Dixon Hubard Feinour & Brown Inc. VA bought a new position in Credit Acceptance Corporation (NASDAQ:CACC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 22,007 shares of the credit services provider’s stock, valued at approximately $5,659,000. Credit Acceptance Corporation makes up about 1.6% of Dixon Hubard Feinour & Brown Inc. VA’s investment portfolio, making the stock its 19th largest position. Dixon Hubard Feinour & Brown Inc. VA owned about 0.11% of Credit Acceptance Corporation at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of CACC. Russell Investments Group Ltd. boosted its stake in Credit Acceptance Corporation by 46.1% in the first quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock worth $146,000 after buying an additional 231 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in Credit Acceptance Corporation during the first quarter worth approximately $177,000. Karp Capital Management Corp purchased a new stake in Credit Acceptance Corporation during the first quarter worth approximately $244,000. Gotham Asset Management LLC purchased a new stake in Credit Acceptance Corporation during the first quarter worth approximately $270,000. Finally, Trust Co. of Toledo NA OH purchased a new stake in Credit Acceptance Corporation during the second quarter worth approximately $279,000. Institutional investors and hedge funds own 72.50% of the company’s stock.
Shares of Credit Acceptance Corporation (NASDAQ CACC) opened at 273.30 on Friday. Credit Acceptance Corporation has a 52 week low of $160.63 and a 52 week high of $281.67. The stock’s 50 day moving average price is $255.63 and its 200 day moving average price is $219.84. The stock has a market cap of $5.32 billion, a price-to-earnings ratio of 14.94 and a beta of 0.51.
Credit Acceptance Corporation (NASDAQ:CACC) last posted its quarterly earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.89 by $0.33. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The firm had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. During the same period in the prior year, the firm posted $4.38 earnings per share. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. Equities research analysts anticipate that Credit Acceptance Corporation will post $19.90 EPS for the current fiscal year.
Several brokerages recently issued reports on CACC. Raymond James Financial, Inc. upgraded Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. BidaskClub cut Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 6th. BMO Capital Markets restated a “market perform” rating and issued a $226.00 price target (up previously from $212.00) on shares of Credit Acceptance Corporation in a research report on Wednesday, May 3rd. Jefferies Group LLC restated a “hold” rating and issued a $240.00 price target (up previously from $215.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Finally, JMP Securities restated an “underperform” rating and issued a $195.00 price target (up previously from $180.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. Credit Acceptance Corporation presently has a consensus rating of “Hold” and a consensus price target of $216.56.
In other news, CFO Kenneth Booth sold 2,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $273.01, for a total value of $546,020.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Jill Foss Watson sold 21,200 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $215.71, for a total transaction of $4,573,052.00. The disclosure for this sale can be found here. Insiders have sold 429,293 shares of company stock worth $102,784,863 over the last ninety days. Insiders own 5.80% of the company’s stock.
About Credit Acceptance Corporation
Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.
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