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

Principal Financial Group Inc. reduced its stake in shares of Credit Acceptance Co. (NASDAQ:CACC) by 5.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 575 shares of the credit services provider’s stock after selling 36 shares during the period. Principal Financial Group Inc.’s holdings in Credit Acceptance were worth $255,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of CACC. Oddo BHF Asset Management Sas purchased a new position in Credit Acceptance during the third quarter worth $3,020,000. Geode Capital Management LLC boosted its stake in shares of Credit Acceptance by 2.3% during the third quarter. Geode Capital Management LLC now owns 111,379 shares of the credit services provider’s stock valued at $49,401,000 after acquiring an additional 2,522 shares during the last quarter. Barclays PLC increased its position in Credit Acceptance by 85.8% during the 3rd quarter. Barclays PLC now owns 5,241 shares of the credit services provider’s stock worth $2,324,000 after purchasing an additional 2,420 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new position in Credit Acceptance in the 3rd quarter valued at about $245,000. Finally, Janus Henderson Group PLC lifted its holdings in Credit Acceptance by 11.4% in the 3rd quarter. Janus Henderson Group PLC now owns 3,340 shares of the credit services provider’s stock valued at $1,481,000 after purchasing an additional 343 shares in the last quarter. 81.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, COO Jonathan Lum sold 552 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $489.90, for a total value of $270,424.80. Following the transaction, the chief operating officer now owns 31,493 shares in the company, valued at approximately $15,428,420.70. This trade represents a 1.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.30% of the company’s stock.

Credit Acceptance Price Performance

CACC opened at $470.79 on Tuesday. Credit Acceptance Co. has a 1 year low of $409.22 and a 1 year high of $616.66. The company’s 50 day simple moving average is $466.22 and its 200 day simple moving average is $478.31. The stock has a market capitalization of $5.70 billion, a PE ratio of 31.62 and a beta of 1.46. The company has a debt-to-equity ratio of 3.79, a quick ratio of 23.63 and a current ratio of 23.63.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CACC. Stephens began coverage on shares of Credit Acceptance in a report on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 price target for the company. StockNews.com raised Credit Acceptance from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, TD Cowen decreased their price objective on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating on the stock in a report on Friday, November 1st.

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.