Ascent Group LLC Has $2.74 Million Position in Credit Acceptance Co. (NASDAQ:CACC)

Ascent Group LLC grew its holdings in Credit Acceptance Co. (NASDAQ:CACC) by 10.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,189 shares of the credit services provider’s stock after purchasing an additional 587 shares during the quarter. Ascent Group LLC’s holdings in Credit Acceptance were worth $2,744,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Point72 Hong Kong Ltd acquired a new position in Credit Acceptance in the third quarter worth $177,000. Abrams Bison Investments LLC boosted its stake in Credit Acceptance by 30.5% in the third quarter. Abrams Bison Investments LLC now owns 228,306 shares of the credit services provider’s stock worth $101,235,000 after purchasing an additional 53,306 shares in the last quarter. PDT Partners LLC boosted its stake in Credit Acceptance by 1.9% in the third quarter. PDT Partners LLC now owns 5,458 shares of the credit services provider’s stock worth $2,420,000 after purchasing an additional 100 shares in the last quarter. MIG Capital LLC lifted its stake in shares of Credit Acceptance by 18.7% during the third quarter. MIG Capital LLC now owns 116,491 shares of the credit services provider’s stock valued at $51,654,000 after acquiring an additional 18,351 shares during the period. Finally, Kize Capital LP lifted its stake in shares of Credit Acceptance by 9.2% during the third quarter. Kize Capital LP now owns 68,077 shares of the credit services provider’s stock valued at $30,187,000 after acquiring an additional 5,760 shares during the period. Institutional investors and hedge funds own 81.71% of the company’s stock.

Insider Buying and Selling at Credit Acceptance

In other Credit Acceptance news, insider Thomas W. Smith sold 1,200 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $451.01, for a total value of $541,212.00. Following the completion of the sale, the insider now directly owns 74,450 shares in the company, valued at $33,577,694.50. This represents a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Credit Acceptance Trading Down 2.5 %

NASDAQ:CACC opened at $485.43 on Tuesday. Credit Acceptance Co. has a 1-year low of $409.22 and a 1-year high of $616.66. The business’s 50-day moving average price is $456.47 and its two-hundred day moving average price is $479.60. The company has a current ratio of 23.63, a quick ratio of 23.63 and a debt-to-equity ratio of 3.79. The firm has a market capitalization of $5.88 billion, a price-to-earnings ratio of 32.60 and a beta of 1.42.

Credit Acceptance (NASDAQ:CACC) last released its earnings results on Wednesday, October 30th. The credit services provider reported $8.79 earnings per share for the quarter, beating the consensus estimate of $7.88 by $0.91. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The firm had revenue of $550.30 million for the quarter, compared to analyst estimates of $548.13 million. During the same quarter in the prior year, the firm posted $10.70 earnings per share. The company’s quarterly revenue was up 15.0% on a year-over-year basis. On average, equities analysts expect that Credit Acceptance Co. will post 36.77 earnings per share for the current year.

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.