Ascent Group LLC Raises Stock Position in Credit Acceptance Corporation $CACC

Key Points

• Ascent Group LLC increased its stake in Credit Acceptance Corporation by 13.0%, owning 7,472 shares worth approximately $3.86 million after purchasing an additional 860 shares.
• Major shareholder Jill Foss Watson sold 20,000 shares of Credit Acceptance, resulting in a 16.38% decrease in her ownership, valued at about $55.1 million post-sale.
• Credit Acceptance reported $8.56 earnings per share for the last quarter, missing analyst expectations by $1.28 while revenue increased 8.5% year-over-year to $583.8 million.

Ascent Group LLC boosted its holdings in shares of Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 13.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,472 shares of the credit services provider's stock after buying an additional 860 shares during the quarter. Ascent Group LLC owned 0.06% of Credit Acceptance worth $3,858,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CACC. Northern Trust Corp raised its position in Credit Acceptance by 7.9% during the 4th quarter. Northern Trust Corp now owns 37,772 shares of the credit services provider's stock worth $17,732,000 after buying an additional 2,773 shares during the last quarter. Comerica Bank raised its position in Credit Acceptance by 24.4% during the 4th quarter. Comerica Bank now owns 983 shares of the credit services provider's stock worth $462,000 after buying an additional 193 shares during the last quarter. BNP Paribas Financial Markets raised its position in Credit Acceptance by 623.9% during the 4th quarter. BNP Paribas Financial Markets now owns 1,694 shares of the credit services provider's stock worth $795,000 after buying an additional 1,460 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in Credit Acceptance during the 4th quarter worth approximately $313,000. Finally, Jefferies Financial Group Inc. purchased a new position in Credit Acceptance during the 4th quarter worth approximately $206,000. 81.71% of the stock is owned by hedge funds and other institutional investors.

Credit Acceptance Stock Performance

Shares of NASDAQ:CACC traded down $50.56 during trading on Friday, hitting $474.44. 272,614 shares of the stock traded hands, compared to its average volume of 110,320. The company has a quick ratio of 22.03, a current ratio of 22.03 and a debt-to-equity ratio of 4.16. The company has a market cap of $5.33 billion, a price-to-earnings ratio of 13.68 and a beta of 1.25. The company has a fifty day moving average price of $500.25 and a two-hundred day moving average price of $495.26. Credit Acceptance Corporation has a 52-week low of $414.15 and a 52-week high of $560.00.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last posted its earnings results on Thursday, July 31st. The credit services provider reported $8.56 earnings per share for the quarter, missing the consensus estimate of $9.84 by ($1.28). The firm had revenue of $583.80 million for the quarter, compared to analysts' expectations of $583.30 million. Credit Acceptance had a net margin of 18.69% and a return on equity of 27.06%. Credit Acceptance's revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the firm earned $10.29 earnings per share. As a group, equities analysts predict that Credit Acceptance Corporation will post 53.24 EPS for the current year.

Insider Activity

In related news, insider Andrew K. Rostami sold 375 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $505.29, for a total value of $189,483.75. Following the completion of the sale, the insider owned 25,478 shares of the company's stock, valued at approximately $12,873,778.62. The trade was a 1.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jonathan Lum sold 6,000 shares of the business's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $512.61, for a total transaction of $3,075,660.00. Following the completion of the sale, the chief operating officer directly owned 31,493 shares of the company's stock, valued at approximately $16,143,626.73. The trade was a 16.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,072 shares of company stock valued at $15,943,779 in the last quarter. Company insiders own 6.60% of the company's stock.

Credit Acceptance 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.