EverSource Wealth Advisors LLC Increases Position in Credit Acceptance Co. (NASDAQ:CACC)

EverSource Wealth Advisors LLC raised its holdings in shares of Credit Acceptance Co. (NASDAQ:CACC) by 16.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,184 shares of the credit services provider’s stock after buying an additional 441 shares during the period. EverSource Wealth Advisors LLC’s holdings in Credit Acceptance were worth $1,412,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CACC. Smead Capital Management Inc. boosted its holdings 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 purchasing an additional 7,012 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Credit Acceptance by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 179,655 shares of the credit services provider’s stock valued at $92,455,000 after purchasing an additional 7,064 shares during the period. Alfreton Capital LLP boosted its holdings in shares of Credit Acceptance by 22.7% in the second quarter. Alfreton Capital LLP now owns 98,128 shares of the credit services provider’s stock valued at $50,505,000 after purchasing an additional 18,128 shares during the period. Quantum Capital Management LLC NJ boosted its holdings in shares of Credit Acceptance by 20.8% in the first quarter. Quantum Capital Management LLC NJ now owns 63,920 shares of the credit services provider’s stock valued at $35,255,000 after purchasing an additional 11,024 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Credit Acceptance by 4.2% in the second quarter. Bank of New York Mellon Corp now owns 23,732 shares of the credit services provider’s stock valued at $12,214,000 after purchasing an additional 951 shares during the period. Hedge funds and other institutional investors own 81.71% of the company’s stock.

Analyst Upgrades and Downgrades

CACC has been the subject of a number of analyst reports. StockNews.com upgraded Credit Acceptance from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Stephens initiated coverage on Credit Acceptance in a report on Wednesday, November 13th. They set an “equal weight” rating and a $452.00 target price for the company. Finally, TD Cowen lowered their target price on Credit Acceptance from $400.00 to $380.00 and set a “sell” rating for the company in a report on Friday, November 1st.

Credit Acceptance Price Performance

NASDAQ CACC opened at $447.57 on Thursday. The company has a debt-to-equity ratio of 3.79, a current ratio of 23.63 and a quick ratio of 23.63. The stock’s fifty day moving average price is $450.10 and its 200 day moving average price is $481.78. Credit Acceptance Co. has a 1 year low of $409.22 and a 1 year high of $616.66. The company has a market cap of $5.42 billion, a price-to-earnings ratio of 30.06 and a beta of 1.42.

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, topping the consensus estimate of $7.88 by $0.91. The company had revenue of $550.30 million for the quarter, compared to the consensus estimate of $548.13 million. Credit Acceptance had a return on equity of 29.18% and a net margin of 9.08%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $10.70 EPS. As a group, equities research analysts forecast that Credit Acceptance Co. will post 37.14 earnings per share for the current year.

Insider Transactions at Credit Acceptance

In related news, insider Thomas W. Smith sold 1,200 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $451.01, for a total value of $541,212.00. Following the transaction, the insider now directly owns 74,450 shares of the company’s stock, valued at approximately $33,577,694.50. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.30% of the company’s stock.

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.