Credit Acceptance Co. (NASDAQ:CACC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its position in Credit Acceptance Co. (NASDAQ:CACC) by 5.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 575 shares of the credit services provider’s stock after selling 36 shares during the quarter. Principal Financial Group Inc.’s holdings in Credit Acceptance were worth $255,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CACC. Abrams Bison Investments LLC grew its holdings in Credit Acceptance by 30.5% during the 3rd quarter. Abrams Bison Investments LLC now owns 228,306 shares of the credit services provider’s stock valued at $101,235,000 after purchasing an additional 53,306 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Credit Acceptance by 24.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 94,051 shares of the credit services provider’s stock valued at $41,704,000 after buying an additional 18,530 shares during the last quarter. MIG Capital LLC grew its stake in shares of Credit Acceptance by 18.7% during the third quarter. MIG Capital LLC now owns 116,491 shares of the credit services provider’s stock valued at $51,654,000 after acquiring an additional 18,351 shares in the last quarter. Alfreton Capital LLP increased its position in shares of Credit Acceptance by 22.7% during the second quarter. Alfreton Capital LLP now owns 98,128 shares of the credit services provider’s stock worth $50,505,000 after acquiring an additional 18,128 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Credit Acceptance by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 179,655 shares of the credit services provider’s stock worth $92,455,000 after acquiring an additional 7,064 shares in the last quarter. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Insider Buying and Selling at Credit Acceptance

In other Credit Acceptance news, COO Jonathan Lum sold 552 shares of Credit Acceptance stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $489.90, for a total value of $270,424.80. Following the completion of the transaction, the chief operating officer now directly owns 31,493 shares in the company, valued at $15,428,420.70. The trade was a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CACC shares. TD Cowen lowered their price objective on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a research note on Friday, November 1st. StockNews.com upgraded Credit Acceptance from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, Stephens started coverage on shares of Credit Acceptance in a research note on Wednesday, November 13th. They issued an “equal weight” rating and a $452.00 price target for the company.

Credit Acceptance Stock Up 0.6 %

NASDAQ:CACC opened at $470.79 on Tuesday. The company has a debt-to-equity ratio of 3.79, a quick ratio of 23.63 and a current ratio of 23.63. The company has a market capitalization of $5.70 billion, a price-to-earnings ratio of 31.62 and a beta of 1.46. Credit Acceptance Co. has a one year low of $409.22 and a one year high of $616.66. The stock has a 50-day simple moving average of $466.22 and a 200 day simple moving average of $478.31.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Wednesday, October 30th. The credit services provider reported $8.79 EPS for the quarter, topping the consensus estimate of $7.88 by $0.91. The company had revenue of $550.30 million during the quarter, compared to analyst estimates of $548.13 million. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The business’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the firm earned $10.70 EPS. Sell-side analysts predict that Credit Acceptance Co. will post 36.54 EPS for the current fiscal year.

Credit Acceptance Company Profile

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.