit Acceptance were worth $253,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. AdvisorNet Financial Inc acquired a new stake in shares of Credit Acceptance in the 3rd quarter worth approximately $46,000. Barclays PLC lifted its position in Credit Acceptance by 154.6% in the second quarter. Barclays PLC now owns 1,772 shares of the credit services provider’s stock worth $900,000 after purchasing an additional 1,076 shares during the period. Manhattan West Asset Management LLC boosted its stake in Credit Acceptance by 35.0% during the 2nd quarter. Manhattan West Asset Management LLC now owns 3,974 shares of the credit services provider’s stock valued at $2,019,000 after purchasing an additional 1,030 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Credit Acceptance by 3.5% during the 2nd quarter. Alliancebernstein L.P. now owns 2,887 shares of the credit services provider’s stock valued at $1,466,000 after purchasing an additional 98 shares during the period. Finally, XTX Topco Ltd bought a new stake in shares of Credit Acceptance in the 2nd quarter worth $421,000. Institutional investors and hedge funds own 66.15% of the company’s stock.

Insider Activity

In other news, insider Douglas W. Busk sold 500 shares of Credit Acceptance stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $524.18, for a total transaction of $262,090.00. Following the transaction, the insider now owns 3,612 shares in the company, valued at $1,893,338.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on CACC shares. StockNews.com started coverage on Credit Acceptance in a research note on Thursday, October 5th. They set a “hold” rating for the company. TD Cowen started coverage on shares of Credit Acceptance in a research report on Wednesday, November 1st. They set an “underperform” rating and a $360.00 price objective for the company. BMO Capital Markets dropped their target price on shares of Credit Acceptance from $354.00 to $347.00 and set a “market perform” rating on the stock in a report on Tuesday, October 31st. Stephens restated an “equal weight” rating and set a $440.00 target price on shares of Credit Acceptance in a report on Tuesday, October 31st. Finally, TheStreet upgraded shares of Credit Acceptance from a “c+” rating to a “b-” rating in a research report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $381.75.

Get Our Latest Research Report on CACC

Credit Acceptance Stock Performance

Shares of CACC opened at $554.32 on Wednesday. Credit Acceptance Co. has a one year low of $379.77 and a one year high of $576.05. The company has a 50-day moving average of $506.31 and a two-hundred day moving average of $484.10. The company has a debt-to-equity ratio of 2.84, a current ratio of 18.50 and a quick ratio of 18.50. The stock has a market cap of $6.97 billion, a price-to-earnings ratio of 22.80 and a beta of 1.45.

Credit Acceptance (NASDAQ:CACCGet Free Report) last posted its quarterly earnings data on Monday, October 30th. The credit services provider reported $10.70 EPS for the quarter, missing analysts’ consensus estimates of $12.88 by ($2.18). Credit Acceptance had a return on equity of 33.12% and a net margin of 17.11%. The firm had revenue of $478.60 million during the quarter, compared to analyst estimates of $485.68 million. On average, equities research analysts expect that Credit Acceptance Co. will post 40.28 earnings per share for the current year.

Credit Acceptance Company Profile

(Free Report)

Credit Acceptance Corporation engages in the provision of financing programs, and related products and services to independent and franchised automobile dealers 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.

Further Reading

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

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