Ascent Group LLC Has $3.86 Million 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 raised its position in Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 13.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,472 shares of the credit services provider's stock after purchasing an additional 860 shares during the quarter. Ascent Group LLC owned about 0.06% of Credit Acceptance worth $3,858,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Northern Trust Corp boosted its position in shares of Credit Acceptance by 7.9% during the 4th quarter. Northern Trust Corp now owns 37,772 shares of the credit services provider's stock valued at $17,732,000 after purchasing an additional 2,773 shares in the last quarter. Comerica Bank raised its holdings 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 period. BNP Paribas Financial Markets lifted its stake in Credit Acceptance by 623.9% during the fourth quarter. BNP Paribas Financial Markets now owns 1,694 shares of the credit services provider's stock valued at $795,000 after buying an additional 1,460 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Credit Acceptance in the fourth quarter worth about $313,000. Finally, Jefferies Financial Group Inc. acquired a new position in shares of Credit Acceptance in the fourth quarter worth about $206,000. Institutional investors and hedge funds own 81.71% of the company's stock.

Insiders Place Their Bets

In other Credit Acceptance news, COO Jonathan Lum sold 6,000 shares of Credit Acceptance stock in a transaction dated 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 transaction, the chief operating officer owned 31,493 shares of the company's stock, valued at $16,143,626.73. The trade was a 16.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Jill Foss Watson sold 20,000 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $539.97, for a total value of $10,799,400.00. Following the completion of the transaction, the insider owned 102,107 shares in the company, valued at $55,134,716.79. This represents a 16.38% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,072 shares of company stock worth $15,943,779. 6.60% of the stock is owned by corporate insiders.

Credit Acceptance Trading Down 9.6%

Shares of CACC stock traded down $50.56 during trading hours on Friday, reaching $474.44. 272,614 shares of the stock traded hands, compared to its average volume of 101,336. 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 firm has a market capitalization of $5.33 billion, a PE ratio of 13.68 and a beta of 1.25. Credit Acceptance Corporation has a 1-year low of $414.15 and a 1-year high of $560.00. The business has a fifty day moving average price of $500.25 and a 200 day moving average price of $495.03.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last posted its quarterly earnings data 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). Credit Acceptance had a return on equity of 27.06% and a net margin of 18.69%.The firm had revenue of $583.80 million for the quarter, compared to analysts' expectations of $583.30 million. During the same quarter in the previous year, the firm posted $10.29 earnings per share. The company's revenue for the quarter was up 8.5% on a year-over-year basis. On average, equities research analysts forecast that Credit Acceptance Corporation will post 53.24 EPS 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.