Wealthfront Advisers LLC Buys New Shares in Credit Acceptance Co. (NASDAQ:CACC)

Wealthfront Advisers LLC bought a new position in Credit Acceptance Co. (NASDAQ:CACC - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 38,653 shares of the credit services provider's stock, valued at approximately $18,146,000. Wealthfront Advisers LLC owned about 0.32% of Credit Acceptance at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of CACC. HighTower Advisors LLC boosted its holdings in Credit Acceptance by 5.7% during the 3rd quarter. HighTower Advisors LLC now owns 595 shares of the credit services provider's stock valued at $263,000 after acquiring an additional 32 shares during the period. Eagle Bay Advisors LLC purchased a new stake in shares of Credit Acceptance during the 4th quarter worth $28,000. US Bancorp DE grew its position in shares of Credit Acceptance by 50.4% in the 4th quarter. US Bancorp DE now owns 179 shares of the credit services provider's stock worth $84,000 after buying an additional 60 shares during the last quarter. Wedge Capital Management L L P NC increased its position in Credit Acceptance by 2.7% during the 4th quarter. Wedge Capital Management L L P NC now owns 2,687 shares of the credit services provider's stock valued at $1,261,000 after buying an additional 70 shares in the last quarter. Finally, UMB Bank n.a. grew its position in Credit Acceptance by 10.7% during the 4th quarter. UMB Bank n.a. now owns 743 shares of the credit services provider's stock worth $349,000 after purchasing an additional 72 shares during the last quarter. Hedge funds and other institutional investors own 81.71% of the company's stock.

Analysts Set New Price Targets

CACC has been the subject of a number of research reports. StockNews.com upgraded shares of Credit Acceptance from a "hold" rating to a "buy" rating in a research report on Friday, January 31st. Stephens increased their price objective on shares of Credit Acceptance from $452.00 to $500.00 and gave the company an "equal weight" rating in a report on Friday, January 31st.

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Credit Acceptance Stock Performance

Shares of Credit Acceptance stock opened at $471.47 on Wednesday. The firm's 50 day moving average is $492.97 and its two-hundred day moving average is $471.80. The firm has a market capitalization of $5.67 billion, a P/E ratio of 23.74 and a beta of 1.51. Credit Acceptance Co. has a 52 week low of $409.22 and a 52 week high of $614.96. The company has a quick ratio of 20.33, a current ratio of 20.33 and a debt-to-equity ratio of 3.63.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last posted its quarterly earnings results on Thursday, January 30th. The credit services provider reported $10.17 earnings per share for the quarter, beating analysts' consensus estimates of $7.70 by $2.47. Credit Acceptance had a return on equity of 29.01% and a net margin of 11.46%. Research analysts forecast that Credit Acceptance Co. will post 53.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other Credit Acceptance news, COO Jonathan Lum sold 552 shares of the company's stock in a transaction dated 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 transaction, the chief operating officer now directly owns 31,493 shares of the company's stock, valued at $15,428,420.70. This represents a 1.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 5.30% of the company's stock.

Credit Acceptance Company Profile

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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