Credit Acceptance Co. (NASDAQ:CACC) Shares Sold by Bank of America Corp DE

Bank of America Corp DE cut its position in shares of Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 73.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,372 shares of the credit services provider's stock after selling 3,724 shares during the quarter. Bank of America Corp DE's holdings in Credit Acceptance were worth $644,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. bought a new stake in shares of Credit Acceptance during the 4th quarter valued at about $34,000. TD Private Client Wealth LLC bought a new position in Credit Acceptance in the fourth quarter worth about $37,000. Farther Finance Advisors LLC acquired a new position in Credit Acceptance in the fourth quarter valued at approximately $38,000. US Bancorp DE grew its holdings in shares of Credit Acceptance by 50.4% during the fourth quarter. US Bancorp DE now owns 179 shares of the credit services provider's stock valued at $84,000 after purchasing an additional 60 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd grew its holdings in shares of Credit Acceptance by 245.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 256 shares of the credit services provider's stock valued at $120,000 after purchasing an additional 182 shares during the last quarter. Institutional investors and hedge funds own 81.71% of the company's stock.

Insider Buying and Selling at Credit Acceptance

In other news, insider Douglas W. Busk sold 3,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $515.97, for a total value of $1,547,910.00. Following the completion of the transaction, the insider now directly owns 3,112 shares in the company, valued at $1,605,698.64. This trade represents a 49.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Nicholas J. Elliott sold 300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $502.00, for a total transaction of $150,600.00. Following the transaction, the insider now owns 19,385 shares in the company, valued at $9,731,270. This represents a 1.52% decrease in their position. The disclosure for this sale can be found here. 5.30% of the stock is owned by company insiders.

Credit Acceptance Stock Performance

Shares of NASDAQ CACC traded down $14.83 during mid-day trading on Friday, hitting $484.71. The company had a trading volume of 152,390 shares, compared to its average volume of 104,375. Credit Acceptance Co. has a 12 month low of $409.22 and a 12 month high of $614.96. The stock has a market cap of $5.62 billion, a price-to-earnings ratio of 24.41 and a beta of 1.16. The company has a debt-to-equity ratio of 3.63, a current ratio of 20.33 and a quick ratio of 20.33. The firm's 50 day simple moving average is $487.42 and its two-hundred day simple moving average is $489.26.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The credit services provider reported $9.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $10.31 by ($0.96). The firm had revenue of $571.10 million for the quarter, compared to analyst estimates of $570.25 million. Credit Acceptance had a net margin of 11.46% and a return on equity of 29.01%. The business's revenue was up 12.4% compared to the same quarter last year. During the same period last year, the firm posted $9.28 EPS. As a group, equities research analysts forecast that Credit Acceptance Co. will post 53.24 earnings per share for the current year.

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.