Ensign Peak Advisors Inc Sells 350 Shares of Credit Acceptance Corporation $CACC

Ensign Peak Advisors Inc trimmed its stake in Credit Acceptance Corporation (NASDAQ:CACC) by 17.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,659 shares of the credit services provider’s stock after selling 350 shares during the period. Ensign Peak Advisors Inc’s holdings in Credit Acceptance were worth $845,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CACC. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Credit Acceptance during the 1st quarter valued at $44,000. US Bancorp DE increased its stake in Credit Acceptance by 35.8% in the first quarter. US Bancorp DE now owns 243 shares of the credit services provider’s stock valued at $125,000 after acquiring an additional 64 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Credit Acceptance during the first quarter valued at about $128,000. Jump Financial LLC bought a new stake in Credit Acceptance during the first quarter worth about $213,000. Finally, EP Wealth Advisors LLC bought a new stake in Credit Acceptance during the first quarter worth about $217,000. 81.71% of the stock is currently owned by institutional investors.

Credit Acceptance Stock Up 2.5%

Shares of NASDAQ CACC opened at $461.80 on Friday. The firm’s fifty day moving average is $465.52 and its 200 day moving average is $488.03. Credit Acceptance Corporation has a 52 week low of $401.90 and a 52 week high of $560.00. 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 company has a market cap of $5.09 billion, a price-to-earnings ratio of 13.31 and a beta of 1.16.

Credit Acceptance (NASDAQ:CACC) last announced its quarterly earnings results on Thursday, October 30th. The credit services provider reported $10.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.61 by $0.67. The business had revenue of $405.10 million for the quarter, compared to analyst estimates of $592.19 million. Credit Acceptance had a net margin of 18.69% and a return on equity of 27.06%. The company’s revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $9.25 EPS. On average, equities research analysts expect that Credit Acceptance Corporation will post 53.24 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CACC. Cowen reissued a “sell” rating on shares of Credit Acceptance in a report on Friday, October 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Credit Acceptance in a research note on Wednesday, October 8th. Finally, TD Cowen cut their price objective on shares of Credit Acceptance from $450.00 to $430.00 and set a “sell” rating for the company in a research note on Friday, October 31st. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $465.00.

Insider Buying and Selling

In other Credit Acceptance news, CEO Kenneth Booth sold 4,000 shares of the stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $506.59, for a total value of $2,026,360.00. Following the completion of the sale, the chief executive officer owned 68,116 shares in the company, valued at approximately $34,506,884.44. This trade represents a 5.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.60% of the stock is owned by insiders.

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.