M&T Bank Corp Buys 119 Shares of Credit Acceptance Corporation (NASDAQ:CACC)

M&T Bank Corp raised its holdings in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 12.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,096 shares of the credit services provider’s stock after purchasing an additional 119 shares during the quarter. M&T Bank Corp’s holdings in Credit Acceptance were worth $566,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Envestnet Asset Management Inc. grew its holdings in Credit Acceptance by 10.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 30,351 shares of the credit services provider’s stock worth $15,672,000 after acquiring an additional 2,901 shares in the last quarter. Sierra Ocean LLC acquired a new stake in Credit Acceptance in the 1st quarter valued at $26,000. Teacher Retirement System of Texas purchased a new position in Credit Acceptance in the 1st quarter valued at about $794,000. Highland Capital Management LLC acquired a new position in shares of Credit Acceptance during the 1st quarter valued at about $1,358,000. Finally, Sequoia Financial Advisors LLC acquired a new position in Credit Acceptance in the first quarter valued at about $4,329,000. Institutional investors own 81.71% of the company’s stock.

Credit Acceptance Stock Performance

Shares of Credit Acceptance stock opened at $501.11 on Wednesday. The firm has a market capitalization of $5.81 billion, a P/E ratio of 21.38 and a beta of 1.15. Credit Acceptance Corporation has a 52 week low of $409.22 and a 52 week high of $614.96. The company has a quick ratio of 17.64, a current ratio of 17.64 and a debt-to-equity ratio of 3.92. The firm’s 50 day moving average is $501.75 and its two-hundred day moving average is $494.36.

Credit Acceptance (NASDAQ:CACC) last released its earnings results on Wednesday, April 30th. The credit services provider reported $9.35 EPS for the quarter, missing analysts’ consensus estimates of $10.31 by ($0.96). Credit Acceptance had a net margin of 13.03% and a return on equity of 28.60%. The business had revenue of $571.10 million during the quarter, compared to analyst estimates of $570.25 million. During the same period last year, the business posted $9.28 EPS. Credit Acceptance’s revenue was up 12.4% compared to the same quarter last year. Research analysts forecast that Credit Acceptance Corporation will post 53.24 EPS for the current fiscal year.

Insider Activity at Credit Acceptance

In related news, insider Andrew K. Rostami sold 375 shares of the firm’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $505.29, for a total transaction of $189,483.75. Following the completion of the transaction, the insider owned 25,478 shares of the company’s stock, 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 filing with the SEC, which is available through 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 stock was sold at an average price of $539.97, for a total transaction of $10,799,400.00. Following the completion of the transaction, the insider directly owned 102,107 shares of the company’s stock, 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 quarter, insiders have sold 26,731 shares of company stock worth $14,307,733. Company insiders own 5.30% 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.