TIAA CREF Investment Management LLC Lowers Holdings in Credit Acceptance Corporation (CACC)
TIAA CREF Investment Management LLC lessened its position in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 3.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 187,195 shares of the credit services provider’s stock after selling 5,798 shares during the period. TIAA CREF Investment Management LLC owned approximately 0.96% of Credit Acceptance Corporation worth $48,135,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of CACC. Russell Investments Group Ltd. grew its position in Credit Acceptance Corporation by 46.1% during the first quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock valued at $146,000 after acquiring an additional 231 shares during the period. SG Americas Securities LLC grew its position in Credit Acceptance Corporation by 102.8% during the second quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after acquiring an additional 22,463 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in Credit Acceptance Corporation during the first quarter valued at about $177,000. Karp Capital Management Corp purchased a new stake in Credit Acceptance Corporation during the first quarter valued at about $244,000. Finally, Gotham Asset Management LLC purchased a new stake in Credit Acceptance Corporation during the first quarter valued at about $270,000. 72.71% of the stock is owned by hedge funds and other institutional investors.
CACC has been the subject of a number of research reports. Zacks Investment Research raised Credit Acceptance Corporation from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research report on Thursday, August 3rd. BidaskClub downgraded Credit Acceptance Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 6th. Jefferies Group LLC reissued a “hold” rating and set a $215.00 price target on shares of Credit Acceptance Corporation in a research report on Friday, July 14th. Raymond James Financial, Inc. raised Credit Acceptance Corporation from an “underperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. Finally, BMO Capital Markets boosted their price target on 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. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $222.38.
Shares of Credit Acceptance Corporation (CACC) opened at 264.86 on Wednesday. The stock has a 50 day moving average price of $268.84 and a 200 day moving average price of $232.41. The stock has a market cap of $5.15 billion, a P/E ratio of 14.48 and a beta of 0.50. 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 for the quarter, beating the Thomson Reuters’ 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 period last year, the company earned $4.38 earnings per share. The business’s revenue was up 14.5% compared to the same quarter last year. Equities analysts anticipate that Credit Acceptance Corporation will post $19.90 EPS for the current fiscal year.
In other Credit Acceptance Corporation news, CFO Kenneth Booth sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $273.01, for a total transaction of $546,020.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Jill Foss Watson sold 35,348 shares of the firm’s 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. Over the last 90 days, insiders have sold 152,858 shares of company stock worth $41,562,168. Corporate insiders own 5.80% of the company’s stock.
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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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