Y Intercept Hong Kong Ltd Sells 7,667 Shares of Credit Acceptance Corporation $CACC

Y Intercept Hong Kong Ltd trimmed its stake in Credit Acceptance Corporation (NASDAQ:CACC) by 84.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,361 shares of the credit services provider’s stock after selling 7,667 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Credit Acceptance were worth $635,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Credit Acceptance by 16.9% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 23,575 shares of the credit services provider’s stock worth $11,008,000 after buying an additional 3,400 shares during the period. Envestnet Asset Management Inc. boosted its holdings in Credit Acceptance by 6.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 32,407 shares of the credit services provider’s stock valued at $16,509,000 after acquiring an additional 2,056 shares during the period. SG Americas Securities LLC grew its position in Credit Acceptance by 430.3% during the 3rd quarter. SG Americas Securities LLC now owns 2,418 shares of the credit services provider’s stock worth $1,129,000 after acquiring an additional 1,962 shares during the last quarter. KLP Kapitalforvaltning AS increased its stake in Credit Acceptance by 7.7% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 1,400 shares of the credit services provider’s stock worth $713,000 after purchasing an additional 100 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in shares of Credit Acceptance by 9.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 818 shares of the credit services provider’s stock valued at $417,000 after purchasing an additional 73 shares during the period. 81.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Wendy A. Rummler sold 5,236 shares of the business’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $493.44, for a total transaction of $2,583,651.84. Following the sale, the insider owned 20,772 shares in the company, valued at approximately $10,249,735.68. The trade was a 20.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 6.60% of the company’s stock.

Credit Acceptance Trading Down 3.0%

Shares of CACC opened at $495.97 on Wednesday. Credit Acceptance Corporation has a 1-year low of $401.90 and a 1-year high of $549.75. The firm has a market capitalization of $5.47 billion, a price-to-earnings ratio of 13.59 and a beta of 1.27. The firm’s 50-day moving average price is $461.58 and its 200-day moving average price is $474.49. The company has a current ratio of 15.81, a quick ratio of 15.81 and a debt-to-equity ratio of 3.94.

Credit Acceptance (NASDAQ:CACC) last issued its quarterly earnings data on Thursday, January 29th. The credit services provider reported $11.35 EPS for the quarter, topping the consensus estimate of $10.30 by $1.05. Credit Acceptance had a net margin of 18.29% and a return on equity of 28.46%. The business had revenue of $408.20 million during the quarter, compared to analyst estimates of $582.63 million. During the same period last year, the business posted $10.17 earnings per share. Credit Acceptance’s quarterly revenue was up 2.5% compared to the same quarter last year. Sell-side analysts anticipate that Credit Acceptance Corporation will post 53.24 EPS for the current year.

Analysts Set New Price Targets

CACC has been the topic of several analyst reports. TD Cowen lifted their target price on shares of Credit Acceptance from $460.00 to $470.00 and gave the stock a “hold” rating in a research note on Friday. Weiss Ratings restated a “hold (c)” rating on shares of Credit Acceptance in a research report on Wednesday, January 21st. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $470.00.

Credit Acceptance Company Profile

Credit Acceptance Corporation, founded in 1972 and headquartered in Southfield, Michigan, is a specialty finance company focused on the indirect automotive lending market. The company partners with independent and franchised auto dealers to facilitate purchase financing for consumers who may not qualify for traditional prime auto loans. By purchasing retail installment contracts originated by these dealers, Credit Acceptance provides capital and credit insurance to support vehicle sales, enabling dealers to broaden their customer base and reduce credit risk.

Through its proprietary underwriting platform and risk management strategies, Credit Acceptance evaluates borrower applications, structures credit plans, and retains servicing rights on the acquired contracts.