BlueCrest Capital Management Ltd purchased a new stake in shares of Credit Acceptance Corp. (NASDAQ:CACC) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,252 shares of the credit services provider’s stock, valued at approximately $322,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Russell Investments Group Ltd. lifted its position in shares of Credit Acceptance Corp. by 46.1% during the 1st quarter. Russell Investments Group Ltd. now owns 732 shares of the credit services provider’s stock valued at $146,000 after buying an additional 231 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Credit Acceptance Corp. by 102.8% during the 2nd quarter. SG Americas Securities LLC now owns 618 shares of the credit services provider’s stock valued at $159,000 after buying an additional 22,463 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in shares of Credit Acceptance Corp. during the 1st quarter valued at $177,000. Karp Capital Management Corp purchased a new stake in Credit Acceptance Corp. during the 1st quarter worth about $244,000. Finally, Gotham Asset Management LLC purchased a new stake in Credit Acceptance Corp. during the 1st quarter worth about $270,000. 72.71% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Credit Acceptance Corp. (NASDAQ CACC) opened at 282.30 on Thursday. The stock has a market cap of $5.49 billion, a PE ratio of 15.43 and a beta of 0.55. Credit Acceptance Corp. has a one year low of $160.63 and a one year high of $288.23. The company’s 50-day moving average price is $274.50 and its 200-day moving average price is $244.75.

Credit Acceptance Corp. (NASDAQ:CACC) last announced its quarterly earnings data on Monday, July 31st. The credit services provider reported $5.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.89 by $0.33. Credit Acceptance Corp. had a return on equity of 32.96% and a net margin of 35.91%. The business had revenue of $253.20 million for the quarter, compared to the consensus estimate of $268.18 million. During the same period in the previous year, the business earned $4.38 earnings per share. The business’s revenue was up 14.5% on a year-over-year basis. Equities research analysts anticipate that Credit Acceptance Corp. will post $19.90 earnings per share for the current year.

A number of brokerages recently issued reports on CACC. JMP Securities reissued an “underperform” rating and set a $195.00 price objective (up previously from $180.00) on shares of Credit Acceptance Corp. in a report on Tuesday, August 1st. BMO Capital Markets increased their price objective on Credit Acceptance Corp. from $226.00 to $238.00 and gave the stock a “market perform” rating in a report on Tuesday, August 1st. Jefferies Group LLC reissued a “hold” rating and set a $240.00 price objective (up previously from $215.00) on shares of Credit Acceptance Corp. in a report on Tuesday, August 1st. Raymond James Financial, Inc. raised Credit Acceptance Corp. from an “underperform” rating to a “market perform” rating in a report on Tuesday, August 1st. Finally, Credit Suisse Group reissued an “underperform” rating and set a $200.00 price objective (up previously from $190.00) on shares of Credit Acceptance Corp. in a report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $224.88.

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In other news, CFO Kenneth Booth sold 2,000 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $273.01, for a total value of $546,020.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Jill Foss Watson sold 35,751 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $270.82, for a total value 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 over the last 90 days. Company insiders own 5.80% of the company’s stock.

Credit Acceptance Corp. 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.

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

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