Bank of New York Mellon Corp cut its position in shares of Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 7.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,533 shares of the credit services provider's stock after selling 1,692 shares during the period. Bank of New York Mellon Corp owned approximately 0.19% of Credit Acceptance worth $10,578,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. HighTower Advisors LLC grew its stake in shares of Credit Acceptance by 5.7% during the third quarter. HighTower Advisors LLC now owns 595 shares of the credit services provider's stock worth $263,000 after acquiring an additional 32 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in Credit Acceptance during the 4th quarter worth approximately $28,000. Wedge Capital Management L L P NC raised its holdings in shares of Credit Acceptance by 2.7% in the fourth quarter. Wedge Capital Management L L P NC now owns 2,687 shares of the credit services provider's stock worth $1,261,000 after buying an additional 70 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Credit Acceptance by 10.7% during the fourth quarter. UMB Bank n.a. now owns 743 shares of the credit services provider's stock worth $349,000 after buying an additional 72 shares during the period. Finally, First Horizon Advisors Inc. purchased a new stake in shares of Credit Acceptance during the fourth quarter valued at $34,000. Institutional investors own 81.71% of the company's stock.
Insider Activity
In related news, COO Jonathan Lum sold 552 shares of the company's stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $489.90, for a total value of $270,424.80. Following the completion of the sale, the chief operating officer now owns 31,493 shares in the company, valued at $15,428,420.70. This represents a 1.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.30% of the company's stock.
Credit Acceptance Price Performance
Shares of CACC traded up $8.64 during trading hours on Monday, hitting $486.85. 59,863 shares of the stock were exchanged, compared to its average volume of 57,104. The stock's 50-day moving average price is $493.18 and its two-hundred day moving average price is $471.65. The company has a debt-to-equity ratio of 3.63, a quick ratio of 20.33 and a current ratio of 20.33. The company has a market cap of $5.86 billion, a price-to-earnings ratio of 24.51 and a beta of 1.51. Credit Acceptance Co. has a 12-month low of $401.34 and a 12-month high of $614.96.
Credit Acceptance (NASDAQ:CACC - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The credit services provider reported $10.17 EPS for the quarter, beating the consensus estimate of $7.70 by $2.47. Credit Acceptance had a net margin of 11.46% and a return on equity of 29.01%. Research analysts expect that Credit Acceptance Co. will post 53.24 earnings per share for the current year.
Analysts Set New Price Targets
A number of brokerages recently commented on CACC. StockNews.com upgraded Credit Acceptance from a "hold" rating to a "buy" rating in a research report on Friday, January 31st. Stephens raised their price target on shares of Credit Acceptance from $452.00 to $500.00 and gave the company an "equal weight" rating in a research report on Friday, January 31st.
Read Our Latest Analysis on CACC
About Credit Acceptance
(
Free Report)
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.
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