Shell Asset Management Co. Decreases Holdings in Credit Acceptance Co. (NASDAQ:CACC)

Posted by Defense World Staff on Feb 26th, 2023

Shell Asset Management Co. cut its holdings in shares of Credit Acceptance Co. (NASDAQ:CACC – Get Rating) by 20.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 669 shares of the credit services provider’s stock after selling 175 shares during the quarter. Shell Asset Management Co.’s holdings in Credit Acceptance were worth $293,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CACC. Wipfli Financial Advisors LLC purchased a new position in shares of Credit Acceptance in the third quarter worth $35,000. Meeder Asset Management Inc. increased its stake in shares of Credit Acceptance by 251.9% in the second quarter. Meeder Asset Management Inc. now owns 95 shares of the credit services provider’s stock worth $45,000 after buying an additional 68 shares during the period. MetLife Investment Management LLC purchased a new position in shares of Credit Acceptance in the first quarter worth $101,000. US Bancorp DE increased its stake in shares of Credit Acceptance by 94.7% in the second quarter. US Bancorp DE now owns 222 shares of the credit services provider’s stock worth $105,000 after buying an additional 108 shares during the period. Finally, Covestor Ltd increased its stake in shares of Credit Acceptance by 57.6% in the first quarter. Covestor Ltd now owns 227 shares of the credit services provider’s stock worth $125,000 after buying an additional 83 shares during the period. 63.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Thomas W. Smith sold 1,000 shares of the business’s stock in a transaction on Tuesday, December 20th. The shares were sold at an average price of $441.58, for a total transaction of $441,580.00. Following the sale, the insider now owns 22,948 shares in the company, valued at approximately $10,133,377.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 3.10% of the company’s stock.

Analyst Ratings Changes

CACC has been the topic of several analyst reports. Credit Suisse Group decreased their target price on shares of Credit Acceptance from $430.00 to $410.00 and set an “underperform” rating on the stock in a research note on Wednesday, November 2nd. BMO Capital Markets lifted their target price on shares of Credit Acceptance from $360.00 to $380.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 1st. Finally, Stephens decreased their target price on shares of Credit Acceptance from $519.00 to $442.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 2nd.

Credit Acceptance Stock Down 1.6 %

Shares of Credit Acceptance stock opened at $450.06 on Friday. The company has a current ratio of 23.10, a quick ratio of 23.10 and a debt-to-equity ratio of 2.81. The company’s fifty day simple moving average is $452.81 and its two-hundred day simple moving average is $473.92. The company has a market cap of $5.77 billion, a P/E ratio of 11.55 and a beta of 1.30. Credit Acceptance Co. has a 12-month low of $358.00 and a 12-month high of $648.95.

Credit Acceptance (NASDAQ:CACC – Get Rating) last issued its quarterly earnings data on Tuesday, January 31st. The credit services provider reported $11.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.28 by $2.46. The business had revenue of $459.00 million for the quarter, compared to the consensus estimate of $452.89 million. Credit Acceptance had a net margin of 29.24% and a return on equity of 45.27%. The company’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $14.26 EPS. Research analysts anticipate that Credit Acceptance Co. will post 45.46 EPS for the current year.

About Credit Acceptance

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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.