Credit Acceptance Co. (NASDAQ:CACC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its position in shares of Credit Acceptance Co. (NASDAQ:CACC) by 7.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,533 shares of the credit services provider’s stock after selling 1,692 shares during the period. Bank of New York Mellon Corp owned 0.19% of Credit Acceptance worth $10,578,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Abrams Bison Investments LLC raised its holdings in Credit Acceptance by 30.5% in 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 acquiring an additional 53,306 shares during the last quarter. Smead Capital Management Inc. grew its stake in shares of Credit Acceptance by 3.5% in the third quarter. Smead Capital Management Inc. now owns 207,828 shares of the credit services provider’s stock valued at $92,155,000 after buying an additional 7,012 shares in the last quarter. MIG Capital LLC increased its stake in Credit Acceptance by 18.7% during the third quarter. MIG Capital LLC now owns 116,491 shares of the credit services provider’s stock worth $51,654,000 after purchasing an additional 18,351 shares during the period. Geode Capital Management LLC increased its stake in Credit Acceptance by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 111,379 shares of the credit services provider’s stock worth $49,401,000 after buying an additional 2,522 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Credit Acceptance by 24.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 94,051 shares of the credit services provider’s stock valued at $41,704,000 after purchasing an additional 18,530 shares during the period. 81.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. StockNews.com upgraded shares of Credit Acceptance from a “hold” rating to a “buy” rating in a research note on Friday, January 31st. Stephens increased their price objective on Credit Acceptance from $452.00 to $500.00 and gave the company an “equal weight” rating in a report on Friday, January 31st.

Insiders Place Their Bets

In other news, COO Jonathan Lum sold 552 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $489.90, for a total transaction of $270,424.80. Following the transaction, the chief operating officer now directly owns 31,493 shares of the company’s stock, valued at $15,428,420.70. This represents a 1.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.30% of the stock is currently owned by company insiders.

Credit Acceptance Stock Performance

Shares of CACC opened at $458.59 on Friday. The stock has a market capitalization of $5.52 billion, a P/E ratio of 23.09 and a beta of 1.51. Credit Acceptance Co. has a 1 year low of $409.22 and a 1 year high of $614.96. The company’s fifty day moving average is $493.11 and its two-hundred day moving average is $471.75. The company has a debt-to-equity ratio of 3.63, a quick ratio of 20.33 and a current ratio of 20.33.

Credit Acceptance (NASDAQ:CACC) last issued its earnings results on Thursday, January 30th. The credit services provider reported $10.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.70 by $2.47. Credit Acceptance had a return on equity of 29.01% and a net margin of 11.46%. On average, sell-side analysts predict that Credit Acceptance Co. will post 53.24 earnings per share for the current year.

Credit Acceptance 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.