Northern Trust Corp Has $19.72 Million Stake in Credit Acceptance Corporation $CACC

Northern Trust Corp increased its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 1.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 38,184 shares of the credit services provider’s stock after acquiring an additional 412 shares during the period. Northern Trust Corp owned 0.33% of Credit Acceptance worth $19,716,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Teacher Retirement System of Texas acquired a new position in shares of Credit Acceptance during the 1st quarter valued at about $794,000. CX Institutional acquired a new stake in Credit Acceptance in the 1st quarter valued at approximately $36,000. Cubist Systematic Strategies LLC acquired a new stake in Credit Acceptance in the 4th quarter valued at approximately $313,000. Comerica Bank grew its holdings in Credit Acceptance by 24.4% in the 4th quarter. Comerica Bank now owns 983 shares of the credit services provider’s stock valued at $462,000 after buying an additional 193 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in Credit Acceptance by 623.9% in the 4th 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 during the last quarter. Institutional investors and hedge funds own 81.71% of the company’s stock.

Credit Acceptance Stock Performance

CACC opened at $514.73 on Tuesday. The firm has a market capitalization of $5.79 billion, a P/E ratio of 14.84 and a beta of 1.25. The stock’s 50 day moving average price is $501.16 and its two-hundred day moving average price is $494.43. The company has a quick ratio of 22.03, a current ratio of 22.03 and a debt-to-equity ratio of 4.16. Credit Acceptance Corporation has a 12-month low of $409.22 and a 12-month high of $560.00.

Credit Acceptance (NASDAQ:CACC) last released its earnings results 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). The business had revenue of $583.80 million during the quarter, compared to analyst estimates of $583.30 million. Credit Acceptance had a net margin of 18.69% and a return on equity of 27.06%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last year, the business earned $10.29 EPS. On average, equities analysts forecast that Credit Acceptance Corporation will post 53.24 earnings per share for the current year.

Insiders Place Their Bets

In other Credit Acceptance news, 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 value of $10,799,400.00. Following the completion of the sale, the insider owned 102,107 shares in the company, valued at approximately $55,134,716.79. This trade represents a 16.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew K. Rostami sold 375 shares of the firm’s stock in a transaction that occurred on Friday, June 20th. The stock was 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 $12,873,778.62. This represents a 1.45% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,428 shares of company stock worth $19,262,627. 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.