Bank of America Corp DE Sells 3,724 Shares of Credit Acceptance Co. (NASDAQ:CACC)

Bank of America Corp DE trimmed its stake in Credit Acceptance Co. (NASDAQ:CACC - Free Report) by 73.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Credit Acceptance Trading Down 1.3%

Shares of CACC traded down $6.84 on Thursday, reaching $506.31. 96,457 shares of the company's stock were exchanged, compared to its average volume of 78,120. The business has a 50 day moving average price of $486.73 and a two-hundred day moving average price of $489.16. The stock has a market capitalization of $5.87 billion, a P/E ratio of 25.49 and a beta of 1.16. Credit Acceptance Co. has a 12 month low of $409.22 and a 12 month high of $614.96. The company has a current ratio of 20.33, a quick ratio of 20.33 and a debt-to-equity ratio of 3.63.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last released its earnings results on Wednesday, April 30th. The credit services provider reported $9.35 EPS for the quarter, missing the consensus estimate of $10.31 by ($0.96). The firm had revenue of $571.10 million during the quarter, compared to the consensus estimate of $570.25 million. Credit Acceptance had a net margin of 11.46% and a return on equity of 29.01%. The company's revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.28 EPS. Research analysts anticipate that Credit Acceptance Co. will post 53.24 earnings per share for the current year.

Insider Transactions at Credit Acceptance

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