Vanguard Group Inc. Decreases Holdings in Credit Acceptance Corporation $CACC

Key Points

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Vanguard Group Inc. trimmed its holdings in shares of Credit Acceptance Corporation (NASDAQ:CACC - Free Report) by 0.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 483,414 shares of the credit services provider's stock after selling 3,414 shares during the quarter. Vanguard Group Inc. owned 4.17% of Credit Acceptance worth $249,611,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CACC. New York State Common Retirement Fund raised its position in Credit Acceptance by 0.7% in the 1st quarter. New York State Common Retirement Fund now owns 3,780 shares of the credit services provider's stock worth $1,952,000 after purchasing an additional 27 shares during the period. Linden Thomas Advisory Services LLC raised its position in Credit Acceptance by 2.8% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 1,690 shares of the credit services provider's stock worth $873,000 after purchasing an additional 46 shares during the period. Sierra Ocean LLC bought a new position in Credit Acceptance in the 1st quarter worth about $26,000. US Bancorp DE grew its stake in Credit Acceptance by 35.8% in the 1st quarter. US Bancorp DE now owns 243 shares of the credit services provider's stock worth $125,000 after acquiring an additional 64 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Credit Acceptance by 0.8% in the 1st quarter. Rhumbline Advisers now owns 9,122 shares of the credit services provider's stock worth $4,710,000 after acquiring an additional 70 shares in the last quarter. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

Credit Acceptance Price Performance

Shares of CACC stock opened at $474.56 on Tuesday. 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 company's 50-day simple moving average is $500.84 and its two-hundred day simple moving average is $495.08. Credit Acceptance Corporation has a one year low of $409.22 and a one year high of $560.00. The company has a market capitalization of $5.33 billion, a P/E ratio of 13.68 and a beta of 1.13.

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

Insider Buying and Selling at Credit Acceptance

In other Credit Acceptance news, insider Andrew K. Rostami sold 375 shares of the firm's stock in a transaction that occurred 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 directly owned 25,478 shares in the company, valued at $12,873,778.62. This trade represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Jill Foss Watson sold 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were 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 owned 102,107 shares of the company's stock, valued at approximately $55,134,716.79. This trade represents a 16.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,731 shares of company stock worth $14,307,733 over the last three months. Corporate insiders own 6.60% of the company's stock.

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.

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