XL Group Investments Ltd Has $48.62 Million Stake in Credit Acceptance Corporation (CACC)
XL Group Investments Ltd cut its position in Credit Acceptance Corporation (NASDAQ:CACC) by 23.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 189,059 shares of the credit services provider’s stock after selling 57,893 shares during the period. Credit Acceptance Corporation accounts for approximately 9.7% of XL Group Investments Ltd’s investment portfolio, making the stock its 2nd biggest holding. XL Group Investments Ltd owned about 0.97% of Credit Acceptance Corporation worth $48,615,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Columbia Wanger Asset Management LLC acquired a new stake in shares of Credit Acceptance Corporation in the 1st quarter valued at about $19,862,000. Ameriprise Financial Inc. grew its stake in shares of Credit Acceptance Corporation by 27.4% in the 1st quarter. Ameriprise Financial Inc. now owns 3,394 shares of the credit services provider’s stock valued at $676,000 after buying an additional 730 shares during the period. James Investment Research Inc. grew its stake in shares of Credit Acceptance Corporation by 143.4% in the 2nd quarter. James Investment Research Inc. now owns 8,520 shares of the credit services provider’s stock valued at $2,191,000 after buying an additional 5,020 shares during the period. Rhumbline Advisers grew its stake in shares of Credit Acceptance Corporation by 23.3% in the 2nd quarter. Rhumbline Advisers now owns 15,244 shares of the credit services provider’s stock valued at $3,920,000 after buying an additional 2,883 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of Credit Acceptance Corporation by 17.7% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 62,350 shares of the credit services provider’s stock valued at $12,434,000 after buying an additional 9,358 shares during the period. Institutional investors own 72.71% of the company’s stock.
Several brokerages have recently commented on CACC. Zacks Investment Research upgraded Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 target price for the company in a research note on Thursday, August 3rd. Jefferies Group LLC restated a “hold” rating and issued a $240.00 target price (up from $215.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, August 1st. JMP Securities restated an “underperform” rating and issued a $195.00 target price (up from $180.00) on shares of Credit Acceptance Corporation in a research note on Tuesday, August 1st. BMO Capital Markets raised their target price on Credit Acceptance Corporation from $226.00 to $238.00 and gave the company a “market perform” rating in a research note on Tuesday, August 1st. Finally, Raymond James Financial, Inc. upgraded Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research note on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $222.38.
In related news, insider Douglas W. Busk sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $267.72, for a total value of $669,300.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Jill Foss Watson sold 35,751 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $270.82, for a total transaction of $9,682,085.82. The disclosure for this sale can be found here. Insiders sold 152,858 shares of company stock worth $41,562,168 in the last 90 days. 5.80% of the stock is currently owned by corporate insiders.
Credit Acceptance Corporation (NASDAQ CACC) traded up 1.23% during trading on Wednesday, reaching $271.26. The company’s stock had a trading volume of 82,436 shares. The company has a 50-day moving average of $265.99 and a 200 day moving average of $229.61. The firm has a market cap of $5.28 billion, a PE ratio of 14.83 and a beta of 0.50. Credit Acceptance Corporation has a one year low of $160.63 and a one year high of $281.67.
Credit Acceptance Corporation (NASDAQ:CACC) last issued its earnings results on Monday, July 31st. The credit services provider reported $5.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.89 by $0.33. Credit Acceptance Corporation had a net margin of 35.13% and a return on equity of 32.24%. The company had revenue of $253.20 million for the quarter, compared to analysts’ expectations of $268.18 million. During the same quarter last year, the company posted $4.38 earnings per share. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. Analysts expect that Credit Acceptance Corporation will post $19.90 EPS for the current fiscal year.
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Credit Acceptance Corporation 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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