Oppenheimer Asset Management Inc. Sells 224 Shares of Credit Acceptance Corporation (CACC)

Oppenheimer Asset Management Inc. cut its holdings in Credit Acceptance Corporation (NASDAQ:CACC) by 25.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 663 shares of the credit services provider’s stock after selling 224 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Credit Acceptance Corporation were worth $170,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in CACC. Russell Investments Group Ltd. grew its position in shares of Credit Acceptance Corporation by 46.1% in the 1st quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock worth $146,000 after buying an additional 231 shares during the period. Wells Fargo & Company MN grew its position in shares of Credit Acceptance Corporation by 9.1% in the 1st quarter. Wells Fargo & Company MN now owns 3,516 shares of the credit services provider’s stock worth $701,000 after buying an additional 293 shares during the period. First Trust Advisors LP grew its position in shares of Credit Acceptance Corporation by 51.0% in the 1st quarter. First Trust Advisors LP now owns 34,598 shares of the credit services provider’s stock worth $6,899,000 after buying an additional 11,690 shares during the period. Bank of New York Mellon Corp grew its position in shares of Credit Acceptance Corporation by 1.9% in the 1st quarter. Bank of New York Mellon Corp now owns 43,644 shares of the credit services provider’s stock worth $8,703,000 after buying an additional 807 shares during the period. Finally, Karp Capital Management Corp purchased a new stake in shares of Credit Acceptance Corporation in the 1st quarter worth about $244,000. 72.71% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Credit Acceptance Corporation (NASDAQ CACC) opened at 270.27 on Friday. The stock has a market capitalization of $5.26 billion, a P/E ratio of 14.77 and a beta of 0.50. The company’s 50-day moving average is $268.84 and its 200 day moving average is $232.41. Credit Acceptance Corporation has a 12 month low of $160.63 and a 12 month high of $281.67.

Credit Acceptance Corporation (NASDAQ:CACC) last posted its earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.33. Credit Acceptance Corporation had a return on equity of 32.24% and a net margin of 35.13%. The company had revenue of $253.20 million for the quarter, compared to analyst estimates of $268.18 million. During the same quarter in the previous year, the firm earned $4.38 earnings per share. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. Equities research analysts predict that Credit Acceptance Corporation will post $19.90 earnings per share for the current year.

A number of research firms have recently weighed in on CACC. Zacks Investment Research raised shares of Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a research report on Thursday, August 3rd. Jefferies Group LLC reissued a “hold” rating and set a $240.00 price objective (up from $215.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. JMP Securities reissued an “underperform” rating and set a $195.00 price objective (up from $180.00) on shares of Credit Acceptance Corporation in a research report on Tuesday, August 1st. BMO Capital Markets increased their price objective on shares of Credit Acceptance Corporation from $226.00 to $238.00 and gave the company a “market perform” rating in a research report on Tuesday, August 1st. Finally, Raymond James Financial, Inc. raised shares of Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $222.38.

In other Credit Acceptance Corporation news, insider Douglas W. Busk sold 2,500 shares of Credit Acceptance Corporation stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $267.72, for a total value of $669,300.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Jill Foss Watson sold 35,348 shares of Credit Acceptance Corporation stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $275.69, for a total value of $9,745,090.12. The disclosure for this sale can be found here. Insiders sold 152,858 shares of company stock worth $41,562,168 in the last quarter. 5.80% of the stock is owned by insiders.

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Credit Acceptance Corporation Company Profile

Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.

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

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