Credit Acceptance Corporation (NASDAQ:CACC) Position Boosted by State Street Corp
State Street Corp raised its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 5.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 107,199 shares of the credit services provider’s stock after buying an additional 5,409 shares during the period. State Street Corp’s holdings in Credit Acceptance Corporation were worth $21,379,000 as of its most recent filing with the SEC.
Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Credit Acceptance Corporation by 26.9% in the first quarter. Vanguard Group Inc. now owns 931,364 shares of the credit services provider’s stock valued at $185,723,000 after buying an additional 197,463 shares in the last quarter. UBS Group AG boosted its stake in Credit Acceptance Corporation by 11,086.9% in the first quarter. UBS Group AG now owns 143,975 shares of the credit services provider’s stock valued at $28,710,000 after buying an additional 142,688 shares in the last quarter. Columbia Wanger Asset Management LLC acquired a new stake in Credit Acceptance Corporation during the first quarter valued at approximately $19,862,000. Schroder Investment Management Group boosted its stake in Credit Acceptance Corporation by 81.1% in the first quarter. Schroder Investment Management Group now owns 123,762 shares of the credit services provider’s stock valued at $24,769,000 after buying an additional 55,409 shares in the last quarter. Finally, LMR Partners LLP boosted its stake in Credit Acceptance Corporation by 131.6% in the first quarter. LMR Partners LLP now owns 94,938 shares of the credit services provider’s stock valued at $18,932,000 after buying an additional 53,938 shares in the last quarter. 72.50% of the stock is owned by institutional investors and hedge funds.
Shares of Credit Acceptance Corporation (NASDAQ CACC) traded up 0.30% during trading on Friday, reaching $273.30. The company had a trading volume of 150,259 shares. Credit Acceptance Corporation has a 12 month low of $160.63 and a 12 month high of $281.67. The stock has a market capitalization of $5.32 billion, a PE ratio of 14.94 and a beta of 0.51. The stock’s 50-day moving average price is $255.63 and its 200-day moving average price is $219.84.
Credit Acceptance Corporation (NASDAQ:CACC) last announced its quarterly earnings data on Monday, July 31st. The credit services provider reported $5.22 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $268.18 million. During the same quarter in the prior year, the firm earned $4.38 EPS. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. Equities analysts forecast that Credit Acceptance Corporation will post $19.90 earnings per share for the current fiscal year.
Several equities analysts recently issued reports on CACC shares. BMO Capital Markets reaffirmed a “market perform” rating and set a $226.00 price objective (up from $212.00) on shares of Credit Acceptance Corporation in a report on Wednesday, May 3rd. Zacks Investment Research raised Credit Acceptance Corporation from a “hold” rating to a “strong-buy” rating and set a $248.00 price objective for the company in a report on Thursday, May 4th. Janney Montgomery Scott raised Credit Acceptance Corporation from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $187.00 to $200.00 in a report on Tuesday, May 2nd. BidaskClub cut Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $215.00 price objective on shares of Credit Acceptance Corporation in a report on Friday, July 14th. Four equities 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 company. The company presently has an average rating of “Hold” and a consensus price target of $216.56.
In other news, major shareholder Jill Foss Watson sold 29,956 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $270.81, for a total transaction of $8,112,384.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kenneth Booth sold 2,000 shares of the stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $273.01, for a total value of $546,020.00. The disclosure for this sale can be found here. Insiders have sold a total of 429,293 shares of company stock valued at $102,784,863 in the last quarter. Insiders own 5.80% of the company’s stock.
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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