Charles Schwab Investment Management Inc. Increases Stake in Credit Acceptance Co. (NASDAQ:CACC)

Charles Schwab Investment Management Inc. lifted its holdings in shares of Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 24.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,051 shares of the credit services provider's stock after buying an additional 18,530 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.78% of Credit Acceptance worth $41,704,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. nVerses Capital LLC bought a new stake in shares of Credit Acceptance during the second quarter valued at about $51,000. Quest Partners LLC increased its holdings in Credit Acceptance by 11,900.0% during the 3rd quarter. Quest Partners LLC now owns 120 shares of the credit services provider's stock worth $53,000 after acquiring an additional 119 shares during the period. Headlands Technologies LLC lifted its stake in Credit Acceptance by 24,850.0% in the 2nd quarter. Headlands Technologies LLC now owns 499 shares of the credit services provider's stock worth $257,000 after purchasing an additional 497 shares in the last quarter. Lountzis Asset Management LLC grew its position in shares of Credit Acceptance by 22.3% during the 3rd quarter. Lountzis Asset Management LLC now owns 598 shares of the credit services provider's stock valued at $265,000 after purchasing an additional 109 shares in the last quarter. Finally, Creative Planning purchased a new position in shares of Credit Acceptance during the 2nd quarter valued at $282,000. 81.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Credit Acceptance Price Performance

NASDAQ:CACC traded down $3.52 during midday trading on Tuesday, hitting $481.91. The company had a trading volume of 52,272 shares, compared to its average volume of 83,515. The stock's fifty day moving average price is $456.47 and its 200-day moving average price is $479.60. Credit Acceptance Co. has a 52-week low of $409.22 and a 52-week high of $616.66. The company has a quick ratio of 23.63, a current ratio of 23.63 and a debt-to-equity ratio of 3.79. The company has a market capitalization of $5.84 billion, a PE ratio of 32.36 and a beta of 1.46.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.88 by $0.91. The firm had revenue of $550.30 million during the quarter, compared to analysts' expectations of $548.13 million. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The company's revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business earned $10.70 EPS. As a group, research analysts expect that Credit Acceptance Co. will post 36.77 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Thomas W. Smith sold 1,200 shares of Credit Acceptance 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 directly owns 74,450 shares of the company's stock, valued at $33,577,694.50. The trade was a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 5.30% of the company's stock.

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.