National Bank of Canada FI Sells 12,489 Shares of Credit Acceptance Corporation $CACC

Key Points

• National Bank of Canada FI drastically reduced its holdings in Credit Acceptance Corporation by 98.3%, selling 12,489 shares and retaining only 212 shares valued at approximately $109,000.
• Throughout the first quarter, several institutional investors acquired new positions in Credit Acceptance, increasing overall institutional ownership to 81.71% of the company's stock.
• Credit Acceptance reported $8.56 EPS for the last quarter, missing estimates, while revenue rose by 8.5% year-over-year, reaching $583.80 million.

National Bank of Canada FI lowered its position in shares of Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 98.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 212 shares of the credit services provider's stock after selling 12,489 shares during the period. National Bank of Canada FI's holdings in Credit Acceptance were worth $109,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CACC. London Co. of Virginia purchased a new stake in Credit Acceptance during the 4th quarter valued at $48,148,000. Crow s Nest Holdings LP purchased a new stake in Credit Acceptance during the 4th quarter valued at $35,210,000. Twin Lions Management LLC purchased a new stake in Credit Acceptance during the 4th quarter valued at $21,093,000. Millennium Management LLC boosted its position in Credit Acceptance by 708.8% during the 4th quarter. Millennium Management LLC now owns 43,426 shares of the credit services provider's stock valued at $20,387,000 after buying an additional 38,057 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Credit Acceptance during the 1st quarter valued at $12,999,000. Hedge funds and other institutional investors own 81.71% of the company's stock.

Insider Transactions at Credit Acceptance

In other news, insider Daniel A. Ulatowski sold 6,356 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $522.16, for a total value of $3,318,848.96. Following the completion of the sale, the insider directly owned 28,290 shares of the company's stock, valued at approximately $14,771,906.40. This trade represents a 18.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Jill Foss Watson sold 20,000 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $539.97, for a total transaction of $10,799,400.00. Following the completion of the sale, the insider directly owned 102,107 shares of the company's stock, valued at approximately $55,134,716.79. This represents a 16.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,731 shares of company stock valued at $14,307,733. Company insiders own 6.60% of the company's stock.

Credit Acceptance Trading Up 5.0%

CACC traded up $24.25 during trading on Friday, hitting $506.49. 142,232 shares of the stock traded hands, compared to its average volume of 108,880. The firm has a 50-day moving average of $499.62 and a 200 day moving average of $494.41. Credit Acceptance Corporation has a 12-month low of $409.22 and a 12-month high of $560.00. The company has a debt-to-equity ratio of 4.16, a current ratio of 22.03 and a quick ratio of 22.03. The firm has a market capitalization of $5.69 billion, a P/E ratio of 14.60 and a beta of 1.13.

Credit Acceptance (NASDAQ:CACC - Get Free Report) last posted its earnings results on Thursday, July 31st. The credit services provider reported $8.56 EPS 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 company had revenue of $583.80 million during the quarter, compared to analysts' expectations of $583.30 million. During the same period in the prior year, the business posted $10.29 earnings per share. The company's revenue for the quarter was up 8.5% on a year-over-year basis. Equities research analysts anticipate 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.