Marks Group Wealth Management Inc Decreases Position in Credit Acceptance Co. (NASDAQ:CACC)

Marks Group Wealth Management Inc cut its position in Credit Acceptance Co. (NASDAQ:CACC) by 0.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 9,342 shares of the credit services provider’s stock after selling 55 shares during the quarter. Marks Group Wealth Management Inc’s holdings in Credit Acceptance were worth $4,244,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CACC. Private Ocean LLC bought a new stake in shares of Credit Acceptance in the second quarter worth approximately $30,000. Meeder Asset Management Inc. grew its stake in shares of Credit Acceptance by 2,300.0% in the second quarter. Meeder Asset Management Inc. now owns 96 shares of the credit services provider’s stock worth $44,000 after acquiring an additional 92 shares during the period. Bbva USA bought a new stake in shares of Credit Acceptance in the second quarter worth approximately $50,000. Allred Capital Management LLC bought a new stake in shares of Credit Acceptance in the first quarter worth approximately $51,000. Finally, US Bancorp DE grew its position in Credit Acceptance by 24.3% during the second quarter. US Bancorp DE now owns 128 shares of the credit services provider’s stock valued at $58,000 after buying an additional 25 shares during the period. 71.13% of the stock is owned by institutional investors and hedge funds.

In other news, insider Prescott General Partners Llc sold 32,301 shares of the business’s stock in a transaction on Wednesday, September 8th. The shares were sold at an average price of $650.46, for a total value of $21,010,508.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Arthur L. Smith sold 1,000 shares of the company’s stock in a transaction on Thursday, June 24th. The shares were sold at an average price of $450.00, for a total transaction of $450,000.00. The disclosure for this sale can be found here. Insiders sold 142,151 shares of company stock worth $74,775,926 in the last three months. Insiders own 4.50% of the company’s stock.

CACC has been the subject of several recent research reports. BMO Capital Markets restated a “hold” rating and set a $399.00 target price on shares of Credit Acceptance in a research report on Wednesday, July 7th. Credit Suisse Group boosted their target price on shares of Credit Acceptance from $330.00 to $360.00 and gave the company an “underperform” rating in a research report on Friday, July 30th.

Shares of CACC traded down $1.49 during mid-day trading on Wednesday, reaching $605.42. The stock had a trading volume of 6,939 shares, compared to its average volume of 128,902. The firm has a market cap of $9.49 billion, a price-to-earnings ratio of 11.67 and a beta of 1.26. Credit Acceptance Co. has a 12 month low of $266.74 and a 12 month high of $671.12. The business has a fifty day moving average of $541.10 and a 200 day moving average of $452.33. The company has a debt-to-equity ratio of 2.00, a quick ratio of 34.07 and a current ratio of 34.07.

Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings results on Wednesday, July 28th. The credit services provider reported $17.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $10.36 by $6.82. The business had revenue of $471.70 million during the quarter, compared to analyst estimates of $456.57 million. Credit Acceptance had a net margin of 50.04% and a return on equity of 32.07%. On average, research analysts forecast that Credit Acceptance Co. will post 49.7 EPS for the current fiscal year.

Credit Acceptance Profile

Credit Acceptance Corp. engages in the provision of dealer financing programs that enables automobile dealers to sell vehicles to consumers, regardless of its credit history. Its financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers.

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Institutional Ownership by Quarter for Credit Acceptance (NASDAQ:CACC)

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